What steps are involved in drafting and funding a trust in North Carolina? Short Answer In North Carolina, you draft a trust by signing a written trust agreement that names a trustee, beneficiaries, and a lawful purpose. You fund it by transferring assets into the trust: retitle accounts, record deeds for real estate with the…
What type of trust works best when family members are estranged? – North Carolina Short Answer In North Carolina, a revocable living trust with an independent trustee and strong asset‑protection terms (spendthrift and discretionary distribution provisions) fits most estranged‑family situations. You can add directed‑trust features or a trust protector to add oversight without putting relatives…
Can I appoint a professional trustee instead of a relative? – North Carolina Short Answer Yes. In North Carolina, you may name a professional trustee—either an individual fiduciary or a bank/trust company authorized to do trust business in the state. The trustee must accept the role and will owe strict fiduciary duties, including prudent investing…
Do I have to register or file my trust with the court or is notarization sufficient? – North Carolina Short Answer In North Carolina, you do not register or file a revocable living trust with the court, and the courts do not supervise it unless a dispute or specific proceeding is filed. Notarization of the…
Can I structure my trust as an LLC or do I need a separate entity to hold assets? – North Carolina Short Answer In North Carolina, a trust is not an LLC. A trust is a fiduciary arrangement, not a business entity, so you cannot “form” a trust as an LLC. You may hold assets…
Which estate planning documents should my spouse have alongside their trust? – North Carolina Short Answer In North Carolina, a spouse with a revocable living trust should also have a pour-over will, a durable financial power of attorney, a health care power of attorney, an advance directive (living will), HIPAA authorization, and (often) a disposition-of-remains…
How can my spouse and I update our wills together? – North Carolina Short Answer In North Carolina, each spouse must sign a separate will or codicil. To update, you can either execute new wills that revoke the old ones or sign codicils that amend specific parts. A valid will requires your signature and the…
What steps are needed to draft a medical and financial power of attorney for someone in the hospital? – North Carolina Short Answer In North Carolina, the hospitalized adult—not the family—must sign the documents if they have capacity. A financial power of attorney must be signed and notarized; a health care power of attorney and…
How can I be appointed power of attorney for my hospitalized parent who can’t move? – North Carolina Short Answer In North Carolina, a court does not “appoint” a power of attorney—only your parent can name an agent while they still have capacity. If your parent can understand and communicate choices, a lawyer can arrange…
What happens if my parent lacks capacity to sign a power of attorney? – North Carolina Short Answer In North Carolina, a parent who lacks legal capacity cannot sign a new power of attorney. If your parent still understands what they are signing, you may be able to complete financial and medical powers of attorney…