Do beneficiary designations on an annuity override my will, and is there any reason to restate them in my will? – North Carolina Short Answer In North Carolina, a properly completed beneficiary designation on an annuity is a contract and normally controls who receives the annuity at death, even if the will says something different.…
Can I require that certain real property be given away instead of sold for profit, and what legal structure would make that restriction hold up? – North Carolina Short Answer Under North Carolina law, a property owner can use a will or trust to place some conditions on how inherited real estate is used or…
What is the difference between an irrevocable trust and deeding the house to a child while keeping a small interest, and which offers better protection? – North Carolina Short Answer Under North Carolina law, both an irrevocable trust and deeding a house to a child while keeping a small interest (often as a life estate…
If I hold power of attorney, can I sign and record any deed or trust documents on behalf of my in‑law while they are in the hospital? – North Carolina Short Answer Under North Carolina law, an agent under a properly drafted and signed power of attorney can usually sign and record real estate deeds…
Can we transfer the house into a trust now, and what happens if we need care within the five‑year lookback? – North Carolina Short Answer In North Carolina, a home can be transferred into a properly designed trust, but if that transfer happens within Medicaid’s five-year lookback window and the trust is not fully Medicaid-compliant,…
How do retirement accounts factor into eligibility for long‑term care assistance and asset protection plans? – North Carolina Short Answer In North Carolina, most retirement accounts such as IRAs and 401(k)s count as resources for long-term care Medicaid once a person is old enough to access the funds, but the details depend on whether the…
How can we protect our home if one of us needs long‑term care without losing it to government recovery or nursing home costs? – North Carolina Short Answer In North Carolina, long-term care costs can trigger Medicaid “estate recovery,” which allows the State to collect certain paid benefits from a recipient’s estate after death, including…
What age must will witnesses be, and does that apply to both witnesses? – North Carolina Short Answer Under North Carolina law, every witness to a traditional written will must be legally competent to testify in court, which generally means at least 18 years old and of sound mind. That requirement applies to each of…
Do we need to sign a new power of attorney, or can the existing one be amended to make it durable and immediately effective? – North Carolina Short Answer Under North Carolina law, a financial power of attorney that is already signed cannot simply be “edited” or hand-marked to change it from a springing form…
What steps should I take to satisfy or bypass the current springing conditions in the document? – North Carolina Short Answer Under North Carolina law, a springing durable power of attorney usually cannot just be “turned into” an immediate power by marking it up or verbally agreeing to ignore its conditions. The options are to…