If the newer power of attorney doesn’t mention revoking earlier ones, can both documents be valid at the same time? – North Carolina Short Answer Yes. In North Carolina, it is possible for an older power of attorney and a newer power of attorney to both be valid at the same time if the newer…
Do I need an irrevocable trust or a revocable trust to set aside money for a child until they reach adulthood? – North Carolina Short Answer In North Carolina, either a revocable trust or an irrevocable trust can be used to set aside money for a child until adulthood, but they work differently. A revocable…
Can a revocable funeral trust be written so my funeral services can’t be downgraded after I die? – North Carolina Short Answer In North Carolina, a revocable preneed funeral trust can be drafted to strongly reduce the risk of “downgrades,” but it cannot eliminate every real-world scenario where changes happen after death. The best protection…
How do I use a healthcare power of attorney to get access to medical records, or do I still need a HIPAA release? – North Carolina Short Answer In North Carolina, a properly executed Health Care Power of Attorney (HCPOA) usually gives the named health care agent authority to request, review, and receive medical records…
Can I set up a trust for a minor who lives in a different state than I do? – North Carolina Short Answer Yes. Under North Carolina law, a person can set up a trust (including an irrevocable third-party trust) for a minor beneficiary even if the child lives in a different state. The key…
Should I set up a revocable trust or an irrevocable trust if my main goal is protecting my money and property? – North Carolina Short Answer In North Carolina, a revocable trust is usually not the right tool if the main goal is asset protection, because the person who creates it typically keeps control and…
What other estate planning documents should we consider updating along with our wills? – North Carolina Short Answer In North Carolina, updating a will is usually only one part of updating an estate plan. Many families also update (1) financial powers of attorney, (2) health care documents (health care power of attorney and living will),…
What happens to the money if the child turns adulthood—can the trust delay access or set conditions? – North Carolina Short Answer In North Carolina, an irrevocable third-party trust can be drafted to delay a beneficiary’s access past age 18 and to set conditions for distributions, as long as the terms are clear and lawful.…
If I create an irrevocable trust, what control do I give up and how hard is it to change later? – North Carolina Short Answer In North Carolina, an irrevocable trust usually means the person creating the trust (the “settlor”) gives up the easy ability to take the assets back, rewrite the beneficiaries, or change…
Does a newer power of attorney automatically cancel an older one, or does it have to say it revokes prior documents? – North Carolina Short Answer In North Carolina, a newer power of attorney does not always automatically cancel an older one. The safest and most common approach is for the newer document to clearly…
