Do we need to list any specific account details in our wills, or is it best to keep those off the documents and rely on beneficiary forms? – North Carolina Short Answer In North Carolina, a will controls probate assets, while most financial accounts with beneficiary, POD, or TOD designations pass outside the will. It…
Can a married couple name different executors in each will, and how would that work if one spouse dies while an estate is being handled? – North Carolina Short Answer Yes. In North Carolina, each spouse’s will stands on its own, so each spouse may name a different executor and different backups. If one spouse…
What’s the best order for naming primary and backup executors and agents for financial and health care powers of attorney? – North Carolina Short Answer In North Carolina, a common, sound order is: spouse first, then one or two trusted adult alternates listed in a clear sequence. Use one active decision‑maker at a time to…
What happens to my authority if my parent passes away—does my power of attorney continue or end, and what role would I need instead? – North Carolina Short Answer In North Carolina, a financial power of attorney ends when the principal (the parent) dies. A health care power of attorney also ends at death, but…
Who needs to be notified after the power of attorney is revoked so banks and healthcare providers honor the change? – North Carolina Short Answer In North Carolina, the principal must revoke the power of attorney in writing and give actual notice to the former agent and any third parties that might rely on it.…
How can I revoke an existing power of attorney for my parent, and what should the revocation letter include? – North Carolina Short Answer In North Carolina, only the parent (the principal) can revoke a financial power of attorney while competent. The parent should sign a clear, notarized revocation that identifies the original document and…
Where should I store the original will so my executor can find it quickly, and is filing a copy with a court or my attorney advisable? – North Carolina Short Answer In North Carolina, store the original will where the named executor can access it immediately, or deposit it for safekeeping with the Clerk of…
Can I protect money from future long-term care costs without losing the monthly interest I rely on? – North Carolina Short Answer Yes, but it requires giving up access to the principal. In North Carolina, a properly drafted and funded irrevocable “income-only” trust can hold savings, protect the principal from future long-term care creditors, and…
How do I set up beneficiary designations on bank accounts so funds pass outside probate but still stay accessible during my life? – North Carolina Short Answer In North Carolina, use a payable-on-death (POD) designation on a bank account to pass funds directly to named beneficiaries at death while keeping full access and control during…
Should instructions for my company live in the trust, the LLC operating agreement, or both, and which one controls if there’s a conflict? – North Carolina Short Answer In North Carolina, the LLC operating agreement governs how the company runs and who has voting and management rights. A revocable trust can own an LLC interest…