Is it safer to add my child as a joint owner on my bank accounts, or should the accounts be owned by the trust instead? – NC Short Answer In North Carolina, adding a child as a joint owner is often not the safer choice if the real goal is probate avoidance while keeping control…
How do I know whether the paperwork I found is a valid will or trust document? – NC Short Answer In North Carolina, a document is not a valid will or trust just because it looks formal or mentions inheritance. A valid will usually must meet specific signing and witness rules, while a trust document…
Will moving life insurance into a trust affect who gets the payout or how quickly it is paid after someone dies? – NC Short Answer Yes. In North Carolina, moving a life insurance policy into a trust can change who receives the payout because the trust, or the trustee for the trust, may become the…
What do I need to change when moving an existing special needs trust to a new trustee or management company? – NC Short Answer In North Carolina, moving an existing special needs trust to a new trustee or management company usually requires more than changing the name on an account. The trust must be reviewed…
What happens if the person managing my trust is not following the terms of the trust? – NC Short Answer In North Carolina, a trustee must follow the trust document, keep trust property separate, maintain records, and give beneficiaries information that the law or the trust requires. If a trustee is not doing that, a…
Do I need an attorney to set up a durable power of attorney and a medical power of attorney for my parents, or can I use online forms? – NC Short Answer In North Carolina, an attorney is not legally required to create either a durable power of attorney for finances or a health care…
What should I include in my estate plan besides a will? – NC Short Answer In North Carolina, a basic estate plan often includes more than a will. Many people should also consider a durable financial power of attorney, a health care power of attorney, a living will, updated beneficiary designations, and a review of…
Can a financial power of attorney let me access someone else’s bank account if they authorize me? – NC Short Answer Yes. In North Carolina, a properly signed financial power of attorney can give an agent authority to access and manage another person’s bank account if the document clearly grants that power and the bank…
How do we update life insurance beneficiary designations if we decide to use a living trust? – NC Short Answer In North Carolina, life insurance beneficiary designations are updated by filing the insurer’s change-of-beneficiary form and naming the trust or trustee exactly as the policy requires. A living trust does not automatically receive policy proceeds…
What rights do family members have to see a parent’s trust documents? – NC Short Answer In North Carolina, family members do not automatically have the right to see a parent’s trust documents just because they are related. The key question is whether the person is a current trustee, a qualified beneficiary, or another person…
