What are my duties and limits as a durable power of attorney, and what mistakes should I avoid? – North Carolina Short Answer In North Carolina, an agent acting under a durable power of attorney must follow the document, act in the principal’s best interest, and avoid conflicts of interest and self-dealing. The agent’s authority…
What are the pros and cons of using an irrevocable trust for land and other assets if I might want to sell or refinance property later? – North Carolina Short Answer In North Carolina, an irrevocable trust can protect assets from certain creditor risks and can help carry out long-term estate planning goals, but it…
What type of trust makes the most sense for a business owner with multiple LLCs—revocable or irrevocable—and what are the tradeoffs? – North Carolina Short Answer In North Carolina, most business owners with multiple LLCs start with a revocable living trust for clean succession, probate avoidance for personally owned assets, and a built-in plan for…
What estate planning documents should an elderly parent have in place, and in what order should we tackle them? – North Carolina Short Answer In North Carolina, the usual order is to start with documents that protect an elderly parent during life if decision-making becomes harder: a durable financial power of attorney and a health…
After signing, when does a power of attorney become effective and where should we keep or file it? – North Carolina Short Answer In North Carolina, most financial powers of attorney become effective when the document is properly signed and notarized, unless the document says it starts later (sometimes called a “springing” power). There is…
What is the difference between a financial power of attorney and a medical power of attorney, and can both be signed at the same appointment? – North Carolina Short Answer In North Carolina, a financial (durable) power of attorney lets an agent handle money and property matters, while a medical power of attorney (called a…
Can I name guardians for minor children and ensure money is managed responsibly for them? – North Carolina Short Answer Yes. In North Carolina, a parent can name (or “recommend”) a guardian for minor children in a will, and the Clerk of Superior Court generally gives that recommendation substantial weight when making a guardianship appointment.…
Where should a power of attorney be recorded so local financial institutions accept it after a move to a different county? – North Carolina Short Answer In North Carolina, a financial power of attorney usually does not have to be recorded for day-to-day banking, but banks often ask for recording or other verification as part…
Can we transfer a house into a trust if there is still a mortgage, and do we need to notify the lender or the insurance company? – North Carolina Short Answer In North Carolina, a home can usually be deeded into a revocable living trust even if there is still a mortgage. The mortgage does…
Can I sign a new power of attorney that takes effect immediately even though I have memory issues? – North Carolina Short Answer In North Carolina, a person with memory issues can still sign a new financial power of attorney that takes effect immediately, but only if that person has enough legal capacity at the…