How are property taxes, insurance, repairs, and other costs supposed to be handled when there is a life estate? – North Carolina Short Answer In North Carolina, the life tenant is generally responsible for the ongoing carrying costs of the property during the life estate—especially property taxes—and for keeping the property in reasonable condition. If…
Do I need a will or a trust to make sure the house and other assets pass the way I want and avoid a mess for my family? – North Carolina Short Answer In North Carolina, a will is usually the starting point for making sure assets pass the way intended, but a will alone…
Do we need separate financial and health care powers of attorney, and who should we name if we don’t want the same person handling everything? – North Carolina Short Answer In North Carolina, most couples use two separate documents: a financial (durable) power of attorney for money and property decisions, and a health care power…
How do I choose someone to make medical and financial decisions for me if I can’t? – North Carolina Short Answer In North Carolina, the usual way to pick decision-makers in advance is to sign (1) a Health Care Power of Attorney for medical decisions and (2) a Durable Power of Attorney for financial decisions.…
What are the main reasons someone would choose an irrevocable trust instead of a revocable trust? – North Carolina Short Answer In North Carolina, the main reason to choose an irrevocable trust is to give up some control now in exchange for stronger planning benefits later—most commonly creditor protection features, long-term care/benefits planning goals, and…
Can we put inherited money into a special needs trust after the person has already inherited it, and would that help with Medicaid? – North Carolina Short Answer In North Carolina, once a Medicaid recipient actually receives an inheritance, that money usually becomes a countable resource and can disrupt Medicaid eligibility. Moving that inherited money…
What’s the difference between a financial power of attorney and a medical power of attorney, and do I need both? – North Carolina Short Answer In North Carolina, a financial power of attorney lets an agent handle money and property matters, while a medical (health care) power of attorney lets an agent make health care…
What kinds of financial decisions can my agent handle under a financial power of attorney? – North Carolina Short Answer In North Carolina, a financial power of attorney can give an agent broad authority to handle day-to-day money matters such as banking, paying bills, managing investments, and dealing with real estate—depending on what the document…
How do I set up a financial power of attorney that only takes effect if I become incapacitated? – North Carolina Short Answer In North Carolina, a financial power of attorney can be written so the agent’s authority starts only after incapacity (often called a “springing” power of attorney). The document must clearly state the…
Can I name one person as my main agent and a different person as a backup agent on a power of attorney? – North Carolina Short Answer Yes. In North Carolina, a financial power of attorney can name a primary agent and one or more successor (backup) agents, typically listed in the order they should…
