other than an attorney who can perform a trustee service in nc

Who can conduct trust business in North Carolina?

Selecting a Trustee North Carolina’s general statutes do not specify whom the court should appoint as trustee of an unavailable attorney’s law practice. Any attorney who practices in the unavailable attorney’s judicial district, is in good standing with the Bar, and is willing to perform the duties of a trustee is eligible for appointment.

Do I need a living trust in North Carolina?

Jan 12, 2018 · This is true as long as the attorney is not serving as trustee and advocating for the lender on matters related to the foreclosure at the same time and the attorney can maintain his or her impartiality when later serving as trustee. If an attorney/trustee appears at a contested hearing before the clerk and advocates for the lender, the revised G.S. 45-10 does not give …

Can a trustee sell assets in North Carolina?

NC General Statutes - Chapter 36C Article 10 1 ... To remedy a breach of trust that has occurred or may occur, the court may: (1) Compel the trustee to perform the trustee's duties; (2) Enjoin the trustee from committing a breach of trust; ... Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee ...

What are the duties of a trustee or executor?

Feb 10, 2015 · (c) A qualified beneficiary may waive the right to a trustee’s report or other information otherwise required to be furnished under this section. With respect to future reports and other information, a beneficiary may withdraw a waiver previously given. W. Kirk Sanders, Attorney. Hendrick Bryant Nerhood Sanders & Otis, LLP. 723 Coliseum Dr ...

Who can be a trustee in North Carolina?

In North Carolina, any person 18-years of age and older can make a will or living trust, and that will or trust will be recognized by law. Whatever debts you owe upon your death, whether it is a car loan or fees owed for personal services, this will come from the assets of your estate.Feb 5, 2018

How much can a trustee charge in North Carolina?

Unless the Will provides otherwise, under North Carolina law, Executors or Administrators may claim a commission of up to 5% of the Estate assets and receipts, as approved by the Clerk of Court. Trusts should provide specific guidance regarding compensation.

How long does an executor have to settle an estate in North Carolina?

You should expect it to take a minimum of six months to a year to settle an estate because of the legal notice requirements and time that creditors have to submit claims against the estate. Creditors have 90 days from the first publication date of the notice of probate.

How much does a living trust cost in North Carolina?

It is true that in some states (such as California) probate administration can be lengthy and expensive. North Carolina is not one of those states. The maximum court cost that can be saved in North Carolina by using a funded living trust is $3,000, and those costs are generally much less in most estates.

How much is executor fee in NC?

Executor's Percentage Under North Carolina law, an executor may receive up to five percent of the value of the estate's “receipts and disbursements" as compensation.

Is trustee compensation taxable?

Taxes. There is always one very straightforward financial consideration: a trustee's compensation is taxable income. You'll have to report it on your annual income tax return, and pay tax on it.

Can executor sell property without all beneficiaries approving in NC?

The executor can sell property without getting all of the beneficiaries to approve. However, notice will be sent to all the beneficiaries so that they know of the sale but they don't have to approve of the sale.

How much does an estate have to be worth to go to probate in NC?

Probate of a Small Estate: Net Value of Estate Does Not Exceed $20,000 or $30,000 if the surviving spouse is entitled to the entire estate. What Assets Go Through Probate? decedent) or having rights to receive property.

Does a spouse automatically inherit everything in NC?

Spouses in North Carolina Inheritance Law If you have no living parents or descendants, your spouse will inherit all of your intestate property. If you die with parents but no descendants, your spouse will inherit half of intestate real estate and the first $100,000 of personal property.4 days ago

Can I put my house in a trust?

Putting a house into a trust is actually quite simple and your living trust attorney or financial planner can help. Since your house has a title, you need to change the title to show that the property is now owned by the trust.

What is the disadvantage of a living trust?

Some of the Cons of a Revocable Trust Shifting assets into a revocable trust won't save income or estate taxes. No asset protection. Although assets held in an irrevocable trust are generally beyond the reach of creditors, that's not true with a revocable trust.

What are the disadvantages of a trust?

What are the Disadvantages of a Trust?Costs. When a decedent passes with only a will in place, the decedent's estate is subject to probate. ... Record Keeping. It is essential to maintain detailed records of property transferred into and out of a trust. ... No Protection from Creditors.Oct 23, 2020

What is a trust agreement?

A trust agreement should be designed for the particular needs and goals of the individual, taking into account the nature and extent of assets, the size of the estate, and how the grantor wishes those assets to be distributed to family members and other beneficiaries at death.

How does a living trust protect your assets?

A LIVING TRUST WILL PROTECT YOUR ASSETS FROM CREDITORS AND HEALTH CARE COSTS. Because a living trust can be revoked by the grantors at any time during their lifetimes, the assets of the trust are subject to the claims of their creditors and are available to pay their health care expenses.

What is a living trust?

A living trust (also called a lifetime trust) is nothing more than a trust agreement created by a person (called the "grantor") by transferring property to another person (called the "trustee") to hold for the benefit of another person or group of persons (the "beneficiaries"). Grantors can serve as trustees of their own living trusts ...

Does a living trust save taxes?

A LIVING TRUST WILL SAVE ESTATE TAXES . A properly prepared trust agreement can reduce or defer federal estate taxes in appropriate cases. However, the same estate tax planning can just as easily be accomplished under a person's will without the use of a living trust.

Is a will valid in North Carolina?

A will, trust, power of attorney, or living will prepared in California or South Carolina or any other state may not be legally valid in North Carolina.

Can a living trust be amended?

An important feature of a living trust is that it is can be amended or completely revoked during the grantor's lifetime. Many estate plans include irrevocable lifetime trusts, principally to accomplish tax planning, which cannot be changed or revoked once they have been executed.

What is the penalty for keeping a notary seal once I am no longer commissioned?

The notary law has at least one provision that could lead to criminal charges for failing to turn in a notary seal once you are no longer commissioned. NCGS 10B-60 (f) says that "Any person who without authority conceals the seal is guilty of a Class I felony".

If a notary resides in one county, can he or she notarize a document in another county?

Yes. A North Carolina notary public may notarize documents in any North Carolina county.

What happens if a notary violates the law?

We will investigate. The notary will have a chance to present his or her side. If we find that the notary violated the law, we can:

What are the crimes a notary can be charged with?

Under the Notary Act , notaries can be charged with both misdemeanors and felonies. A list of violations that are crimes is available on our website. Some crimes committed by notaries may also violate other laws.

How long will it take for my notary application to be processed?

We may take up to 2 weeks to process your application if it is complete and correct. It may take longer if it is not complete or if it is incorrect.

My commission is about to expire. How far in advance can I apply for reappointment?

You can’t apply for reappointment earlier than 10 weeks before your commission expires.

My commission is about to expire. Will I have to take a test to get reappointed?

Yes, you will have to take and pass a test before you can be reappointed.