Explore our informative articles, insights, and updates focused on North Carolina Estate Administration, Estate Planning, Partition Actions, and Surplus Fund cases. Our goal is to make these complex topics accessible, offering you guidance and understanding at each step of the legal process. Whether you’re looking to navigate probate administration, protect your assets through careful planning, understand partition actions, or resolve issues with surplus funds, our articles are designed to empower you with practical advice, legal insights, and actionable steps. Stay informed and feel confident as you make decisions about your estate and legal matters.
FAQs on Probate and Partition Actions in North Carolina What is a Partition Action in North Carolina? Inheriting property with multiple owners can be complicated. If you find yourself sharing ownership of real estate and disagree with your co-owners about what to do with it, a legal solution exists: a partition action. This article explores…
Frequently Asked Questions: Probate Administration in North Carolina What Happens When a Loved One Dies Without a Will in North Carolina? When a person passes away without a will, they are considered to have died “intestate.” In North Carolina, the state’s intestacy laws determine how the deceased’s assets will be distributed. Typically, the intestate succession…
Frequently Asked Questions about Probate Law in North Carolina FAQ: What is the Role of an Administrator vs. Executor in North Carolina Probates? The terms “executor” and “administrator” refer to the personal representative (PR) of a decedent’s estate. Both are fiduciaries who carry out estate administration. The main difference lies in how they are appointed…
Frequently Asked Questions about Probate Administration in North Carolina What Should I Do if My Parents Passed Away Without a Will in North Carolina? When a loved one passes away without leaving a will, it can be overwhelming to understand how to manage and distribute their estate. In North Carolina, this situation is known as…
FAQ: What Are the Responsibilities of an Executor in North Carolina? Responsibilities of an Executor in North Carolina An executor plays a crucial role in the administration of an estate in North Carolina. Their responsibilities are far-reaching and require diligence, organization, and a good understanding of the legal requirements outlined in Chapter 28A of the…
FAQ: How Can We Expedite Estate Administration in North Carolina? Understanding Estate Administration Timelines Administering an estate quickly in North Carolina requires organized and efficient action, especially when dealing with potential foreclosure issues. The law requires opening an estate before selling any real estate or distributing assets. To help expedite this process: File necessary court…
What is the Final Accounting in NC Probate Process, and Why is it Important? Probate can be a complex and emotion-laden process, especially when family relationships and financial distributions are involved. A critical component of completing a probate case in North Carolina is the final accounting. But what exactly does this entail? Understanding Final Accounting…
What is a Holographic Will in North Carolina? When preparing for the distribution of assets after death, many individuals choose to create a last will and testament. While the most common type of will is an attested written will, requiring preparation in writing, the testator’s signature, and witnessing by at least two competent individuals, North…
Frequently Asked Questions About Probate and Life Insurance in North Carolina What Are My Inheritance Rights If I Separated But Did Not Divorce My Spouse? While a separation might feel like the end of a marriage, the law doesn’t see it that way until there’s a final divorce decree. This means a separated spouse in…
Frequently Asked Questions about Probate and Estate Administration in NC How Does Divorce Affect My Estate Planning Documents? The intersection of divorce and estate planning documents is a significant concern, especially in North Carolina, where these issues can significantly affect the administration of your estate. Whether you are considering divorce or are already in the…
Frequently Asked Questions about North Carolina Probate Can I Petition For Removal of an Executor from an Estate in North Carolina? Serving as the executor of an estate is a significant responsibility. The executor is entrusted with carrying out the wishes outlined in the will and managing the estate’s assets for the benefit of the…
Probate FAQ: Filing and Contesting Wills in North Carolina How Do I File As An Executor If I Have the Will? If you have been named as the executor in a will in North Carolina, you will need to file the will with the clerk of superior court in the county where the decedent resided…
Frequently Asked Questions: North Carolina Probate Administration What Are the Responsibilities of an Executor in Probate Administration in North Carolina? Estate administration is the legal process of collecting, settling, and distributing a deceased person’s property. This process is often referred to as probate. When a person dies with a valid will, they are said to…
FAQs on Probate and Estate Administration in North Carolina North Carolina Intestate Succession: What Happens When There is No Will? If someone passes away without a will in North Carolina, their estate is handled through a legal process called intestate succession. Understanding how this works is crucial for families to ensure a smooth legal process…
FAQs on Probate and Estate Administration in North Carolina Can I Use a Small Estate Affidavit for a Life Insurance Policy in North Carolina? Navigating the probate process can be daunting, especially when you’re handling out-of-state affairs from North Carolina. Many wonder if a small estate affidavit is permissible for claiming a life insurance policy.…
Frequently Asked Questions about Probate and Estate Administration in NC What Happens if My Parent Dies Without a Will in North Carolina? When a person passes away without a will in North Carolina, they are said to have died intestate. In such cases, North Carolina’s intestate succession laws determine how the deceased’s assets are distributed…
FAQ: What If A Family Member is Attempting to Force the Sale of Inherited Property in NC? What is a Partition Action in North Carolina? A partition action is a legal proceeding used in North Carolina to resolve disputes between joint owners of real estate who cannot agree on what to do with the property.…
Frequently Asked Questions about North Carolina Probate Administration How Do I Change the Name on a Deed After a Spouse’s Passing? When a spouse passes away, many people find themselves needing to update property deeds to reflect ownership changes. If your spouse did not leave a will and the property is solely in their name…
What Should I Do with an Estate Bank Account If the Executor Dies in North Carolina? When an executor overseeing an estate in North Carolina passes away, it raises immediate questions about the handling of estate bank accounts and other assets. The role of the executor (or personal representative) is essential in probate, as they…
Frequently Asked Questions about Probate and Estate Administration in NC What Steps Should I Take if I Discover Assets After an Estate Has Closed in North Carolina? Discovering assets after an estate is officially closed can be a challenging situation. In North Carolina, if new assets, such as a 401(k) or other investments, are discovered,…
What Should I Do if I Can’t Find the Will in North Carolina? When a loved one passes away, finding their will is often the first step in executing their estate plans. However, if the will cannot be located, certain immediate actions can help protect the estate and move forward with the probate process: Start…
Frequently Asked Questions about Probate and Estate Administration in NC What is the Role of a Power of Attorney in North Carolina’s Estate Matters? A Power of Attorney (POA) in North Carolina is an essential tool for managing the affairs of an individual, particularly when it involves aging parents or family members. It grants an…
Probate: ¿How long does it take? Probate is a complex and often misunderstood process involved in settling the estate of a deceased person. It ensures that assets are distributed in accordance with the deceased’s wishes and legal requirements. But, how long does it take? Well, we’ve seen probate cases get solved in under a year,…
Frequently Asked Questions about Probate and Estate Administration in NC What Does “Reading of the Will” Actually Mean in North Carolina? The phrase “reading of the will” often brings to mind dramatic scenes from movies where a lawyer gathers family members and heirs in a room to announce the contents of a deceased person’s will.…
Frequently Asked Questions about Probate and Estate Administration in NC How Can I Access a Safety Deposit Box for Probate in North Carolina Before Probate? In North Carolina, accessing a decedent’s safety deposit box is often a crucial step to locating important documents such as a will, insurance policies, or other critical financial records. However,…
Frequently Asked Questions about Probate and Estate Administration in NC How Can I Claim a Life Insurance Policy for a Minor Beneficiary? When a loved one passes away and leaves a life insurance policy in which a minor is a beneficiary, it can be crucial to understand the appropriate steps for claiming these benefits. Here’s…
Frequently Asked Questions about Probate and Estate Administration in NC How Do I Open an Estate in North Carolina After a Loved One Passes Away? Opening an estate in North Carolina involves several steps, which are particularly necessary when managing the assets of a deceased person. To begin, obtain the death certificate as this is…
Frequently Asked Questions about Probate and Estate Administration In North Carolina How Can Someone Be Removed as Power of Attorney? Power of attorney (POA) gives a person authority to make decisions on behalf of the principal. However, this authority can be revoked or changed under specific circumstances: The principal revokes the power of attorney. A…
When Should I Start Estate Planning? What comes to mind when you hear “estate planning”? You might think it’s just for the obscenely wealthy folk gracing Forbes covers. But it’s time we bust that myth. Estate planning, my friend, is something everyone needs. Even you! Let’s delve into the details of estate planning and explore…
Frequently Asked Questions about Probate and Estate Administration In North Carolina What is Probate and When is it Required in North Carolina? Probate is a legal process that occurs after someone passes away. It involves the court overseeing the distribution of the deceased person’s assets and the payment of any debts and taxes. In North…
What Is a Spousal Allowance in North Carolina Probate? When a loved one passes away, managing their estate and ensuring the family is taken care of can be overwhelming. One of the legal provisions designed to help surviving family members, particularly the spouse and dependent children, during this difficult time is known as a Spousal…
Common North Carolina Probate Issues Navigating the probate process in North Carolina can be a complex task. It involves legal procedures, paperwork, and often, emotional stress. This article aims to shed light on common probate issues in North Carolina. It provides an overview of the probate process and highlights the role of North Carolina probate…
Is Your Estate Plan as Stale as Last Week’s Ham Sandwich? Estate plans are almost magical: They allow you to maintain control of your assets, yet protect you should you become incapacitated. They take care of your family and pets. And, if carefully crafted, they reduce fees, taxes, stress, and time delays. Estate plans can…
Dear Estate Planning Clients: After arranging your accounts and property with an attorney, it is easy to assume that you have checked estate planning off of your list forever. The reality is not so simple. Not only do tax laws frequently change, but so does your life. The smallest change could have a big impact…
Estate planning—it is an incredibly important tool, not just for the uber wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing guardians for minor children, choosing healthcare agents to make decisions for you should you…
Wealth Transfer Strategies to Consider in an Election Year With a push by the Democratic party to return federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58 million per taxpayer.…
Most people understand that having some sort of an estate plan is a good thing. However, many of us do not take the first steps to get that estate plan in place because we do not understand the nuances between a will and trust – and dying without either. Here is what will generally happen…
Buyer Beware: How to Avoid Estate Planning Scams Imagine spending thousands of dollars on an estate plan to protect loved ones, only to find that no true protection exists. Unfortunately, this scenario happens on a regular basis to individuals who are victims of estate planning schemes. According to a report conducted by the U.S. Consumer…
Confused about the differences between a will and a trust? If so, you are not alone. While it is always wise to contact experts like us, it is also important to understand the basics. Here is a quick and simple reference guide: What a Revocable Living Trust Can Do – That a Will Cannot Avoid…
Three Reasons Why People Run the Other Way It can be hard to get motivated about your estate planning; it sounds about as fun as getting a root canal. However, you also probably want to make sure that your loved ones are protected and receive your hard-earned money and property – regardless of whether you…
Seven Ways to Avoid Family Fights over Your Property Ask a group of friends if they have experienced a family fight over property after a loved one has died, and you will be in for a lively and eye-opening conversation. Far too many families end up fighting, or at least experiencing tension, over a family…
Help! I’ve Been Named as a Guardian. What Do I Do? A guardian is an individual who cares for someone, often a minor child, who needs special protection. Parents can nominate a guardian in their will, but typically a court must confirm and officially appoint the guardian after both parents have passed away. Sometimes the…
Planning for Stepchildren and Grandchildren Family structures are changing more and more each day in the US, and your estate planning considerations should be changing with them. Blended families should have different priorities and have other considerations to make in the estate planning process. For example, if you remarry and your new spouse already has…
Our Estate Planning Team is Growing, Again! We are very pleased to announce that our team is growing! This month, Attorney David Scott Russ has joined us as an Estate Planning and Probate Attorney at Pierce Law Group. Scott grew up in eastern North Carolina, spending the weekends at the beach with his family.…
Do you have the right players on your team? Estate planning is not just about what happens to your stuff when you die. It is about coordinating all aspects of your life so (i) you can be taken care of during times when you are unable to care for yourself, and (ii) your money and…
Can or Should I Hand Write My Will? Durham Estate Planning Lawyers What is a Holographic Will? A Holographic Will is simply a fancy name for a Will that has been handwritten by the testator (the person that the Will is for). What is required for a handwritten Will to be legally recognized? There are…
We All Need a Yearly Check-up: Your Estate Plan Does Too We go to the doctor to get our check-up’s just to make sure that we are in good health and to detect and treat any problems that we may not even have been aware of. These are the very same reasons why it is…
Your Time is Valuable. Let us help you get a jump start on Estate Planning. In the hustle and bustle of life, many of us struggle with prioritizing what tasks to complete and when. I often find myself avoiding those personal tasks that I know are important (but are not currently pressing) in favor of…
Charitable Giving in Your Estate Plan- Durham Estate Planning Lawyer When you think about Estate Planning your mind may jump to thinking about which family members will inherit your assets. But have you considered the option of leaving something behind for a charity or organization that you are passionate about? There are many reasons you…
You’ve Taken Care Of Others, But Have You Taken Care of Yourself? Evenings, weekends, holidays, and all of the hours in between you endure working continuously day in and day out to protect our loved ones and keep us safe. You take time away from your loved ones to care for the most vulnerable population…
A mother’s work is never done… As a mom, you are there for your loved ones no matter what. You’ve been there for your children from the moment they were born, making sure their every need was met. You work late hours to provide for the family. You keep flipping the next load of laundry,…
What Happens When You Die Without A Will? Durham Estate Planning Lawyers You’ve probably heard of the horror stories of some friend or family member dying without a will….do you know what happens if you decide to let planning for the future fall by the wayside? In short, the State of North Carolina decides how…
Estate Planning Has Never Been More Imperative As unfortunate as it is to say, the pandemic COVID-19 has brought the reality of potential death and illness to the forefront of everyone’s minds. That being said, if you’ve been putting off preparing an Estate Plan, Will or Trust, it is IMPERATIVE that you consider the consequences……
Crisis Resource List – COVID-19 A List of Local Businesses Still Operating During the COVID-19 As the coronavirus continues to disrupt daily life and leave Americans uncertain of the future, you don’t have to feel helpless during this pandemic. In fact, now is a great time to be proactive and connect with local businesses that…
Join Us For Our First Coronavirus Quarantine Video Chat Happy Hour! Quarantine and social distancing got you down? Are you feeling the need to socialize again? Well, we’ve got your back! While I imagine the four walls of your house have been incredibly fun to stare at for the past couple of weeks, it’s time…
Durham Estate Planning Lawyer – Estate Planning In NC with Bitcoin Audio Transcript: Estate Planning with Bitcoin 2020 Presentation Attorney Koenig: All right. So, I am glad to be here and you will be too. I expect that probably half of you are here because you think Bitcoin is the stupidest idea in the world.…
Leveraging our unique circumstances to answer your questions There are a couple of different ways to go about handling the Coronavirus pandemic and the unique uncharacteristic situations it puts us in — 1) sit in your house and watch Netflix until the end of time 2) eat all of your quarantine snacks in 30 minutes…
Pierce Law Group – Open and Ready for Duty Following the updates from the federal, state and local government, we are adapting our operations to continue to provide our clients and vendors the service that they have come to rely upon. Moving forward, our office will remain open as our team of estate planning, elder law,…
Quarantined? Got a legal question? Get some coffee and answers from our experienced team of attorneys during this live Q&A Session U N C E R T A I N T Y– That is really what’s killing us in these difficult times, isn’t it? The whispers of information that we will never truly be able…
COVID-19 Announcement: Emergency Pro Bono Legal Services to Protect At-Risk Individuals You’ve likely heard about the coronavirus on the news or at least have seen it all over the headlines. It’s often hard to determine the severity of situations like these based on what you hear on the news, but what we do know is…
Pierce Law Group Attorney Named 2020 Super Lawyer Pierce Law Group is pleased to announce that our managing attorney and owner of the firm, Attorney Jared Pierce has been recognized in the annual ranking of North Carolina attorneys by Super Lawyers magazine. Fellow North Carolina attorneys and peer evaluations by practice area determine the recipients…
SECURE Act Workshop Audio and Transcript Learn strategies and legal tips from experienced estate planning attorney, Doug Koenig and guest speaker Joel Levy, CPA! This presentation was offered as a free, no-obligation, workshop designed to educate individuals and families about how the SECURE Act has impacted individual retirement accounts. This workshop covered important information about…
Trivia Night Result – “We’re all winners… well maybe not” The beginning of the year is always an extremely hectic time for our firm. That being said, last night we finally took the opportunity to slow down just for a little while and enjoy some time with each other, catching up, laughing, drinking a beer…
Announcement – Pierce Law Group’s Open House You’re not truly family until you’ve gone over to someone’s house… While I’m partly being humorous, I also sense that you know exactly what I’m talking about… Sure, going out to dinner with a friend is nice, and grabbing coffee together is great, but there is something different…
What to Expect From an Initial Estate Planning Meeting It doesn’t matter whether you have prepared an estate plan with an attorney before or whether this is your first time considering doing so, it is critical to fully understand how important a personal connection to your lawyer can be to your success. As I write…
Donating or Gifting Virtual Currency – North Carolina Bitcoin Lawyers If you are thinking of donating cryptocurrency to a charity, there are a few things you should consider. First, the charity you choose must be a 501(c)(3) organization approved by the IRS for tax-deductible donations, and second, you need to see if they accept cryptocurrency…
Fair Market Value – North Carolina Bitcoin Lawyer Determining the fair market value of cryptocurrency can prove to be a difficult task, especially for the ordinary taxpayer. The IRS Notice 2014-21 which classified virtual currency as property for federal tax purposes, specifically stated that taxpayers must report the fair market value of virtual currency as…
How Digital Currencies Are Changing the World – Bitcoin Lawyer The use of cryptocurrencies, and in particular, the technology which was created to implement them, has grown substantially in recent years. There has been a growing trend of acceptance of cryptocurrencies as a useful, legitimate payment mechanism, and the underlying decentralized public ledger technology has…
Overview – Cryptocurrency and United States Tax Law – North Carolina Bitcoin Lawyer In a March 25, 2014 notice, the United States Internal Revenue Services (“I.R.S.) described virtual currencies as “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value and does not have…
Frequently Asked Questions – North Carolina Bitcoin Lawyer Q: How is cryptocurrency treated by the Internal Revenue Service? A: Cryptocurrencies are currently considered property but the Internal Revenue Service. As such, general accounting and tax principles apply to cryptocurrency mining and transactions. The Interal Revenue Service’s definition of virtual currencies as property means that each…
What Happens to my Property during a Chapter 7 Bankruptcy Case? Most Chapter 7 Bankruptcy’s that are filed are “no asset” cases. What that means is that the Debtor keeps all of the property that they own and no assets are liquidated by the bankruptcy trustee. Before filing your case, a Pierce Law Group attorney…
Chapter 13 Bankruptcy Chapter 13 is a type of debt relief which is often referred to as the “Wage Earner Plan.” It is specifically designed for people who earn a wage or otherwise receive monthly income, including social security, unemployment, disability, but currently do not earn a high enough income to pay all of their…
Chapter 7 Bankruptcy – What it can do for you and how the process works Chapter 7 Bankruptcy is designed to give individuals a fresh start by wiping the slate clean. Once you file for Chapter 7, your creditors must immediately stop all collection efforts, including collection letters, phone calls, repossessions, garnishments, and lawsuits. Known…
BANKRUPTCY FAQs What Types Of Debts Can Bankruptcy Get Rid Of? In general, most unsecured debts may be discharged in bankruptcy. Unsecured debt includes: credit card debt, unpaid medical bills, and personal loans. Will I Have To Go To Court? It is unlikely that you would have to appear in court before the bankruptcy judge. However, there…