Category Archives: Estate Planning Q&A Series

What is involved in trust administration compared with making simple updates or answering general questions? – NC

What is involved in trust administration compared with making simple updates or answering general questions? – North Carolina Short Answer Under North Carolina law, full trust administration means a trustee actively manages and settles a trust, including gathering assets, paying valid debts and expenses, investing prudently, keeping records, communicating with beneficiaries, and ultimately distributing property…

Who helps our named trustee with next steps after we pass, and what support can a law firm provide versus a trust administrator? – NC

Who helps our named trustee with next steps after we pass, and what support can a law firm provide versus a trust administrator? – North Carolina Short Answer Under North Carolina law, the named trustee is primarily responsible for handling trust matters after the trust creators die, but that trustee can and often should get…

What happens if the patient is not mentally able to sign—are there emergency options to let a family member act? – NC

What happens if the patient is not mentally able to sign—are there emergency options to let a family member act? – North Carolina Short Answer Under North Carolina law, if an adult patient is not mentally able to sign new documents, that person generally cannot create or change a power of attorney at that point.…

What happens if my parent loses decision‑making capacity before new documents are signed, and what options do we have then? – NC

What happens if my parent loses decision‑making capacity before new documents are signed, and what options do we have then? – North Carolina Short Answer Under North Carolina law, once a parent loses the ability to understand and communicate decisions, they generally can no longer sign a valid will, power of attorney, or health care…

Can I update my will or trust easily later if my circumstances change? – NC

Can I update my will or trust easily later if my circumstances change? – North Carolina Short Answer Under North Carolina law, most wills and revocable living trusts are designed to be changed or revoked during the person’s lifetime, as long as legal formalities are followed and the person has capacity. A will is usually…

How can I decide between a will and a living trust for my situation? – NC

How can I decide between a will and a living trust for my situation? – North Carolina Short Answer In North Carolina, most people benefit from having at least a will, and some also use a revocable living trust to manage assets during life and avoid probate at death. A will must go through the…

How can I remove a retained life estate so I can sell the house, and what documents are needed to do it correctly? – NC

How can I remove a retained life estate so I can sell the house, and what documents are needed to do it correctly? – North Carolina Short Answer In North Carolina, a retained life estate cannot be “removed” by the life tenant acting alone. To sell the house in full fee simple, the life tenant…

Do beneficiary designations on an annuity override my will, and is there any reason to restate them in my will? – NC

Do beneficiary designations on an annuity override my will, and is there any reason to restate them in my will? – North Carolina Short Answer In North Carolina, a properly completed beneficiary designation on an annuity is a contract and normally controls who receives the annuity at death, even if the will says something different.…

Can I require that certain real property be given away instead of sold for profit, and what legal structure would make that restriction hold up? – NC

Can I require that certain real property be given away instead of sold for profit, and what legal structure would make that restriction hold up? – North Carolina Short Answer Under North Carolina law, a property owner can use a will or trust to place some conditions on how inherited real estate is used or…

What is the difference between an irrevocable trust and deeding the house to a child while keeping a small interest, and which offers better protection? – NC

What is the difference between an irrevocable trust and deeding the house to a child while keeping a small interest, and which offers better protection? – North Carolina Short Answer Under North Carolina law, both an irrevocable trust and deeding a house to a child while keeping a small interest (often as a life estate…