Common North Carolina Probate Issues Detailed Answer Probate in North Carolina involves settling a person’s estate through the court system. When a loved one passes away, you may face complex rules and tight deadlines. Understanding common pitfalls helps you avoid delays and extra costs. 1. Intestate Succession If someone dies without a valid will, North…
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…
Thirteen Estate Planning Terms You Need to Know Understanding These Key Terms in North Carolina Estate Planning Estate planning helps you decide who receives your assets, who manages them and how health decisions get made if you can’t speak for yourself. North Carolina law uses specific terms in wills, trusts and powers of attorney. Learning…
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…
Wills vs. Trusts: A Quick & Simple Reference Guide When you plan your estate in North Carolina, you’ll encounter two main tools: a will and a trust. Each serves a different purpose. Knowing their features helps you decide which fits your family’s needs. 1. Detailed Answer: How Wills and Trusts Work Under North Carolina Law…
Three Reasons Why People Run the Other Way Why Serving as Personal Representative Can Feel Overwhelming Serving as a personal representative, often called an executor, triggers many legal duties under North Carolina law. If you face this responsibility, here are three common reasons people hesitate to step forward. 1. The Process Can Get Complex and…
Seven Ways to Avoid Family Fights over Your Property Understanding Why Property Plans Lead to Disputes When someone passes away, unanswered questions about who gets what can spark conflict. In North Carolina, probate law governs how property transfers after death. Without clear instructions, heirs may disagree over the estate administrator’s decisions, the value of assets…