One of the most important legal documents you can have in your estate plan is a durable power of attorney. This is a legal document that allows someone else to act as your agent in the event that you are incapacitated. On January 1, 2018, a new law went into effect in North Carolina that changes and updates many aspects of the North Carolina Power of Attorney Statute. But before we get into what you need to know about the statutory changes, let’s take a minute to discuss what a power of attorney is and why it is so important. […]
Power of Attorney
What is a Power of Attorney and Why is it so Important?
I’ve done a lot of posts on this blog talking about powers of attorney in North Carolina, what they are, why they are important, and why you need to have one. I’ve even talked about some of the pitfalls and mistakes people make with powers of attorney. I’ve had a number of clients recently that have made some mistakes when it comes to their powers of attorney. And right now I’m in the midst of filing a guardianship for one client because of a faulty power of attorney. The bottom line is that these mistakes are easily avoided with proper legal […]
Why using the Statutory Short Form Power of Attorney is a Bad Idea in North Carolina (UPDATED to reflect change in the law on January 1, 2018)
In North Carolina, the legislature has prepared a statutory short form power of attorney to help and guide attorneys and citizens who need a durable power of attorney. (Which is pretty much everyone). However, just because it is out there, doesn’t mean you should use it. Here is a link to the statutory short form (Updated as of January 1, 2018). (Or scroll to the bottom of this page, I’ve copied and pasted the form into this post). Click here for more information about the new statutory short form power of attorney that went into effect in North Carolina on January […]
The Three P’s of Estate Planning
Whether you are just starting to think about putting together an estate plan, or you need to change one that you already have, it is helpful to think of estate planning in terms of the “three p’s”. What are the Three P’s of Estate Planning? Put simply, the three p’s of estate planning are the people and property that you need to include in your plan, as well as the plan that you put together to deal with them. To help make this more clear, let’s discuss these one at a time. People that you care about As you start […]
What is a Power of Attorney in North Carolina?
I frequently get asked about Power of Attorney (POA) forms, what they are, how they are used, and who should use them. I previously wrote about this topic in this post. So let’s start with some basics… What is a North Carolina Power of Attorney? In simple terms, a power of attorney is defined as a legal document that gives the “power of attorney” to another person. But what does that really mean? It means that when you execute a power of attorney, you are giving somebody else the legal authority to act on your behalf with regards to certain […]
Estate Planning and Your North Carolina Divorce… What You Need to Know
There’s no denying that Divorce is an overwhelming process. Whether you are just starting to think about a divorce or are nearing the end of the process, you know that it is something that nobody wants to go through. You have so many different things to consider, including who will get the kids, how to divide up your retirement accounts and what to do with the house. So I don’t mean to throw gas on the fire, but you must add “meet with an estate planning lawyer” to your list of things to do. It is my hope that you will never […]
5 Must Have Documents for Your Estate Plan
You finally found it… Regardless of whether you are 18 or 80, there are 5 legal documents that you must have in place to protect you in the event that you become incapacitated or die unexpectedly. These include a financial durable power of attorney, a healthcare power of attorney, and a living will. So let’s get to it… These documents include a financial durable power of attorney, a healthcare power of attorney, a living will, your basic will, and temporary guardianship paperwork (if you have children). But before we get into those, what do I mean by “incapacitated?” Let’s examine the […]
