Will a bank accept a power of attorney to deposit or endorse a check made out to someone else? – North Carolina Short Answer Often yes, but not always. In North Carolina, an agent acting under a valid durable power of attorney can generally endorse and deposit a check payable to the principal, but a…
How can a family trust require professional accounting so one person isn’t doing their own “forensic accounting” and starting disputes? – North Carolina Short Answer In North Carolina, a trust can reduce family “forensic accounting” fights by (1) requiring a neutral professional (such as a CPA) to prepare regular trust accountings, (2) setting a clear…
What documents do banks or other institutions usually require to accept a power of attorney? – North Carolina Short Answer In North Carolina, banks and other institutions usually ask for an original or certified copy of the power of attorney, proof of the agent’s identity, and institution-specific forms (often including an agent certification). If the…
If some assets stay outside the trust, how does a pour-over will work and what would still have to go through probate? – North Carolina Short Answer In North Carolina, a pour-over will is a backup will that directs any probate assets still titled in an individual’s name at death to the trustee of a…
If my relative is traveling with me, do I still need to use the power of attorney for transactions abroad? – North Carolina Short Answer In North Carolina, a power of attorney (POA) is usually only needed when an agent must sign or act instead of the principal. If the relative (the principal) is traveling…
Will putting a financed car into my trust affect my auto insurance coverage or how the policy should be written? – North Carolina Short Answer It can. In North Carolina, a financed vehicle usually has a lienholder that must be listed on the title, and the insurance policy often must match how the vehicle is…
What happens if my parent dies without a will in the state where they live? – North Carolina Short Answer In North Carolina, if a parent dies without a valid will, the estate usually goes through an “intestate” estate administration. The Clerk of Superior Court (as probate judge) appoints an administrator and North Carolina’s intestate…
If I give my relative monthly support after the transfer or sale, could that impact their benefits or require any reporting? – North Carolina Short Answer Yes. In North Carolina, monthly support payments can affect means-tested benefits because agencies often treat regular help as income or a change in financial circumstances, and they may require…
What are the signing and witnessing requirements to make a financial power of attorney valid if we plan to sign at a bank or credit union? – North Carolina Short Answer In North Carolina, a financial power of attorney is typically made valid for use by signing it and having the principal’s signature acknowledged before…
If I can’t get a doctor’s statement soon, what other options let someone manage my finances safely? – North Carolina Short Answer In North Carolina, a “springing” financial power of attorney usually cannot be used until the document’s stated condition (often written proof of incapacity) is met, so a bank may refuse it without the…