What is the practical difference between a revocable and an irrevocable funeral trust for making sure my wishes are followed? – North Carolina Short Answer In North Carolina, the practical difference is control versus lock-in. A revocable preneed funeral trust generally allows the purchaser to cancel and get the trust money back, which makes it…
Can I add money to the trust on a recurring basis over time, or does it need to be funded all at once? – North Carolina Short Answer In North Carolina, an irrevocable trust can usually be funded over time. Many trusts are set up with an initial deposit and then receive additional contributions later…
What does a revocable living trust actually include, and what assets should I put into it? – North Carolina Short Answer In North Carolina, a revocable living trust usually includes a written trust agreement (naming the trustee, successor trustee, and beneficiaries) plus a plan to “fund” the trust by retitling certain assets into the trust’s…
Can a financial power of attorney be used to deal with a disability benefit that stopped or needs to be restarted? – North Carolina Short Answer Sometimes. In North Carolina, a properly signed durable (financial) power of attorney can let an agent handle many financial tasks tied to benefits, such as contacting an agency, gathering…
Which power of attorney controls if my parent signed an older one naming me and then signed a newer one later? – North Carolina Short Answer In North Carolina, the newer power of attorney usually controls to the extent it revokes the older one or gives different instructions. If the newer document does not revoke…
If I’m funding the trust from where I live, which state’s trust rules apply? – North Carolina Short Answer In North Carolina, the state whose trust rules apply usually depends on what the trust document says about governing law and where the trust is administered (often tied to the trustee’s location), not simply where the…
Can a trust help protect my assets if I ever need long-term care or Medicaid in the future? – North Carolina Short Answer Sometimes, but it depends on the type of trust and the timing. In North Carolina, a revocable living trust usually does not protect assets for Medicaid long-term care because the assets are…
Can I be named as power of attorney for someone who is not related to me? – North Carolina Short Answer Yes. In North Carolina, a person (the “principal”) can name a non-relative as agent under a power of attorney, as long as the document is properly signed and acknowledged and the principal has capacity…
What happens if we can’t get a power of attorney signed while my child is hospitalized? – North Carolina Short Answer In North Carolina, a power of attorney generally does not exist until it is properly signed and notarized (and, for a health care power of attorney, also signed in front of two qualified witnesses).…
How do I update beneficiary designations on accounts so they match my current estate plan? – North Carolina Short Answer In North Carolina, beneficiary designations on accounts (like investment and money market accounts) usually control who receives those assets at death, even if a will or trust says something different. To make the designations match…
