How can I revoke an existing power of attorney for my parent, and what should the revocation letter include? – North Carolina Short Answer In North Carolina, only the parent (the principal) can revoke a financial power of attorney while competent. The parent should sign a clear, notarized revocation that identifies the original document and…
Where should I store the original will so my executor can find it quickly, and is filing a copy with a court or my attorney advisable? – North Carolina Short Answer In North Carolina, store the original will where the named executor can access it immediately, or deposit it for safekeeping with the Clerk of…
Can I protect money from future long-term care costs without losing the monthly interest I rely on? – North Carolina Short Answer Yes, but it requires giving up access to the principal. In North Carolina, a properly drafted and funded irrevocable “income-only” trust can hold savings, protect the principal from future long-term care creditors, and…
How do I set up beneficiary designations on bank accounts so funds pass outside probate but still stay accessible during my life? – North Carolina Short Answer In North Carolina, use a payable-on-death (POD) designation on a bank account to pass funds directly to named beneficiaries at death while keeping full access and control during…
Should instructions for my company live in the trust, the LLC operating agreement, or both, and which one controls if there’s a conflict? – North Carolina Short Answer In North Carolina, the LLC operating agreement governs how the company runs and who has voting and management rights. A revocable trust can own an LLC interest…
How can I set up a living trust for my small properties and a will to catch anything not titled to the trust? – North Carolina Short Answer Under North Carolina law, a revocable living trust paired with a “pour-over” will is a common way to keep real estate and other assets out of probate…
Where should I store my original will and trust to protect them from disasters, and what if the originals are lost? – North Carolina Short Answer In North Carolina, keep the original will and trust in a dry, fire‑rated, water‑resistant location that trusted people can access—common choices are a law firm vault, a home fire…
If my trust owns the LLC, do I need to retitle new properties the LLC buys later, or are they automatically covered? – North Carolina Short Answer In North Carolina, if a revocable trust owns the LLC membership interest, the LLC—not the trust—owns any real estate the LLC buys. New properties titled directly to the…
How can I set up my revocable trust to work with my LLC that owns real estate and clearly handle business succession if I’m incapacitated or pass away? – North Carolina Short Answer In North Carolina, title the LLC membership interest to the revocable trust and coordinate the trust with the LLC’s operating agreement. Name…
Who should I name as successor trustee and backups, and what responsibilities will they have? – North Carolina Short Answer In North Carolina, name a reliable, organized adult or a corporate trustee as successor trustee and list at least one backup. The successor trustee accepts the role and then manages and distributes trust assets under…