Short Answer

Yes. North Carolina law allows you to name multiple trustees and multiple beneficiaries in a single revocable living trust. If two co-trustees serve, they must act unanimously by default; if three or more serve, a majority can act unless the trust says otherwise. A trustee may also be a beneficiary, but they must follow strict duties of loyalty and impartiality, so careful drafting helps avoid conflicts.

Understanding the Problem

You want to create a North Carolina revocable living trust that includes you and your parents, and you plan to name family members as both trustees and beneficiaries. The practical questions are: can you appoint more than one trustee and more than one beneficiary in one document, and how should you set decision rules and fund the trust so it works as intended?

Apply the Law

North Carolina’s trust code permits multiple trustees and beneficiaries in the same trust. Default rules govern how co-trustees make decisions and what happens if a trustee resigns or there’s a vacancy. A trustee who is also a beneficiary must still act loyally, treat beneficiaries impartially, and keep beneficiaries reasonably informed. Trusts are not under ongoing court supervision in North Carolina; the Clerk of Superior Court can step in for specific matters (for example, removing a trustee or filling a vacancy) if needed.

Key Requirements

• Co-trustee decision-making: Two co-trustees act unanimously; three or more act by majority, unless your trust states different rules.
• Trustee-beneficiary overlap: A person may serve as both, but must avoid self-dealing and treat all beneficiaries fairly.
• Duties to beneficiaries: Trustees must act in good faith, keep adequate records, and provide information and reports to qualified beneficiaries.
• Resignation and vacancies: A trustee may resign with at least 30 days’ written notice; vacancies can be filled per the trust or, if needed, by the Clerk of Superior Court.
• Funding the trust: Assets must be retitled into the trust (for example, record a deed for real estate and update financial accounts) or directed to it at death via a coordinated estate plan.

What the Statutes Say

• North Carolina Gen. Stat. § 36C-7-703 (Co-trustees) – Sets default rules for how multiple trustees act and delegate certain functions.
• North Carolina Gen. Stat. § 36C-8-802 (Duty of loyalty) – Requires trustees to act solely in beneficiaries’ interests; addresses conflicts.
• North Carolina Gen. Stat. § 36C-8-803 (Duty of impartiality) – Requires fair treatment among multiple beneficiaries.
• North Carolina Gen. Stat. § 36C-7-705 (Resignation of trustee) – Allows resignation with at least 30 days’ notice and outlines next steps.

Analysis

Apply the Rule to the Facts: Your revocable trust can name multiple family members as co-trustees and multiple beneficiaries, including you and your parents. If two of you serve as co-trustees, plan on unanimous decisions by default; with three or more, a majority can act unless you draft a different rule. Because a family trustee may also be a beneficiary, the trust should include conflict-avoidance provisions (for example, an independent decision-maker for distributions to a trustee-beneficiary) and clear reporting duties.

Process & Timing

1. Who files: No court filing is required to create a living trust. Where: You sign the trust privately in North Carolina. What: A written revocable trust agreement plus a coordinated pour-over will and a funding plan. When: Execute the trust, then immediately begin funding it (retitle assets and update beneficiary designations as appropriate).
2. Record a deed to transfer North Carolina real estate into the trust at the county Register of Deeds; contact banks/brokers to retitle accounts or add the trust using a certification of trust; assign membership interests in any LLC per its operating agreement.
3. Maintain records and provide beneficiaries with information and periodic reports; if a trustee needs to resign, give at least 30 days’ written notice and ensure smooth handoff to a successor.

Exceptions & Pitfalls

• Deadlock risk: An even number of co-trustees can stall decisions. Add a tie-breaker (e.g., independent trustee or chair) or change the vote rule in the trust.
• Trustee-beneficiary conflicts: When a trustee is also a beneficiary, build guardrails (independent approval for distributions to that trustee, clear conflict policies) to protect the trust and reduce disputes.
• Funding failures: A trust that is not funded will not control those assets. Retitle real estate, bank/brokerage accounts, and business interests; coordinate life insurance and retirement beneficiary designations with the plan.
• LLC coordination: An LLC can hold family assets, but it is not an estate plan. Have the trust own the membership interests (or provide transfer provisions in the operating agreement) to keep the interest out of probate and align control with your trust terms.
• Court involvement: Routine administration does not require court supervision, but the Clerk of Superior Court can remove a trustee or fill a vacancy if problems arise.

Talk to a Estate Planning Attorney

If you’re dealing with how to structure co-trustees, co-beneficiaries, and properly fund a North Carolina living trust, our firm has experienced attorneys who can help you understand your options and timelines. Call us today at (919) 341-7055.

Disclaimer: This article provides general information about North Carolina law based on the single question stated above. It is not legal advice for your specific situation and does not create an attorney-client relationship. Laws, procedures, and local practice can change and may vary by county. If you have a deadline, act promptly and speak with a licensed North Carolina attorney.