Can I create a trust, and how do I know if I actually need one? – North Carolina Short Answer Yes. In North Carolina, a trust can be created during life (often called a “living trust”) or at death through a will. Whether a trust is actually needed depends on the goal: avoiding probate for…
If we use inherited money to settle or pay off credit card debt, could that create problems with Medicaid or other benefits? – North Carolina Short Answer Yes, it can. In North Carolina, an inheritance received by a person on Medicaid can affect eligibility because it may be treated as income in the month received…
How do I set up a financial power of attorney so my spouse can handle my bank account if the bank won’t accept informal permission? – North Carolina Short Answer In North Carolina, the cleanest way to give a spouse clear authority to deal with a bank account is to sign a written financial power…
How do we set up a trust to hold our family home and make sure it passes the way my parents want? – North Carolina Short Answer In North Carolina, a common way to have a family home pass according to a parent’s plan is to create a written (often revocable) trust, name a trustee…
What happens if the person with the life estate wants to sell the property or move out? – North Carolina Short Answer In North Carolina, a person with a life estate generally cannot sell the entire property outright without the remaindermen (the people who inherit after the life estate ends) joining in the sale. The…
If I’ve been paying the mortgage and expenses on a parent’s home, do I get any ownership interest or reimbursement later? – North Carolina Short Answer Usually not automatically. In North Carolina, paying a parent’s mortgage, taxes, insurance, or repairs on a home titled in the parent’s name typically does not give a child an…
How do I verify whether the credit card debts are actually my spouse’s debts, especially if I suspect identity theft? – North Carolina Short Answer In North Carolina, the most reliable way to verify whether a credit card debt is truly a spouse’s debt is to match the debt to objective records: the spouse’s credit…
Can I require the trustee to give me copies of trust records, account statements, and a full history of transactions before I sign anything? – North Carolina Short Answer Often, yes. Under North Carolina trust law, a trustee generally must keep trust records and provide beneficiaries with information reasonably related to the trust’s administration, including…
How can we structure a trust so it benefits our immediate family first and then extended family members later? – North Carolina Short Answer In North Carolina, this is usually done by naming primary beneficiaries (immediate family) who can receive trust benefits first, and then naming remainder beneficiaries (extended family) who receive what is left…
How do I choose guardians for my minor children in my estate plan? – North Carolina Short Answer In North Carolina, the most common way to choose guardians for minor children in an estate plan is to name (recommend) a guardian in a properly signed will. A clerk of superior court will give that recommendation…
