“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. To learn more about Argent Bridge, call us to schedule a consultation at (833) 568-4900.A North Carolina estate planning checklist is a set of instructions pertaining to the estate planning process. The professionals at Argent Bridge Advisors can advise you regarding the best practices for estate planning. Regularly updating your estate plan will ensure that your legacy goes to the intended recipients. Changes will not be made unless you initiate them. Once you’ve finalized your plan with your attorney, you need to only periodically update your estate plan.ĭo this when there is a major life change (marriage/divorce, birth/death, etc.) and update your beneficiaries as needed. Copies of these documents need to be kept in your records. This essential task may be overlooked once you’ve completed your estate planning checklist.Īssets included in living trusts need to have their titles changed to reflect an ownership change. Make sure beneficiaries are consistent with your estate plan by checking your insurance and retirement accounts. Not doing so may disrupt the transfer of these funds to the intended recipient. This will include setting up trusts, creating medical and financial powers of attorney, if needed.īear in mind that living trusts need to be funded immediately in order to take effect. Meet with your attorney and finalize your estate plan and will. To whom will you give the responsibility of distributing your assets?.Who will manage your affairs in the event that you’re incapacitated?.If you have minor children, whom will be their caregivers? How much will they need to be cared for in terms of education and day-to-day expenses?.To whom do you want your assets given? In what percentages?.Consider these questions as your meeting approaches, noting any answers you’re unsure about. Set a date to meet with a lawyer thatspecializes in estate planning. Once you’ve done this, you’re ready for the next part of the four important estate planning factors. List the locations of valuables and safety deposit boxes & contents.Liabilities including mortgages, lines of credit, & any other debts.Insurance policies, their payouts, & death benefits.Statements from bank accounts , retirement accounts, & investments. Values of your home & any other real estate.Let’s take a closer look.īefore you can protect your legacy, you will want to know what documents are needed for estate planning. While the business of estate planning may be daunting, we’ve created a checklist that highlights the most important tasks.
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