A power of attorney (POA) is a legal document used to confer some of the powers of the principal (one who draws the POA) onto the agent (in whose name the POA is drawn). The POA can be drawn for different purposes, such as health, finance, and real estate. However, a POA stands null and void in case the principal becomes incapacitated. In such a scenario, a durable power of attorney is drawn.
What Is North Carolina Durable Power of Attorney?
A durable power of attorney NC (DPOA) is one that remains effective even when the principal is not of sound body and health. In North Carolina, under G.S. §32A-8, a DPOA must contain any of the following statements:
- This power of attorney shall not be affected by the principal’s subsequent incapacity or mental incompetence
- This power of attorney shall become effective after the principal becomes incapacitated or mentally incompetent
- Or a similar statement to demonstrate the principal’s purpose that the powers granted under DPOA will be effective even if s/he is rendered incompetent
How Does The North Carolina Durable Power of Attorney Work?
Filling up a North Carolina power of attorney form will help you in determining what powers you want the agent to have. The form lists down all the necessary information for both the principal and the agent and any future third party.
DPOA can be general or very specific. A general DPOA grants a blanket authority to the agent, allowing the agent to take any legal or financial decision on your behalf. In the special DPOA, the principal lists down the power/s s/he wants the agent to have.
Who Needs a North Carolina Durable Power of Attorney?
Having a North Carolina durable power of attorney can be very useful when due to an accident or mishap, you suddenly become incapacitated. In that case, to get your guardianship, your kin may have to go through a tiresome and expensive legal process.
Having a DPOA drawn beforehand will allow you to choose a trustworthy and able individual to act as your agent. A DPOA can come in effect immediately should you become debilitated.
What are the requirements for the principal to create a DPOA?
To formulate a NC durable power of attorney, a principal must have a clear understanding of the powers that are being granted to the agent. If in case, the principal lacks the required mental capacity, then the DPOA cannot be drawn.
What powers can be granted to the agent under DPOA?
Under the North Carolina law, the principal can confer any of the following powers onto the agent:
- Financial transactions
- Social security benefits
- Charitable gifts
- Tax matters
- Real estate transactions
- Personal affairs
- Unemployment benefits
- Military benefits
Can an agent sell or rent out the property belonging to the principal?
Yes. Under DPOA, an agent can sell/rent/lease any real estate, for any term, on behalf of the principal.
If you are planning to create a DPOA or any other kind of Power of Attorney, visit CocoSign and download the printable durable power of attorney form NC. CocoSign has a range of templates for NC durable power of attorney form for you to check out.
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