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Estate Planning Q&A Series

When does a power of attorney take effect? NC

When does a power of attorney take effect? – NC Short Answer In North Carolina, a financial power of attorney usually takes effect as soon as the principal signs it properly, unless the document says it starts later or only after a stated event. A health care power of attorney works differently. It generally becomes…

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Probate Q&A Series

If an IRA account is very old and paperwork is missing, what records can be used to confirm ownership and payout instructions? NC

If an IRA account is very old and paperwork is missing, what records can be used to confirm ownership and payout instructions? – NC Short Answer In North Carolina, an old IRA does not fail just because the original signature card or beneficiary form cannot be found. Financial institution system records, internal account histories, written…

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Probate Q&A Series

How do I prove who the beneficiaries are on a deceased person’s IRA if the bank can’t find the original signature card? NC

How do I prove who the beneficiaries are on a deceased person’s IRA if the bank can’t find the original signature card? – NC Short Answer In North Carolina, the missing original IRA signature card does not automatically mean the beneficiary designation fails. The key question is whether the financial institution can produce reliable business…

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Probate Q&A Series

How can an executor or estate representative handle an IRA when the bank says it will rely on “system beneficiary” information? NC

How can an executor or estate representative handle an IRA when the bank says it will rely on “system beneficiary” information? – NC Short Answer In North Carolina, an IRA usually passes by beneficiary designation, not through the probate estate, if the financial institution has accepted beneficiary information for the account. If the original signature…

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