Після підписання вашого трасту у Північній Кароліні

Funding: a trust holds only what is titled to it

A trust governs the property transferred to it. Accounts are retitled or given to the trustee, real property is deeded to the trustee and recorded with the register of deeds, and a pour-over will carries what was left outside. Property left outside the trust passes by will, descent, beneficiary designation or survivorship, and the trust answers for the settlor's debts where the probate estate falls short (N.C. Gen. Stat. § 36C-5-505(a)(3)).

Spouses' entireties real property conveyed to a joint trust, or in equal shares to their two trusts, keeps its protection from either spouse's separate creditors while they stay married, the property stays in trust and both are current beneficiaries (N.C. Gen. Stat. § 41-65).

Your successor, and the bond line

The successor you name takes office by accepting (N.C. Gen. Stat. § 36C-7-701). Where an instrument was executed on or after January 1, 2006, a trustee gives bond only if its terms call for one, a beneficiary's reasonable request is approved by the court, or the court finds one necessary (N.C. Gen. Stat. § 36C-7-702(a)).

Keeping it current: amending and revoking

Unless the trust's terms expressly make it irrevocable, the settlor may revoke or amend it — by the method its terms provide or, absent an exclusive one, by a later will or codicil that expressly refers to the trust, or another writing delivered to the trustee that shows the settlor's intent by clear and convincing evidence (N.C. Gen. Stat. § 36C-6-602). An agent under a power of attorney may do so only as the trust or the power of attorney expressly authorizes (N.C. Gen. Stat. § 36C-6-602.1).

A divorce or annulment after the trust is executed treats the former spouse as having predeceased the settlor for the trust's purposes, unless the trust expressly shows a contrary intent (N.C. Gen. Stat. § 36C-6-606).

Settling its validity during life

A North Carolina settlor may ask the superior court during life to declare the revocable trust valid; the judgment binds the parties, who may not challenge its validity once it becomes irrevocable (N.C. Gen. Stat. §§ 36C-4C-2, 36C-4C-5).

While you are living

While the trust is revocable, the beneficiaries' rights are subject to your control and the trustee's duties are owed to you (N.C. Gen. Stat. § 36C-6-603); you may direct or consent to the trustee's actions (N.C. Gen. Stat. § 36C-8-808). The capacity to create, amend or revoke a revocable trust is the capacity to make a will (N.C. Gen. Stat. § 36C-6-601).

What happens at your death

The trust becomes irrevocable and the successor takes control of the property, informs the beneficiaries at reasonable intervals (N.C. Gen. Stat. § 36C-8-813(a)) and — where you were receiving medical assistance at death — notifies the Division of Health Benefits within 90 days (N.C. Gen. Stat. § 36C-8-818). A contest may come within three years after the death, or 120 days after a Rule 4 notice (N.C. Gen. Stat. § 36C-6-604(a)).