What steps do I need to update or validate my parent’s living will and power of attorney? – North Carolina Short Answer In North Carolina, a valid living will and health care/financial power of attorney must be properly signed, witnessed, and notarized, and they can be replaced by signing new documents. Update them while your…
How can I set up a trust to hold my business assets, real estate, and equipment? – North Carolina Short Answer In North Carolina, you create a written trust agreement, name a trustee, and then retitle each asset into the trustee’s name. Real estate moves by a new deed recorded with the Register of Deeds;…
How do I set up a financial power of attorney to manage my assets if I become incapacitated? – North Carolina Short Answer In North Carolina, you create a durable financial power of attorney by signing a written document before a notary that names an agent and describes the agent’s powers. It can take effect…
What authority does a medical power of attorney give my agent when I can’t speak with my doctor? – North Carolina Short Answer In North Carolina, a valid health care power of attorney lets your chosen agent make medical decisions for you when you cannot understand, make, or communicate those decisions. After a clinician determines…
What are the key tax implications of creating an irrevocable trust instead of a revocable one? – North Carolina Short Answer Under North Carolina law, a revocable trust is ignored for income and estate tax purposes during your life; assets remain yours, are included in your taxable estate at death, and typically receive a step-up…
Do I have to pay annual maintenance fees or taxes on a revocable trust? – North Carolina Short Answer In North Carolina, you do not pay annual court maintenance fees or file annual accountings for a revocable living trust unless your trust document requires it. During your lifetime, a revocable trust is usually a grantor…
How can I set up a trust to hold my properties in multiple jurisdictions? – North Carolina Short Answer In North Carolina, you create a revocable living trust and then retitle each property into the trustee’s name, recording a deed in the county where the property sits. For North Carolina real estate, you sign and…
Can I name my friend as my agent and what happens if they cannot serve? – North Carolina Short Answer Yes. In North Carolina, you may name a trusted adult friend to act under a financial power of attorney and a health care power of attorney. If your named agent cannot or will not serve…
What counts as a valid signature if my hand is too weak to sign normally? – North Carolina Short Answer In North Carolina, you may still execute estate planning documents even if you cannot sign in your usual handwriting. You can sign with a simple mark (like an “X”) if you intend it as your…
What steps can a beneficiary take to force disclosure of trust documents and trustee identity? – North Carolina Short Answer In North Carolina, a beneficiary can demand a copy of the trust and basic information from the trustee. If the trustee refuses or the trustee’s identity is unknown, the beneficiary may file a trust proceeding…