Signing Requirements
A notary public must witness the principal’s signature. If the optional Agent Certification is completed, then the agent must also sign in the presence of a notary public.[1]
Powers Granted
A principal can grant an agent power to do any act that the principal is able to do through an agent which can include management of real and personal property, stocks, bonds, commodities, options, bank accounts, operating a business, insurance, annuities, estates and trusts, claims and litigation, personal and family matters, taxes and gifts.[2]
If the principal wants the agent to manage any of the following, they must be specifically addressed in the power of attorney:[3]
- Make a gift;
- Create or change rights of survivorship;
- Create or change a beneficiary designation;
- Delegate authority granted under the power of attorney;
- Waive the principal’s right to be a beneficiary of a joint and survivor annuity;
- Exercise fiduciary powers that the principal has authority to delegate;
- Renounce or disclaim property, including a power of appointment; or
- Exercise authority over the content of electronic communication sent or received by the principal.
“Durable” Definition
With respect to a power of attorney, the incapacity of the principal does not terminate the power of attorney.[4]
“Power of Attorney” Definition
A writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used.[5]
Revocation
A power of attorney terminates when any of the following occur:[6]
- The principal dies;
- The principal revokes the power of attorney;
- The power of attorney provides that it terminates;
- The purpose of the power of attorney is accomplished;
- The principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns; or
- A guardian of the principal’s estate or general guardian terminates it.
An agent’s authority terminates when any of the following occur:
- The principal revokes the authority in writing;
- The agent dies, becomes incapacitated, resigns, or is removed;
- The court enters a decree of divorce between the principal and the agent;
- The power of attorney terminates; or
- A guardian of the principal’s estate or general guardian terminates the authority.
Statutory Form
Yes, the State of North Carolina has a statutory form.[7]