North Carolina General Statutes 36C-6-601. Capacity of settlor of revocable trust
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The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. (2005-192, s. 2.)
Terms Used In North Carolina General Statutes 36C-6-601
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Trustee: A person or institution holding and administering property in trust.