How do we set up a durable financial power of attorney that I can use right away while my sibling is still able to agree and sign? – North Carolina Short Answer In North Carolina, a durable financial power of attorney is usually set up by having the adult sibling (the “principal”) sign a written…
How can we set up a trust to provide long-term support for an elderly family member and an adult child with mental health challenges? – North Carolina Short Answer In North Carolina, long-term support planning often uses a trust structure that separates (1) who controls the money from (2) who benefits from it. For an…
How do we find out whether a deceased spouse had a will and what needs to be done to transfer property and bank accounts? – North Carolina Short Answer In North Carolina, the first step is to locate the original will (if one exists) by searching common locations and checking with the Clerk of Superior…
Can someone with power of attorney create or update a trust and handle finances on the person’s behalf, and what limits apply? – North Carolina Short Answer In North Carolina, an agent acting under a financial power of attorney can usually handle many day-to-day financial tasks for the principal, but the agent’s authority depends on…
Do we have to record a power of attorney with the courthouse, and if so, where should it be recorded if we live in different counties? – North Carolina Short Answer In North Carolina, a durable (financial) power of attorney usually does not have to be recorded just to help pay bills and manage day-to-day…
If neither the elderly family member nor the adult child is mentally capable of managing their affairs, how do we start a guardianship and what does it cover? – North Carolina Short Answer In North Carolina, a guardianship for an adult starts by filing an incompetency/guardianship proceeding with the Clerk of Superior Court in the…
What happens if a bank refuses to honor a power of attorney—what can I do to get it accepted? – North Carolina Short Answer In North Carolina, a bank may refuse to act on a power of attorney (POA) if it has concerns about validity, scope, or the principal’s capacity, or if it wants its…
What happens if an elderly family member with dementia may not have the mental capacity to sign a new will or trust? – North Carolina Short Answer In North Carolina, a person with dementia can sign a new will or trust only if they still have the required mental capacity at the time they sign.…
If my sibling already has a healthcare power of attorney through a veterans program, do we still need a separate medical power of attorney or just the financial one? – North Carolina Short Answer In North Carolina, a valid health care power of attorney (even one signed through a veterans program) can cover medical decision-making,…
What happens if a trustee or beneficiary claims I’m supposed to account for past gifts or spending before anyone gets their share? – North Carolina Short Answer In North Carolina, whether someone can force an “accounting” of past gifts or spending depends on the legal role involved and the type of property at issue. A…