Power of Attorney Law Firm in Leland, NC

Power of attorney (POA) can be a valuable and effective estate administration tool. But it also raises a lot of skepticism due to the broad powers it grants. This article considers how a POA operates in Leland, NC and what you can do to establish a power of attorney.

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What is a Power of Attorney?

A power of attorney refers to the authority you (the principal) give to another person (your agent) to make decisions on your behalf. They act as your representative on every issue you've permitted them to act on with few limits.

As an estate management tool, POAs are used to prevent instances where you suddenly become incapacitated or ill and are unable to make crucial decisions as a result. However, even though it is often employed to avoid something that hasn't happened, it is designed to be effective when needed.

There are two main types of POA: the limited and the durable. A limited POA reduces the authority granted to your agent, allowing them only to act on specific issues. With limited POAs, the authority granted will likely expire after a particular time. On the other hand, a durable POA can apply to most of your affairs and gains effectiveness immediately if it is signed appropriately.

In NC, POA may be focused on healthcare or finances.

Financial Power of Attorney in Leland, NC

A financial POA will give the agent authority over as much of your financial affairs as you deem necessary. Regulated by N.C. Gen. Stat. §32C, this POA could give the agent authority over subjects like your real property, allowing the person to dispose of or purchase houses and land in your name. It also allows you to transfer authority over subjects like taxes for your agent to file and pay in your name or on your behalf.

Other subjects over which authority is transferable through a financial POA include:

Tangible personal property
Stocks and Bonds
Commodities and Options
Banks and Other Financial Institutions
Operation of Entity
Insurance and Annuities
Estates, Trusts, and Other Beneficial Interests
Claims and Litigation
Personal and Family Maintenance
Benefits from Governmental Programs or Military Service
Retirement Plans

N.C. Gen. Stat. §32C-1-105 requires that for a POA to be valid, it must be signed by the principal or in the principal's conscious presence, implying that the principal must be legally competent to create a POA. It must also be signed in the presence of a notary public.

Healthcare Power of Attorney in Leland, NC

This is provided for under N.C. Gen. Stat. §§ 32A-15 to 32A-27. It allows the agent to make healthcare decisions for the principal when the principal can no longer communicate their wishes. The authority granted under this POA includes the authority to review medical records, consent to medical procedures, and consent to admission and retention in facilities for mental illness treatment, among others.

For a healthcare POA to be valid, it must be signed by a legally competent principal and witnessed by two qualified witnesses and a notary public.

Terminating a Power of Attorney in Leland, NC

N.C. Gen. Stat. §32C-1-110 provides that a financial POA will terminate if:

When the principal dies.
If the principal becomes incapacitated and the trust is not durable, N.C. Gen. Stat. §32C-1-104 provides that all POAs will be considered durable, except it specifically states that the POA will terminate upon the principal's incapacity.
The principal revokes it.
The POA provides that it terminates.
Its purpose is accomplished.
The principal revokes the agent's authority, or the agent dies, becomes incapacitated, or resigns without the POA providing for another agent to act.
A guardian of the principal or the principal's estate terminates it.

Meanwhile, a healthcare POA will terminate if the principal revokes it in writing and signs or communicates clearly and consistently to the agent or healthcare provider an intent to revoke.

How Can a Law Firm Help with Power of Attorney in Leland, NC?

A POA is a powerful document, so even though there are POA form templates available online, it is best that you get a lawyer to help you create one to fit your unique circumstances. The POA determines how much authority you grant your agent, the limitations on that authority, and how to terminate the trust. As long as it conforms with general NC provisions, you can set the terms you want associated with your POA.

Finally, as we mentioned earlier, a POA is an estate administration tool. Your lawyer may integrate it with trusts, wills, etc., as part of a larger estate management strategy to ensure that you can always rest assured that your estate is in good hands.

Contact Bespoke Estate Law

Having a POA that precisely represents your wishes and leaves you or your estate in hands you trust will give you peace of mind, and with us, that's precisely what you get. With our extensive experience, we can meet all your POA needs in Leland, NC. Give Bespoke Estate Law a call today.