Power of Attorney
With a power of attorney, you can appoint someone to act on your behalf known as an agent or attorney-in-fact. Your agent should be someone you completely trust in making personal decisions for you. Listed below are several important terms to remember when looking at appointing a power of attorney:
- General Power of Attorney - With this power of attorney, your agent can perform many legally binding transactions on your behalf without prior notice to you.
- Special or Limited Power of Attorney - A power of attorney granting your agent only certain powers or powers within a specified time period.
- Durable Power of Attorney - A Durable Power of Attorney remains in effect even if you become incapacitated. In North Carolina, a Power of Attorney is considered to be durable unless it specifically states that it ends upon the Principal’s incapacity.
- Springing Power of Attorney - A durable power of attorney that becomes effective only in the occurrence of a future event, such as your incapacity or incompetence.
Always remember that you can revoke your power of attorney at any time as long as you are not incapacitated. Also, your power of attorney will cease to be in effect upon your death. Since a power of attorney is an important legal document, it should always be kept in a safe place, and your family should be informed of its location. Please review our Frequently Asked Questions
for more information.
Questions about powers of attorney may be answered by consulting an attorney. The material above is intended to be accurate; however, consultation with appropriate professionals for assistance is recommended.