What is a living trust and how does it work for a married couple? – NC Short Answer In North Carolina, a living trust is a trust created during life to hold and manage property under written instructions. For a married couple, it often works as a shared plan for who manages assets during incapacity…
What happens if a parent in long-term care dies with the house still only in their name and no will or trust? – NC Short Answer In North Carolina, if a parent dies owning a house in that parent’s name alone and leaves no will or trust, the house usually passes under the state’s intestacy…
Is a trust a better option than a life estate deed for keeping the home in the family while preserving benefits? – NC Short Answer Often, a trust is not automatically a better option than a life estate deed when the goal is to keep a North Carolina home in the family without upsetting needs-based…
Can the state seek repayment from a parent’s house after they receive long-term care benefits, and how can that be planned for? – NC Short Answer Yes. In North Carolina, the state can seek Medicaid estate recovery after a recipient dies for certain long-term care-related benefits, and a house titled only in the parent’s name…
Can a married couple set up an estate plan so one spouse takes over first and then a child is next in line? – NC Short Answer Yes. In North Carolina, a married couple can usually build an estate plan so the surviving spouse is first in line and a child is the backup beneficiary…
How can I leave everything to my spouse first and then have it go to my child if my spouse later passes away? – NC Short Answer In North Carolina, that plan is usually done with separate wills for each spouse, not one joint will. Each will can leave assets to the surviving spouse first…
What is the difference between a will and a trust for a married couple? – NC Short Answer In North Carolina, a will and a trust do different jobs. A will says who should receive property at death and who should handle the estate through probate, while a trust can hold property during life, manage…
What documents should be included in a complete estate plan if my parent has a home, personal property, and life insurance? – NC Short Answer In North Carolina, a complete estate plan for a competent parent with a home, personal property, and life insurance usually includes a last will and testament, a durable financial power…
How do we make sure the trust is properly set up so the house and other assets are actually covered by it? – NC Short Answer In North Carolina, a trust only controls assets that are actually connected to it the right way. That usually means signing the trust, naming the correct trustee, retitling the…
How do I set up a trust and will for my parent if they want me to handle the planning but they still need to sign everything themselves? – NC Short Answer In North Carolina, an adult child can help organize estate-planning documents for a competent parent, but the parent must make the decisions and…
