What is a durable power of attorney and why would I need one?
North Carolina law allows a person to name a durable power of attorney to act for them in the event that they would like someone to handle financial matters in certain instances. This does not mean that a person cannot continue to handle their own affairs but it gives them the ability to use the power of attorney named when they want to. The power of attorney document can also state that the chosen power of attorney would also act as the legal guardian for a person in the event the court is required for some reason to appoint a legal guardian. This is a cost effective way to plan for any future uncertainty and save your family and friends from incurring unexpected expense and time in the instance of an emergency situation.
What is a healthcare power of attorney?
A healthcare power of attorney allows you to name an individual to make a variety of healthcare decisions for you in the instance where medical professionals do not feel that you are competent enough to give them medical directives in any given situation. The healthcare power of attorney covers decisions about your medical tests, medical treatments, hospital choices, and a variety of other medical issues. Of course it also allows your healthcare power of attorney to prevent your life from being extended by extraordinary measures. This is a cost effective way to plan ahead for the unpredictable time when you may want someone to make these difficult decisions for you.
Should I be concerned about the cost of probating my estate?
North Carolina generally has a stream lined probate process and the court costs associated with probate are generally minimal. Upon your death, the court currently has a $120.00 filing fee to open your estate. A notice to creditors ad is run for as little as $65.00. Creditors then have 90 days to file a claim with the court for any sums they are owed. Your executor has the duty to distribute your assets as you direct and in at the end of this process he or she will file a final accounting to the court to show that they have fulfilled their duties. For the great majority of people there are currently no estate taxes due upon your death. Generally a simple will is the most cost effective way to handle your estate planning. The clerk’s office receives a reasonable clerk fee based on the amount of the receipts of the estate.