Legal Question in Wills and Trusts in North Carolina

Hi Don,

It might not be a good idea to get it checked out but it probably would work here as well. I am actually a closing attorney so one thing I know you might want to check on is whether the Lenders will have any issue with putting it into a trust when they make the loan (unless it is a cash closing).

Thanks,

Jeff

Don,

I prepare estate plans (wills and trusts) for North Carolina residents. I would need to see your trust. If its revocable, it can be amended. The cost for a whole new trust would be about $1000 - $1500, depending on your circumstances (which I don't know, so I can't quote a specific price - I am just making an estimate). However, if it only needs amended, it could be done for less. You and your wife would also need pour-over wills (to cover anything left out of the trust by accident) and some other documents, like powers of attorney or a deed.

If you acquire new property, make sure it is in the name of your trust. Your closing attorney will be able to prepare the deeds for you whenever you complete the sale, but as attorney Rosner indicated, the lender may have some question about this. If they do, what I suggest is that you buy the property in just your name. After the deeds are recorded, then I or another attorney can prepare what is called a quitclaim deed transferring the property from your individual name to the name of your trust. Once the mortgage is a done deal, the lender cannot object.

Its not complicated, but North Carolina is not California and there may be different laws. You should definitely have this reviewed by a North Carolina attorney. Please contact me at [email protected] if interested.