How do I name a backup trustee in a property trust? – North Carolina Short Answer In North Carolina, you name a backup trustee (often called a successor trustee) directly in the trust document and state when that person takes over. The trust’s written terms control who serves next and what powers they have. If…
How do I grant power of attorney for someone to pay my bills while I’m in the hospital? – North Carolina Short Answer In North Carolina, you grant bill‑pay authority by signing a financial power of attorney and having your signature acknowledged by a notary public. You can use the North Carolina Statutory Short Form…
Can I get my power of attorney form notarized in the hospital or do I need to wait until I go home? – North Carolina Short Answer Yes. In North Carolina, you can sign and notarize a power of attorney in the hospital. A financial (durable) power of attorney must be signed by you and…
What steps should I take once the company confirms receipt of my power of attorney paperwork? – North Carolina Short Answer In North Carolina, a financial power of attorney is not effective until the principal signs it and it is acknowledged by a notary. After the company confirms receipt, promptly complete the notarization, ask if…
How can my agent use the power of attorney to negotiate or reduce the balance I owe? – North Carolina Short Answer In North Carolina, your financial agent can negotiate, settle, or arrange payment plans on your behalf if your power of attorney (POA) is properly signed before a notary and grants authority over claims,…
How can I revise or redo my trust and will if there are mistakes in documents prepared in another state? – North Carolina Short Answer In North Carolina, the cleanest fix for a mistaken out-of-state plan is to sign a new North Carolina–compliant will and amend or restate your revocable trust. Out-of-state wills can still…
What tax consequences should I expect when transferring appreciated mutual funds into a trust? – North Carolina Short Answer In North Carolina, transferring appreciated mutual funds into a revocable “grantor” trust usually is not a taxable event and does not trigger capital gains; you keep your original cost basis and keep reporting income on your…
How do I update my estate planning documents to ensure they meet my goals for my children while I’m alive? – North Carolina Short Answer In North Carolina, you update your plan by executing a properly signed will or codicil, amending or restating your revocable trust as its terms allow, and signing an updated durable…
Can I structure my trust to allow income withdrawals without triggering capital gains? – North Carolina Short Answer Yes. In North Carolina, you can structure a revocable, grantor trust to let you withdraw investment “income” (interest, dividends, and fund distributions) without by itself triggering capital gains. Capital gains tax is typically triggered when assets are…
What can I do if a trustee refuses to share trust statements or accounting? – North Carolina Short Answer In North Carolina, trustees must keep adequate records and give qualified beneficiaries reasonably complete information and an annual (and final) report about the trust’s assets, receipts, disbursements, and the trustee’s compensation. If a trustee refuses, a…