How can I set up a revocable trust for my parents when they live in another state? – North Carolina Short Answer Under North Carolina law, your parents must create and sign their own revocable living trust under the law of the state where they live. You can be named as successor (or co-) trustee…
What type of trust should I consider to protect my parents’ assets if they might need Medicaid? – North Carolina Short Answer In North Carolina, a revocable living trust does not protect assets for Medicaid because the assets remain available to the settlor and are reachable by creditors and, after death, by estate recovery. For…
Do I need a completely new notarized will to change beneficiaries and jurisdiction? – North Carolina Short Answer In North Carolina, you do not need a notary to make a will valid. To change beneficiaries, you can either sign a codicil (an amendment) or execute a new will; both must be signed by you in…
Can I simplify my will to name only my child and two backup beneficiaries without listing all my assets? – North Carolina Short Answer Yes. In North Carolina, you can use a simple will that leaves everything to your primary beneficiary (your child) and names two alternates, without listing each asset. A clear residuary clause…
What happens to property in my new North Carolina under a will drafted in another state? – North Carolina Short Answer North Carolina will generally honor a will signed in another state if it was executed under that state’s rules or the testator’s domicile rules. At death, North Carolina property can pass under that will…
Should we use a trust or just a will for our estate plan? – North Carolina Short Answer In North Carolina, a will is enough for many married couples with straightforward assets, especially when most property already passes by beneficiary designation or joint ownership. A revocable living trust helps when you want to avoid probate,…
How can I complete a joint revocable trust with my spouse? – North Carolina Short Answer In North Carolina, you complete a joint revocable trust by (1) making sure both spouses properly sign a current joint trust document that says who manages and who inherits, and (2) funding the trust by retitling assets into the…
How can I properly fund my existing revocable trust by transferring property deeds and LLC interests? – North Carolina Short Answer In North Carolina, you fund a revocable trust by retitling assets into the trustee’s name. For real estate, sign and record a new deed conveying each property to your trustee to protect priority under…
Can a trust governed by one state remain valid after I move to another state? – North Carolina Short Answer Yes. Moving to North Carolina does not invalidate a trust that was properly created under another state’s law. The trust’s governing-law clause generally continues to control, but its “principal place of administration” and which court…
How do I review or update an older special needs trust to reflect my child’s current needs? – North Carolina Short Answer In North Carolina, you can update an older special needs trust (SNT) by first confirming its type (first-party or third-party), governing law, and whether it is revocable. If the SNT is irrevocable, changes…
