If I put my properties into a revocable trust, can I still make all decisions and manage everything while I’m alive? – North Carolina Short Answer Yes. In North Carolina, a revocable trust is commonly designed so the person who creates it keeps control during life by serving as trustee and keeping the power to…
If I create a living trust, do I need a separate tax ID number while I’m alive? – North Carolina Short Answer Usually, no. In North Carolina, most “living trusts” used for estate planning are revocable trusts, and while the person who created the trust is alive and can revoke it, the trust is commonly…
Do I need a revocable trust instead of a will if I own multiple residential and commercial properties? – North Carolina Short Answer Not always. In North Carolina, a will can control who inherits real estate, but it usually requires a probate estate administration through the Clerk of Superior Court to transfer title. A properly…
How do we set up a trust for my parent to cover their property and finances for the future? – North Carolina Short Answer In North Carolina, setting up a trust for a parent usually means creating a written (often revocable) trust agreement, naming a trustee and successor trustee, and then funding the trust by…
What should I do if I think the trustee is manipulating the trust terms or misrepresenting what I’m entitled to receive? – North Carolina Short Answer In North Carolina, the first step is usually to get the trust terms and the financial records in writing so the beneficiary’s rights can be verified against what the…
How do I know whether the trustee is following the trust agreement and handling the trust money correctly? – North Carolina Short Answer In North Carolina, the most practical way to check whether a trustee is following the trust agreement and handling trust money correctly is to request clear, written information: what assets the trust…
What happens to Medicaid eligibility if my spouse receives an inheritance directly into a bank or investment account? – North Carolina Short Answer In North Carolina, if a Medicaid recipient spouse receives an inheritance directly into a bank or investment account, that money is usually treated as an available resource once received. If the inheritance…
How do we set up an estate plan where everything goes to my spouse first, and if we both pass, it goes to my sibling or my sibling’s children? – North Carolina Short Answer In North Carolina, this is usually done by combining (1) updated beneficiary designations and joint ownership for “first-to-die” transfers to a…
Should my spouse and I buy my parent’s house and have our child and their spouse pay us, or is there a better way to structure this? – North Carolina Short Answer Sometimes buying a parent’s house and then having an adult child pay the new owners can work, but it often creates avoidable risks…
Can an irrevocable trust be changed later if my situation changes? – North Carolina Short Answer Sometimes, but not just because circumstances changed. In North Carolina, an irrevocable trust generally cannot be changed by the person who created it acting alone, but it may be modified or ended through specific legal paths such as a…