What other estate planning documents should we consider updating along with our wills? – North Carolina Short Answer In North Carolina, updating a will is usually only one part of updating an estate plan. Many families also update (1) financial powers of attorney, (2) health care documents (health care power of attorney and living will),…
What happens to the money if the child turns adulthood—can the trust delay access or set conditions? – North Carolina Short Answer In North Carolina, an irrevocable third-party trust can be drafted to delay a beneficiary’s access past age 18 and to set conditions for distributions, as long as the terms are clear and lawful.…
If I create an irrevocable trust, what control do I give up and how hard is it to change later? – North Carolina Short Answer In North Carolina, an irrevocable trust usually means the person creating the trust (the “settlor”) gives up the easy ability to take the assets back, rewrite the beneficiaries, or change…
Does a newer power of attorney automatically cancel an older one, or does it have to say it revokes prior documents? – North Carolina Short Answer In North Carolina, a newer power of attorney does not always automatically cancel an older one. The safest and most common approach is for the newer document to clearly…
What is the practical difference between a revocable and an irrevocable funeral trust for making sure my wishes are followed? – North Carolina Short Answer In North Carolina, the practical difference is control versus lock-in. A revocable preneed funeral trust generally allows the purchaser to cancel and get the trust money back, which makes it…
Can I add money to the trust on a recurring basis over time, or does it need to be funded all at once? – North Carolina Short Answer In North Carolina, an irrevocable trust can usually be funded over time. Many trusts are set up with an initial deposit and then receive additional contributions later…
What does a revocable living trust actually include, and what assets should I put into it? – North Carolina Short Answer In North Carolina, a revocable living trust usually includes a written trust agreement (naming the trustee, successor trustee, and beneficiaries) plus a plan to “fund” the trust by retitling certain assets into the trust’s…
Can a financial power of attorney be used to deal with a disability benefit that stopped or needs to be restarted? – North Carolina Short Answer Sometimes. In North Carolina, a properly signed durable (financial) power of attorney can let an agent handle many financial tasks tied to benefits, such as contacting an agency, gathering…
Which power of attorney controls if my parent signed an older one naming me and then signed a newer one later? – North Carolina Short Answer In North Carolina, the newer power of attorney usually controls to the extent it revokes the older one or gives different instructions. If the newer document does not revoke…
If I’m funding the trust from where I live, which state’s trust rules apply? – North Carolina Short Answer In North Carolina, the state whose trust rules apply usually depends on what the trust document says about governing law and where the trust is administered (often tied to the trustee’s location), not simply where the…
