On August 11th, Governor McCrory signed North Carolina Senate
Bill 336, Act to Amend the Law Governing Estate Planning and
Fiduciaries (the “Act”). Notably, the Act adopts a
procedure for living probate in North Carolina and modifies several
key provisions in the North Carolina Uniform Trust Code (the
“UTC”) regarding the use of directed trustees and
decanting.
The Act also addresses several other areas applicable to
fiduciary law, including expanding the statutory provisions on
guardianships to specifically include incompetent adults
(previously the statute, Chapter 35A of the North Carolina General
Statutes, referred only to minors), adopting the Uniform General
Powers of Appointment Act (enacted as Chapter 31D of the North
Carolina General Statutes), and amending the statute on the
conveyance of tenancy by the entirety property to a trust (Chapter
39 of the North Carolina General Statutes).
