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Your operating agreement is your succession plan

If your agreement is silent on death, disability or a partner leaving, North Carolina default rules fill the gaps. Here are the four questions every agreement should answer.

By Theodore Ashby · October 2026 · 7 min read

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• Sep 2026

  What a revocable trust does, and what it does not

  It avoids probate for assets you move into it. It does not cut your taxes or shield assets from your own creditors.

  Key points

  • A trust only controls assets titled in its name, so funding it matters as much as signing it.
  • You can change or revoke it at any time while you are alive.
  • It keeps the settlement private and usually faster than probate.

  Trusts

• Sep 2026

  Selling your company? Start three years before you list it

  Buyers pay more for clean books, assignable contracts and a business that runs without the owner in every meeting.

  Key points

  • Three years of reviewed financials shorten due diligence.
  • Check which customer and supplier contracts need consent to transfer.
  • Ask your CPA early whether an asset sale or a stock sale fits your taxes.

  Business

• Aug 2026

  Five clauses to read before you sign a commercial lease

  Personal guarantees, operating cost pass-throughs and the assignment clause decide what a lease will cost you.

  Key points

  • Ask for a cap or a burn-off date on any personal guarantee.
  • Get audit rights and a yearly cap on operating cost increases.
  • Make sure you can assign the lease if you sell the business.

  Contracts

• Aug 2026

  The executor's first 30 days in North Carolina

  Find the original will, open the estate with the Clerk of Superior Court and keep the estate's money separate from your own.

  Key points

  • The estate is opened in the county where the person lived.
  • Letters from the Clerk give you the authority banks will ask for.
  • Publishing the required notice to creditors starts the claims period.

  Administration

• Jul 2026

  Buy-sell agreements: who buys, at what price, with what money

  A good buy-sell answers three questions before anyone needs the answers. Most disputes start where one of them was left blank.

  Key points

  • List the triggers: death, disability, retirement, divorce and departure.
  • Pick a valuation method now, not after a death.
  • Fund it, often with life insurance or an installment note.

  Succession

• Jun 2026

  Moving to North Carolina? Check these four documents

  A will signed in another state is usually still valid here. Your powers of attorney and beneficiary forms deserve a closer look.

  Key points

  • Review your will for executor and witness formalities.
  • Update powers of attorney so banks and hospitals here accept them quickly.
  • Confirm beneficiary designations still match your plan.

  Estate

• May 2026

  Customer terms that get you paid on time

  Clear payment terms, a credit application and a late-payment clause solve most collection problems before they start.

  Key points

  • Put due dates and late charges in the signed terms, not only on invoices.
  • Use a credit application for new accounts above a set limit.
  • Name the county where disputes will be heard.

  Contracts

• Apr 2026

  Naming a guardian for your children

  The person who raises your children and the person who manages their money do not have to be the same person.

  Key points

  • Name a guardian and a backup in your will.
  • Use a trust to manage money for children until an age you choose.
  • Ask the people you name before you sign.

  Estate

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General information about North Carolina law, not legal advice for your situation.