If my parent’s estate and documents involve more than one state, which state controls and where does everything need to be handled? – North Carolina Short Answer In North Carolina, there is rarely one single “controlling” state for every part of a parent’s estate. The main (primary) estate case is usually opened in the state…
What’s the difference between a third-party special needs trust funded by family assets and a trust funded with the child’s own money, and which fits our situation? – North Carolina Short Answer In North Carolina, a third-party special needs trust is usually funded with someone else’s money (often parents or relatives) for a person with…
Can I put my new business into a trust, or is it better to keep the entity separate and transfer only ownership interests? – North Carolina Short Answer In North Carolina, a trust generally can own a business, but the cleaner approach is usually to keep the business entity (LLC or corporation) separate and transfer…
If I put my LLCs in a trust, how does that affect probate, estate taxes, and who manages the businesses if I’m unavailable? – North Carolina Short Answer In North Carolina, placing LLC ownership interests into a properly created and funded trust can reduce what must go through probate because the trust, not the individual,…
Can I transfer mortgaged properties into a living trust without triggering problems with the lender? – North Carolina Short Answer Usually, a mortgaged North Carolina property can be deeded into a revocable living trust without creating a new loan, but the mortgage and its loan terms still control what the lender may do. Many home…
How do we locate the current will and other estate papers if we’re not sure where they are or what they say? – North Carolina Short Answer In North Carolina, the most practical way to locate an elderly parent’s current will and related estate papers is to start with a structured document search (home files,…
What documents do I need to prepare new deeds if I can’t find the originals from closing? – North Carolina Short Answer In North Carolina, missing “original” closing deeds usually does not stop a transfer into a revocable living trust because the controlling document is the deed as recorded in the county Register of Deeds.…
If we sell a home that was deeded to me with a reserved life estate, how are the sale proceeds split and can any portion be avoided or redirected? – North Carolina Short Answer In North Carolina, a home with a reserved life estate generally cannot be sold with clear title unless both the life…
How can we set up a revocable living trust for our home along with a will as a couple? – North Carolina Short Answer In North Carolina, a couple usually sets up a revocable living trust for a home by (1) signing a written trust agreement that names the trustees and beneficiaries and explains how…
Do we also need adult guardianship, supported decision-making, or powers of attorney when our child reaches 18, and how do those interact with the trust? – North Carolina Short Answer Often, yes. In North Carolina, when a child turns 18, parents generally no longer have automatic legal authority to access medical information, make health care…