Legal Question in Wills and Trusts in North Carolina
My Mom has her home (which was just sold) in a trust for my brother and I. She will be receiving a check for the home made out to the trust. She cannot find the trust papers and does not have a bank account for the trust. How does she move the funds to a bank account? How does she end the trust and put the funds into an account that she can access?
1 Answer from Attorneys
When your mother executed the trust, she should have funded the trust by placing her bank accounts in the name of the trust. If she did not do this, let her open a bank account in the name of the trust.
Why would your mother wish to terminate the trust? People create trusts for various purposes, including avoidance of probate, and just because she sold the house does not mean that the trust cannot continue.
Your mother can only terminate the trust if its revocable. If so, then she needs to read the trust and see what its says about amending or revoking. Go to the lawyer who drafted the trust and see if the lawyer has a copy. Go to the lawyer who drafted the trust and see if the lawyer has a copy.
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