Can a financial power of attorney cover real estate transactions and other major purchases or sales? – North Carolina Short Answer Yes. In North Carolina, a properly drafted financial (general) power of attorney can authorize an agent to handle major purchases and sales, including buying, selling, or financing real estate. For real estate transactions, however,…
Do I need to update my trust or other estate planning documents when I buy and finance a new vehicle? – North Carolina Short Answer Usually, no. In North Carolina, buying a financed vehicle does not automatically require an update to a revocable living trust, will, or other estate planning documents. The practical issue is…
If I’m already on my relative’s bank accounts, does that affect Medicaid eligibility or create problems later? – North Carolina Short Answer Yes. In North Carolina, being listed on a relative’s bank account can affect Medicaid planning because it can (1) make the funds look “available” to the Medicaid applicant depending on account structure and…
Will a power of attorney signed in the U.S. be accepted in another country for banking and estate-related matters? – North Carolina Short Answer Sometimes, but it depends on the foreign country and the specific bank or institution. A North Carolina power of attorney (POA) may be usable abroad if the receiving institution accepts it…
How do my parents update their medical power of attorney and financial power of attorney documents if they already have a trust and a will? – North Carolina Short Answer In North Carolina, updating a medical power of attorney (health care power of attorney) or a financial power of attorney usually means signing a new…
Do I need a court to approve a first-party special needs trust for it to be valid? – North Carolina Short Answer Usually, no. In North Carolina, a first-party special needs trust can be valid without a court order if it is properly created and signed by someone with legal authority and it meets the…
Can a home be transferred into a trust to help with Medicaid planning, and what are the risks? – North Carolina Short Answer Yes. In North Carolina, a home can be transferred into certain types of trusts as part of Medicaid planning, but the transfer can trigger a Medicaid “transfer penalty” if it occurs within…
If we already have financial and health‑care powers of attorney and other directives, do we still need anything besides a simple will? – North Carolina Short Answer Often, yes. In North Carolina, financial and health-care powers of attorney help during life, but they do not control what happens to property at death or who manages…
How can we make sure the power of attorney and health care surrogate are valid after a client moves to a new state? – North Carolina Short Answer Under North Carolina law, a health care power of attorney (sometimes called a “health care surrogate” appointment) that was signed in another state is generally valid in…
What does my parent need to do to authorize this change, and are witnesses or a notary required? – North Carolina Short Answer In North Carolina, a springing durable power of attorney generally cannot be “edited” to become effective immediately in a way that third parties must accept. The usual fix is for the parent…