A North Carolina general power of attorney (GPOA) designates someone (an “agent” or “attorney-in-fact”) to act on your behalf regarding your financial affairs. The principal can let the agent carry out any financial activities they’d normally perform themselves, such as trading stocks/bonds, filing taxes, and paying bills.
Because this document is a general, non-durable form, it will terminate when you become incapacitated or submit a revocation. If you want your agent to have authority that persists through your incapacitation, sign a durable power of attorney.
Laws — North Carolina Uniform Power of Attorney Act (§§ 32C-1-101 — 32C-4-403).
Authority (NC Gen. Stat. § 32C-2-201) – An agent can execute financial tasks on the principal’s behalf if the principal has expressly granted the proper authority. If an existing agreement or instrument prohibits the agent from using their assigned authority, the agent should refrain from conducting financial activities for the principal.
Signing Requirements (NC Gen. Stat. § 32C-1-105) – A notary public should be present when the principal signs the document.
Presumption of Durability (NC Gen. Stat. § 32C-1-104) – Powers of attorney are automatically durable, so the principal must include a statement that the instrument terminates upon their incapacity if they wish it to be non-durable.