How can I set up a financial power of attorney while incarcerated? – North Carolina Short Answer In North Carolina, you can sign a financial power of attorney (POA) while incarcerated if you have legal capacity and you sign the POA before a notary. Witnesses are not required for a financial POA, but some facilities…
Can I appoint a backup agent when creating a power of attorney and how does that work? – North Carolina Short Answer Yes. In North Carolina, you can name a successor (backup) agent in a financial power of attorney. The backup steps in only if the primary agent cannot or will not serve. Your financial…
What are the benefits of placing an LLC and other assets under a trust structure? – North Carolina Short Answer In North Carolina, moving your LLC membership interest and other assets into a properly funded revocable living trust can streamline incapacity and after-death transitions, avoid probate for assets titled in the trust, preserve privacy, and…
How can I set up a trust to hold my LLC membership interests? – North Carolina Short Answer In North Carolina, you can place your LLC membership interests into a revocable living trust by creating the trust and then assigning your LLC interest to the trustee, but you must follow your LLC’s operating agreement and…
Can I merge an existing LLC into a new revocable trust? – North Carolina Short Answer In North Carolina, you don’t merge an LLC into a revocable trust; instead, you transfer your ownership interest in the LLC to the trustee of your trust. The LLC stays a separate company. You typically assign your membership interest…
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…