How can I locate a private trust when I don’t know who the trustee or successor trustee is? – North Carolina Short Answer In North Carolina, private trusts are not filed with the court, so there is no public registry to search. Start with the estate’s probate file for clues to the trust’s name, date,…
How does a pour-over will affect my ability to access trust assets not probated with the estate? – North Carolina Short Answer In North Carolina, a pour-over will moves any remaining probate assets into the decedent’s trust, but it does not bring trust assets into probate. Trust assets are controlled by the trustee, not the…
How can I structure a long-term payout schedule with early distributions in an irrevocable trust? – North Carolina Short Answer Under North Carolina law, you can design an irrevocable trust to pay beneficiaries over decades while allowing the trustee to make early distributions after a set waiting period. Use clear distribution terms (fixed amounts or…
What are the pros and cons of choosing a corporate versus individual trustee for my trust? – North Carolina Short Answer In North Carolina, you may name either a corporate trustee (a bank or trust company) or an individual. Both must follow the same fiduciary duties: act in good faith, be loyal and impartial, prudently…
What options do I have for funding a property with a mortgage into my trust? – North Carolina Short Answer In North Carolina, you can transfer mortgaged real estate into a revocable or irrevocable trust by recording a deed from you to your trustee. The loan stays on the property, but your lender’s due-on-sale clause…
How do I confirm my step-parent has capacity to sign a new power of attorney after a stroke? – North Carolina Short Answer In North Carolina, your step-parent can sign new financial and health care powers of attorney if, at the moment of signing, they understand what the documents do and whom they are appointing.…
How can I revoke an existing power of attorney when my step-parent is hospitalized after a stroke? – North Carolina Short Answer In North Carolina, a competent principal may revoke any power of attorney at any time by a signed written revocation and by giving actual notice to the current agent and anyone relying on…
What steps do I need to appoint myself as financial and medical agent under a new power of attorney? – North Carolina Short Answer In North Carolina, the principal must sign a new financial power of attorney before a notary and a separate health care power of attorney before two qualified adult witnesses and a…
How can I set up an irrevocable trust to protect my assets? – North Carolina Short Answer In North Carolina, an irrevocable trust can protect assets from most beneficiaries’ creditors if it is properly drafted, funded, and administered with spendthrift and discretionary distribution terms. It will not protect assets from your own creditors if you…
What are the tax implications of transferring property into an irrevocable trust? – North Carolina Short Answer In North Carolina, funding an irrevocable trust is often a completed gift for federal transfer tax purposes, which can require filing a federal gift tax return and locks in a carryover income tax basis (no step-up at your…