Asset checklist for estate planning4/16/2024 ![]() “Durable” means that even if the principal becomes incapacitated, the financial agent is still in charge of all financial matters that have been included in the Power of Attorney. An agent should be a trusted individual who will always act with the best interests of the principal and the principal’s family in mind.ĭurable (Financial) Power of Attorney – A legal instrument containing the outline of the relationship between a principal and their financial agent. Appointing a financial agent is an act that is effective immediately after a POA is signed and remains in effect even if the principal becomes incapacitated. To make sure nothing is left out of an estate plan, contact a trusted attorney for legal advice.Ī financial agent is a position established by execution of a Durable Power of Attorney that enables the agent to manage the principal’s assets and other financial matters. None of the documents are required by law but it is critical that, if drafted, they are established in accordance with North Carolina laws. ![]() How to Create an Estate Plan in North Carolina (6 steps)Ī person creating an estate plan should carefully examine each of the following documents to see if it will help secure their estate and their family’s future. ![]() It is recommended that an attorney be consulted before executing any of these estate planning documents. Documents pertaining to the distribution of one’s property and assets after death include a Last Will and Testament, and a Revocable Living Trust. There are two types of Powers of Attorney mentioned in this article that cover a person’s finances and future medical treatment in the event of incapacitation: a Durable (Financial) Power of Attorney and a Health Care Power of Attorney. No one expects an illness or accident to befall them, but preparing for these situations is very important. While each person’s estate is different, there are a few main topics that will need to be covered in order to ensure one’s family and estate are protected in the future. A North Carolina estate planning checklist is a set of instructions pertaining to the estate planning process.
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