Can I update my trust without starting over and creating a brand-new trust? – North Carolina Short Answer Often, yes. Many North Carolina trusts—especially revocable living trusts—can be updated by signing a written amendment, or by signing a full “restatement” that keeps the same trust name and date while replacing the trust’s terms. Whether starting…
Can a power of attorney be written so more than one person has to approve major decisions to prevent misuse? – North Carolina Short Answer Yes. In North Carolina, a power of attorney can be drafted to require two people to approve (or sign off on) certain “major” actions, such as selling real estate or…
Does putting rental income into a bank account in the trust’s name reduce personal liability for the trustee? – North Carolina Short Answer Putting rental income into a bank account titled in the trust’s name is a good administrative step, but it usually does not, by itself, “shield” a trustee from personal liability in North…
What kinds of changes can be made to a trust after it’s been created? – North Carolina Short Answer In North Carolina, the kinds of changes that can be made to a trust after it is created depend first on whether the trust is revocable or irrevocable. A revocable trust is usually changeable by the…
What happens if a family member tries to claim my parent is incompetent—can they use that to take control of decisions or place them in a facility? – North Carolina Short Answer In North Carolina, a family member cannot take legal control of an adult parent’s decisions just by saying the parent is “incompetent.” To…
How do I revoke a power of attorney so banks and other institutions stop accepting it? – North Carolina Short Answer In North Carolina, a power of attorney is usually revoked by the principal (the person who signed it) signing a written revocation (typically notarized) and then giving clear notice to the agent and to…
Do my vehicles and personal belongings need to be specifically listed in my will, or can they be covered generally? – North Carolina Short Answer In North Carolina, vehicles and most personal belongings do not have to be listed item-by-item in a will to be covered. A well-drafted will usually uses a “residuary” (everything-else) clause…
What happens to a cashier’s check made payable to me if I die before I can cash or deposit it? – North Carolina Short Answer In North Carolina, a cashier’s check made payable to a person who dies before depositing it generally becomes an estate asset. That usually means the estate’s court-appointed personal representative (executor…
If my parent owns property in more than one state, what happens with probate and how can we avoid having to open probate in multiple places? – North Carolina Short Answer When a parent owns real estate in more than one state, probate usually has to be opened in the state where the parent lived,…
If I put a rental property into my revocable living trust, can a tenant lawsuit reach my other properties in the trust? – North Carolina Short Answer Usually, yes. In North Carolina, a revocable living trust is mainly an estate-planning tool, not a liability shield. If a tenant sues over something connected to the rental…
