By: Elizabeth “Libby” Grimes
During these uncertain times, it is a good idea to execute a Power of Attorney document appointing an agent who can act on your behalf in the event you become unable to carry out your own affairs because of illness or being quarantined.
A Power of Attorney instrument document must be signed before a notary public in order to be valid. While you can limit the powers granted under this instrument, you can also grant your agent broad powers to act on your behalf. These broad powers can include the ability to resolve and settle lawsuits, conduct banking transactions, transfer interests in an estate, and transfer real property.
You can designate your Power of Attorney to become effective immediately, or you can designate the powers to be contingent upon a future date or upon an event such as a medical disability. A Power of Attorney can last your lifetime and terminate upon death, or you can set a future termination date. Additionally, a Power of Attorney document may appoint a contingent or co-agent in the event your first selected agent is unable to serve or resigns.
The agent appointed to be your power of attorney has a duty to act in good faith in your best interest. Your agent must act loyally and engage in transactions that do not conflict with your interests. A Power of Attorney must keep records of transactions entered on your behalf.
The law governing power of attorneys in North Carolina can be found at https://www.ncleg.net/EnactedLegislation/Statutes/HTML/ByChapter/Chapter_32C.html