A North Carolina general power of attorney form establishes a legally binding arrangement between a principal and their attorney-in-fact in regard to the management of financial affairs. Whereas the principal entrusts the attorney-in-fact to handle all or a portion of their personal and business finances (assets, property, banking transactions, etc), the attorney-in-fact agrees to represent the principal with the principal’s best interest in mind. This type of power of attorney does not remain valid upon the principal’s incapacitation. For a more permanent power of attorney arrangement, the principal might want to explore the durable power of attorney.
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