Power of AttorneyWith 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.
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.