What happens if one of my children predeceases me and I want their share to go to their children in trust until age 25? – North Carolina Short Answer In North Carolina, if a child named in your will dies before you, the anti-lapse rule usually sends that child’s share to their descendants unless your…
How do I set up co-equal powers of attorney so my two adult children must act jointly? – North Carolina Short Answer In North Carolina, you can name both children as co-agents in a financial power of attorney and require them to act jointly by stating that instruction clearly in the document. The power must…
How can I update my old will and powers of attorney to reflect my current family situation? – North Carolina Short Answer In North Carolina, the cleanest way to update an old plan is to sign a new will with a revocation clause and execute new financial and health care powers of attorney that name…
What documents do we need besides a will to handle health care decisions and financial powers of attorney? – North Carolina Short Answer In North Carolina, you typically need: (1) a Health Care Power of Attorney, (2) a Living Will (Advance Directive), (3) a HIPAA authorization, (4) a Durable Financial Power of Attorney, and (5)…
How do I designate and update beneficiaries on my retirement and annuity plans separate from my will? – North Carolina Short Answer In North Carolina, retirement accounts and annuities pass by the beneficiary forms on file with each company—not by your will. To control who receives these assets, you must complete and keep current each…
When is it necessary to create a trust instead of just a will to avoid probate? – North Carolina Short Answer In North Carolina, a trust is not legally required to avoid probate, but it is the most reliable way to keep an entire estate out of court. A revocable living trust avoids probate only…
Can a living will help control end-of-life medical choices, and how does it work? – North Carolina Short Answer Yes. In North Carolina, a living will (an advance directive for a natural death) lets you state in advance whether you want life-prolonging measures if you are terminal, in a persistent vegetative state, or in an…
What steps are involved in drafting and funding a trust in North Carolina? Short Answer In North Carolina, you draft a trust by signing a written trust agreement that names a trustee, beneficiaries, and a lawful purpose. You fund it by transferring assets into the trust: retitle accounts, record deeds for real estate with the…
What type of trust works best when family members are estranged? – North Carolina Short Answer In North Carolina, a revocable living trust with an independent trustee and strong asset‑protection terms (spendthrift and discretionary distribution provisions) fits most estranged‑family situations. You can add directed‑trust features or a trust protector to add oversight without putting relatives…
Can I appoint a professional trustee instead of a relative? – North Carolina Short Answer Yes. In North Carolina, you may name a professional trustee—either an individual fiduciary or a bank/trust company authorized to do trust business in the state. The trustee must accept the role and will owe strict fiduciary duties, including prudent investing…