What documents should I have in place along with a trust, like a power of attorney or healthcare directive? – North Carolina Short Answer In North Carolina, a trust is usually only one piece of a complete estate plan. Most people also need (1) a financial (durable) power of attorney, (2) a health care power…
Can I create a trust and name someone to manage my finances if I become unable to handle things myself? – North Carolina Short Answer Yes. In North Carolina, a properly drafted (usually revocable) trust can name a successor trustee to step in and manage trust-owned assets if the person who created the trust later…
Can a trust be set up or enforced so that a beneficiary with serious mental-health or stability issues doesn’t receive inheritance money all at once? – North Carolina Short Answer Yes. In North Carolina, inheritance can be structured (or administered) so the beneficiary does not receive a lump sum, usually by using a trustee-controlled trust…
If I put my money and a home into a revocable trust, can creditors still take it? – North Carolina Short Answer In North Carolina, putting money or a home into a revocable trust usually does not protect those assets from the person’s creditors during life. A revocable trust is designed mainly to manage assets…
Does recording a power of attorney with the register of deeds affect whether it is valid or has priority over a later power of attorney? – North Carolina Short Answer In North Carolina, recording a power of attorney (POA) with the register of deeds generally does not determine whether the POA is valid, and it…
What kinds of life changes usually mean a will should be revised? – North Carolina Short Answer In North Carolina, a will should usually be reviewed after major family changes (marriage, divorce, births/adoptions, deaths), major money or property changes, or when the people named in the will (executor, guardians, trustees, beneficiaries) are no longer the…
If the newer power of attorney doesn’t mention revoking earlier ones, can both documents be valid at the same time? – North Carolina Short Answer Yes. In North Carolina, it is possible for an older power of attorney and a newer power of attorney to both be valid at the same time if the newer…
Do I need an irrevocable trust or a revocable trust to set aside money for a child until they reach adulthood? – North Carolina Short Answer In North Carolina, either a revocable trust or an irrevocable trust can be used to set aside money for a child until adulthood, but they work differently. A revocable…
Can a revocable funeral trust be written so my funeral services can’t be downgraded after I die? – North Carolina Short Answer In North Carolina, a revocable preneed funeral trust can be drafted to strongly reduce the risk of “downgrades,” but it cannot eliminate every real-world scenario where changes happen after death. The best protection…
How do I use a healthcare power of attorney to get access to medical records, or do I still need a HIPAA release? – North Carolina Short Answer In North Carolina, a properly executed Health Care Power of Attorney (HCPOA) usually gives the named health care agent authority to request, review, and receive medical records…
