If you are a North Carolina resident, now is a great time to review your estate planning decisions as a new North Carolina Power of Attorney law goes into effect on January 1, 2018. The revisions to the law will align North Carolina’s laws with power of attorney legislation in other states so that there are more uniform regulations across state lines.
The Objectives of the New Law.
Two of the primary objectives of the new law are to prevent financial abuse by the agent and to protect your self-determination rights as the principal. For example, as the principal, you are now required to expressly grant certain powers to the agent. You must expressly grant powers such as:
- Gift making,
- Creating or change rights of survivorship or
- Designating beneficiaries.
If your current estate planning documents do not expressly grant these powers you may want to consider updating your records to comply with this new law.
While North Carolina’s Power of Attorney rules will change extensively, the rules governing health care Powers of Attorney and consent to health care for minors, for instance, have not changed.
Updating your Power of Attorney.
This is only a brief summary of a major change in Power of Attorney laws in North Carolina. The new changes will be far-reaching and are certainly worthy of your attention as you consider your estate planning needs. The attorneys at Perry, Bundy, Plyler & Long, LLP, can discuss with you how the new law will impact your specific situation and will work with you to draft a Power of Attorney that meets your needs under the new law. Our attorneys in Monroe, NC have over 110 years of combined experience creating custom estate plans for North Carolina families.