Can I receive income and use the assets in the trust for my own support while also providing for a parent and nieces and nephews? – North Carolina Short Answer Yes—under North Carolina law, a trust can be written so one person (such as the person creating the plan) can receive trust income and, if…
How can I set up a financial power of attorney that names my spouse as agent and choose what powers they have? – North Carolina Short Answer In North Carolina, a financial power of attorney is created by signing a written power of attorney that names an agent (here, a spouse) and states which financial…
If my parent can no longer sign, what are my options to act on their behalf when I can’t locate the existing power of attorney? – North Carolina Short Answer Under North Carolina law, if a parent can no longer sign and the existing power of attorney cannot be located, the first step is usually…
What information and documents should I gather before starting my will so I can name an executor and guardians for dependents? – North Carolina Short Answer In North Carolina, it helps to gather a clear list of family members, potential executors, and possible guardians, plus basic information about assets and debts, before starting a will.…
Can I update or replace an existing will, and what makes the new one valid? – North Carolina Short Answer Under North Carolina law, an existing will can be changed either by signing a new will or by signing a codicil (an amendment) that meets the same legal requirements as a will. A new will…
What is involved in trust administration compared with making simple updates or answering general questions? – North Carolina Short Answer Under North Carolina law, full trust administration means a trustee actively manages and settles a trust, including gathering assets, paying valid debts and expenses, investing prudently, keeping records, communicating with beneficiaries, and ultimately distributing property…
Who helps our named trustee with next steps after we pass, and what support can a law firm provide versus a trust administrator? – North Carolina Short Answer Under North Carolina law, the named trustee is primarily responsible for handling trust matters after the trust creators die, but that trustee can and often should get…
What happens if the patient is not mentally able to sign—are there emergency options to let a family member act? – North Carolina Short Answer Under North Carolina law, if an adult patient is not mentally able to sign new documents, that person generally cannot create or change a power of attorney at that point.…
What happens if my parent loses decision‑making capacity before new documents are signed, and what options do we have then? – North Carolina Short Answer Under North Carolina law, once a parent loses the ability to understand and communicate decisions, they generally can no longer sign a valid will, power of attorney, or health care…
Can I update my will or trust easily later if my circumstances change? – North Carolina Short Answer Under North Carolina law, most wills and revocable living trusts are designed to be changed or revoked during the person’s lifetime, as long as legal formalities are followed and the person has capacity. A will is usually…