How do we update life insurance beneficiary designations if we decide to use a living trust? – NC Short Answer In North Carolina, life insurance beneficiary designations are updated by filing the insurer’s change-of-beneficiary form and naming the trust or trustee exactly as the policy requires. A living trust does not automatically receive policy proceeds…
What rights do family members have to see a parent’s trust documents? – NC Short Answer In North Carolina, family members do not automatically have the right to see a parent’s trust documents just because they are related. The key question is whether the person is a current trustee, a qualified beneficiary, or another person…
How can I get a will prepared quickly for a hospitalized grandparent who may not be able to speak soon? – NC Short Answer In North Carolina, the fastest reliable path is usually an attested written will signed by the grandparent while the grandparent still has testamentary capacity, with at least two competent witnesses present.…
Can a power of attorney let me list a property, sign closing documents, and deal with the sale on my parent’s behalf? – NC Short Answer Yes, a properly drafted North Carolina power of attorney can let an agent handle many parts of a real estate sale for a parent, including speaking with agents, signing…
What information should I gather before a call about trust administration and trust assets? – NC Short Answer Before a North Carolina trust administration call, it helps to gather the trust document, any amendments, a basic list of trust assets, recent account statements, deeds, mortgage information, and any letters or notices already received. If a…
Can I name someone else to handle financial and medical decisions for me if my prior choice no longer works? – NC Short Answer Yes. In North Carolina, a person who still has legal capacity can revoke an earlier power of attorney or health care power of attorney and sign new documents naming a different…
What happens if I don’t add my newly purchased property to my trust? – North Carolina Short Answer In North Carolina, a newly purchased property usually does not become part of a trust automatically just because the trust already exists. If the deed leaves title in an individual name instead of the trustee’s name, the…
How can I remove or replace a trustee of an irrevocable trust when I do not trust how they are handling it? – NC Short Answer In North Carolina, a beneficiary usually cannot remove a trustee of an irrevocable trust just because the relationship is strained. Removal or replacement usually depends first on the trust’s…
What is the difference between a will, a financial power of attorney, and a health care power of attorney? – NC Short Answer In North Carolina, a will controls what happens after death, while a financial power of attorney and a health care power of attorney are mainly tools for incapacity during life. A will…
How do I set up a power of attorney? – NC Short Answer In North Carolina, setting up a power of attorney usually means choosing a trusted agent, deciding what powers to give, putting those powers in a written document, and signing it with the required formalities. A financial power of attorney must be signed…
