What type of trust protects inheritance for descendants and prevents a spouse’s access upon death or divorce? – North Carolina Short Answer In North Carolina, a third‑party discretionary trust with a spendthrift clause—often called a “descendants’ trust”—is the standard way to keep inherited assets for children and shield them from a beneficiary’s spouse at divorce…
Can I exclude a spouse’s interest in property currently titled in my parent’s name? – North Carolina Short Answer Under North Carolina law, your spouse’s death-time rights attach to assets you own or control. If title is still in your parent and sibling’s names, your spouse has no claim today, and you cannot place that…
How can I transfer out-of-state property into a trust while residing in a different state? – North Carolina Short Answer You can transfer North Carolina real estate into a trust even if you live elsewhere. The current owners must sign a deed conveying their interests to the trustee and record it with the Register of…
What steps are required to add or remove family members as beneficiaries of the trust? – North Carolina Short Answer In North Carolina, the steps depend on whether the trust is revocable or irrevocable. For a revocable trust, the settlor signs a written amendment or complete restatement that updates the beneficiary provisions and delivers it…
What happens if my trust doesn’t have a TIN when I need to sell or transfer property? – North Carolina Short Answer In North Carolina, a real estate closing cannot move forward without a taxpayer identification number (TIN) for the seller. If the trust has no TIN, the trustee must either use the settlor’s Social…
Will not having a TIN delay the closing process with the realtor? – North Carolina Short Answer Yes. In North Carolina real estate closings, the settlement agent must collect a completed IRS Form W-9 for the seller and report the sale, which requires the trust’s taxpayer identification number (TIN/EIN). Without a TIN, the closing attorney…
What estate planning steps should we take to ensure care for our pets if we have no children? – North Carolina Short Answer In North Carolina, you can protect your pets by signing a valid will that names a caregiver and sets money aside—ideally through a pet trust—then, if you prefer, move those terms into…
How can I quickly put together a simple will before traveling overseas? – North Carolina Short Answer In North Carolina, the fastest reliable option is a simple typed will signed by you in front of two adult witnesses, ideally made “self‑proved” with a notary at the same signing. A handwritten will entirely in your handwriting…
Can we create a will now and then convert it into a trust after we return? – North Carolina Short Answer In North Carolina, you cannot “convert” a will into a trust. You can sign a valid will now and later create a revocable living trust with a new “pour-over” will that sends any remaining…
How do I consolidate multiple asset types into a single trust or will? – North Carolina Short Answer In North Carolina, the cleanest way to consolidate diverse assets is to use a revocable living trust as the central bucket, then retitle assets into the trust and backstop the plan with a pour-over will. You must…