Legal Question in Wills and Trusts in North Carolina

This question makes no real sense. You are referring to other documents and asking for some interpretation without an attorney seeing them. Any attorney needs to review the entire document or set of documents to know what you are talking about.

When you mention "shareholders" this is a business concept. Probates/trusts are for people who are living who are providing for the transfer of assets upon their death or for the beneficiaries of wills or trusts created by people who have already passed on.

And beneficiaries/heirs are just that - beneficiaries/heirs, not shareholders. But maybe these documents were created elsewhere and if so, you would need to talk to an attorney in that state.

If some kind of trust is set up by a person wishing to dispose of assets upon death, that person is called a grantor/creator/settlor. Again, the people who are the recipients of money or assets are called beneficiaries of a trust.

Personal financial statements are irrelevant. A trust would spell out what the trust owns, who manages the trust property and what happens upon death.

The property owned by the trust is listed in schedules attached to the trust which outline the property if it is acquired after the trust comes into existence. Otherwise, it may be referenced in a document called a "declaration of intent" and will say something like "all property, jewelry etc. is now owned by the trust and not the grantor personally."

If you are talking about a business, an LLC would have an operating agreement; a business corporation would have by-laws and a partnership would have a partnership agreement. These documents spell out who is in charge, who owns the business and so on. There are no personal financial statements of which I am aware - they might be required in some cases - say this is an LLC which needs a loan for capital expansion and the bank wants the owner of the LLC to sign a personal guarantee and asks for personal financial statements to make sure the owner is creditworthy and can pay.

But this does not seem to be what you are asking. Since you are so vague you need to sit down with real attorney - if you are dealing with a revocable living trust then you need a probate/trust attorney. If you are dealing with a business of some kind then you need a business attorney.

Or else you need to revise your question and post in the proper area with all the relevant details of what you have and what you want to know.