What happens to my assets if I do not create an estate plan, and who makes decisions if I become incapacitated? – North Carolina Short Answer In North Carolina, if no estate plan exists, assets that are owned in an individual name generally pass under the state’s “intestacy” rules, and the Clerk of Superior Court…
What’s the difference between naming someone in a power of attorney and naming them as a beneficiary? – North Carolina Short Answer In North Carolina, a power of attorney names an “agent” who can act for someone during that person’s lifetime (for example, to pay bills or manage accounts), and the agent’s authority generally ends…
What happens to the house a parent’s will leaves to my relative if the parent dies first versus if my relative dies first? – North Carolina Short Answer In North Carolina, a gift in a will generally goes to the named person only if that person survives the will-maker (and typically survives by at least…
What happens if my power of attorney and my beneficiary choices seem to conflict? – North Carolina Short Answer In North Carolina, a power of attorney generally controls what an agent can do while the principal is alive, while beneficiary designations generally control who receives certain assets at death. If the documents seem to point…
What happens to my assets if I only have a will—will my family have to go through probate? – North Carolina Short Answer In North Carolina, having a will usually means the estate still goes through probate for any assets that are titled in the deceased person’s name alone and do not have a built-in…
Can I revoke my current power of attorney and create a new one without issues with banks or doctors? – North Carolina Short Answer Yes. In North Carolina, a person can revoke a prior power of attorney and sign a new one, but banks and health care providers can keep relying on the old document…
What options do I have to protect my primary home and a rental property from Medicaid estate recovery? – North Carolina Short Answer In North Carolina, Medicaid can seek repayment after death from a recipient’s “estate,” and the definition can reach certain assets that pass outside probate, including interests held through survivorship deeds and some…
If my executor needs access to my home after I pass away, what should I do now to make that process easier? – North Carolina Short Answer In North Carolina, the cleanest way to make home access easier after death is to (1) name a reliable executor (and backups) in an updated will, and (2)…
Do I need to prepay my funeral and burial arrangements before I finalize my will, or can I add those instructions later? – North Carolina Short Answer No. Under North Carolina law, a will can be finalized without prepaid funeral or burial arrangements in place, and funeral/cremation instructions can be added or updated later. In…
Do I need a trust, or is a will enough for my situation with minor children? – North Carolina Short Answer In North Carolina, a will can be enough to name a preferred guardian for minor children and to direct where property goes at death. But a trust often becomes important when the plan needs…