If we’re a married couple, do we need separate trusts or can we do a joint trust? – North Carolina Short Answer In North Carolina, a married couple can use either one joint trust or two separate trusts. A joint trust is often simpler to manage while both spouses are alive, but separate trusts can…
How can I handle my parent’s medical and financial decisions if I live out of state? – North Carolina Short Answer In North Carolina, the cleanest way to handle a parent’s medical and financial decisions from out of state is to have the parent sign the right advance-planning documents while the parent still has capacity—most…
Do both spouses have to sign when moving jointly owned property into a trust if the properties are in a different state? – North Carolina Short Answer Usually, yes. If North Carolina spouses own real estate together and want to deed it into their revocable living trust, the safest approach is for both spouses to…
How can we set up a valid will for a relative who has dementia, and how do we know if they still have capacity to sign? – North Carolina Short Answer In North Carolina, a person with dementia can still sign a valid will if, at the time of signing, they understand that they are…
Should I use a revocable trust or an irrevocable trust if my main goal is Medicaid protection? – North Carolina Short Answer In North Carolina, a revocable trust usually does not protect assets for Medicaid eligibility because the person who created the trust can typically change it, revoke it, or use the assets. If Medicaid…
How do I transfer ownership of my LLCs into a living trust without disrupting day-to-day operations or contracts? – North Carolina Short Answer In North Carolina, an LLC interest can often be transferred to a living (revocable) trust by signing an assignment of the membership interest and then updating the LLC’s internal records and operating…
What documents do I need to provide to confirm my properties are titled the right way for my trust plan? – North Carolina Short Answer In North Carolina, confirming that property is titled the right way for a trust plan usually means proving either (1) the trust (through its trustee) owns the asset now, or…
What’s the difference between a basic will, a will-based estate plan with powers of attorney and medical privacy documents, and a revocable trust plan? – North Carolina Short Answer In North Carolina, a basic will mainly controls who receives property at death and who handles the estate through the probate process. A will-based estate plan…
What documents should my parents bring to an appointment to update their estate planning paperwork? – North Carolina Short Answer In North Carolina, the best way to prepare for an estate planning update meeting is to bring complete copies of the current will and trust, any existing medical and financial power of attorney documents, and…
How do I get a durable power of attorney for an incarcerated adult child so I can deposit a check in their name? – North Carolina Short Answer In North Carolina, an incarcerated adult can sign a durable financial power of attorney that authorizes an agent (such as a parent) to handle banking tasks, including…
