How can I set up a trust to protect my assets? – North Carolina Short Answer In North Carolina, a revocable living trust helps with management and probate avoidance but does not shield your assets from your own creditors. Asset protection usually requires a properly drafted and funded irrevocable trust where you are not a…
What types of trusts are available and which is right for me? – North Carolina Short Answer North Carolina recognizes many trusts, but most estate plans start with either a revocable living trust (keeps control and avoids probate) or a testamentary trust in a will (created at death). Irrevocable trusts add protections and tax features…
How can I create a pet trust to ensure my cat’s care after I’m gone? – North Carolina Short Answer In North Carolina, you can create a legally enforceable pet trust for your cat either inside your will (a testamentary pet trust) or as a standalone revocable trust. The trust lasts for your cat’s lifetime,…
What are the advantages and costs of a pet trust compared to a will? – North Carolina Short Answer In North Carolina, a pet trust gives you an enforceable, funded plan with a trustee to manage money for your animal’s care and court oversight if needed. A will can name a caregiver and leave them…
If I die without a will as an unmarried adult with divorced parents, who inherits my assets? – North Carolina Short Answer In North Carolina, if you die without a will and you are unmarried and have no children, your parents are next in line to inherit. They take in equal shares if both are…
Do insurance proceeds I received as a beneficiary count as estate assets subject to probate? – North Carolina Short Answer In North Carolina, life insurance proceeds paid to a named beneficiary are nonprobate assets. They usually do not go through the estate and are not available to pay estate debts. If the estate is the…
What happens to inherited property in probate if the decedent’s bills aren’t paid? – North Carolina Short Answer In North Carolina, the personal representative must pay valid estate debts and expenses before heirs or devisees receive property. If cash in the estate is not enough, the Clerk of Superior Court can authorize the personal representative…
How do co-agents under a power of attorney resolve disputes over property management? – North Carolina Short Answer In North Carolina, co-agents generally may act independently unless the power of attorney says they must act together. If co-agents disagree, either can refuse to participate in an action they believe violates their fiduciary duties and may…
What steps are required to sell estate property to pay off outstanding credit card debts? – North Carolina Short Answer In North Carolina, the personal representative usually must ask the Clerk of Superior Court for an order in a special proceeding to sell real estate to create cash to pay debts. You’ll first qualify as…
What is the standard claim period for creditor notices and what happens after it ends? – North Carolina Short Answer In North Carolina, creditors generally have at least three months from the first publication of the Notice to Creditors to file written claims with the personal representative or the clerk. Known creditors who receive mailed…
