How do I ensure the living trust covers all assets so no one is left out? – North Carolina Short Answer In North Carolina, a revocable living trust only avoids probate for assets that are actually titled in the name of the trustee or that flow to the trust by beneficiary designation. To ensure nothing…
What steps do I need to update or validate my parent’s living will and power of attorney? – North Carolina Short Answer In North Carolina, a valid living will and health care/financial power of attorney must be properly signed, witnessed, and notarized, and they can be replaced by signing new documents. Update them while your…
How can I set up a trust to hold my business assets, real estate, and equipment? – North Carolina Short Answer In North Carolina, you create a written trust agreement, name a trustee, and then retitle each asset into the trustee’s name. Real estate moves by a new deed recorded with the Register of Deeds;…
How do I set up a financial power of attorney to manage my assets if I become incapacitated? – North Carolina Short Answer In North Carolina, you create a durable financial power of attorney by signing a written document before a notary that names an agent and describes the agent’s powers. It can take effect…
What authority does a medical power of attorney give my agent when I can’t speak with my doctor? – North Carolina Short Answer In North Carolina, a valid health care power of attorney lets your chosen agent make medical decisions for you when you cannot understand, make, or communicate those decisions. After a clinician determines…
What are the key tax implications of creating an irrevocable trust instead of a revocable one? – North Carolina Short Answer Under North Carolina law, a revocable trust is ignored for income and estate tax purposes during your life; assets remain yours, are included in your taxable estate at death, and typically receive a step-up…
Do I have to pay annual maintenance fees or taxes on a revocable trust? – North Carolina Short Answer In North Carolina, you do not pay annual court maintenance fees or file annual accountings for a revocable living trust unless your trust document requires it. During your lifetime, a revocable trust is usually a grantor…
How can I set up a trust to hold my properties in multiple jurisdictions? – North Carolina Short Answer In North Carolina, you create a revocable living trust and then retitle each property into the trustee’s name, recording a deed in the county where the property sits. For North Carolina real estate, you sign and…
Can I name my friend as my agent and what happens if they cannot serve? – North Carolina Short Answer Yes. In North Carolina, you may name a trusted adult friend to act under a financial power of attorney and a health care power of attorney. If your named agent cannot or will not serve…
What counts as a valid signature if my hand is too weak to sign normally? – North Carolina Short Answer In North Carolina, you may still execute estate planning documents even if you cannot sign in your usual handwriting. You can sign with a simple mark (like an “X”) if you intend it as your…