Estate, Trust & Probate Blog
When it comes to estate planning in North Carolina, one of the most beneficial steps you can take is to develop a plan that avoids probate. Understanding probate’s challenges in North Carolina and how to sidestep them can save your loved ones significant time, expense, and stress. At David E. Anderson, PLLC, we’re here to help you craft an estate plan tailored to your needs. What Is Probate? Probate is the legal process where a deceased person’s estate is administered, debts are paid, and assets are distributed according to their will or state intestacy laws if no will exists. While…
Read More
When someone dies with a will, the document typically names an executor. If no valid will exists, the court will appoint an administrator. In either case, these “personal representatives” are responsible for managing the deceased person’s estate and handling probate in North Carolina. You may have questions if you’ve been named a personal representative, either in a will or by a court. In this post, an experienced North Carolina probate attorney discusses what you need to know about being a personal representative, including legal duties, frequently asked questions, and common pitfalls to avoid. Duties of Personal Representatives As a personal representative,…
Read More
After having your first child, you begin to think of your future in new ways. You’re now suddenly worrying about creating a college fund for your child and protecting their financial stability for decades. With estate planning, you can ensure that your wealth goes where you desire, and you can create plans for many of life’s unpredictable developments. At David E. Anderson, PLLC, we offer comprehensive estate planning for new parents, including basic document drafting, care directives, and more. Below, our team offers tips on beginning your estate planning journey. 1. Take a Full Inventory of Your Assets First Before…
Read More
According to the CDC, over one-fourth of American adults have disabilities. Many can continue to lead normal lives without having to rely on others for assistance. However, some face physical and/or mental limitations that require them to trust others to make financial and healthcare decisions on their behalf. If you fall into this category, consider appointing someone to serve as either your power of attorney agent or guardian. But before you do it, learn about the key differences between power of attorney vs. guardianship to see what sets them apart. What Is a Power of Attorney? A power of attorney, or a POA, is…
Read More
If you’re planning a meeting with an estate planning attorney, you’re making a very smart choice. Your lawyer can help you create your will and trust, set up guardianship for your children, and answer any questions you have about probate. By talking with an estate planning lawyer now, you’ll spare your family stress and uncertainty in the future. What documents should you bring to your meeting with an estate planning attorney? David E. Anderson, PLLC explains more below. A List of Questions Like many who are meeting with an estate planning lawyer for the first time, you probably have quite…
Read More
At first glance, prenups and estate plans don’t have much in common. One protects property in the event of a divorce and the other details arrangements after someone’s death. But what happens when someone dies with both? What if the documents conflict with each other? This post answers common questions about prenups and estate plans, including how they are similar, how they differ, and how they can work together to protect property and minimize conflict. What Is a Prenup? Often called a prenup, a prenuptial agreement is signed by two people before marriage. It details each partner’s property and specifies…
Read More
Do you have a loved one who recently passed away without a valid will? While this isn’t as uncommon as you might imagine, you will still want to look into hiring a probate attorney immediately. Your family might have to visit probate court to sort out the details, from your loved one’s outstanding debts to the distribution of their assets, and a probate law firm can take these difficult steps with them. Still, this isn’t the only time you should consider hiring a probate attorney. Bringing a will and trust lawyer on board can benefit your family in a big…
Read More
When you hear the term “estate plan,” you may believe that you don’t really need one. However, the majority of people have more assets than they think, and the estate planning process ensures those assets end up where they want them to go. Consequently, the majority of people need an estate plan. Because of the complexities that can occur with asset distribution, working with an estate planning attorney is the smartest option for creating this plan. This legal professional can find ways to help you reach your goals for the estate plan. Your estate planning attorney may even give you…
Read More
If you haven’t made a will yet, now is a great time. Without one, your assets could end up in the hands of someone you didn’t intend. A will lets you control which beneficiaries inherit your money and how much. Before racing off to make a will, you must understand what qualifies as a valid will in North Carolina. A Wilmington estate planning attorney explains will requirements in detail below. North Carolina Will Requirements North Carolina has several requirements for wills. If you fail to meet any of these requirements, your will won’t be valid. Age and Mental Capacity To…
Read More
You’ve found a DIY estate planning kit on the internet, so you decide to give it a shot. It’s free, and that certainly seems to beat paying a Wilmington estate planning attorney to do the job. Watch out, though; that kit might be free, but it can cost you down the road. Read on to learn about the pitfalls you might run into if you opt to try estate planning lawyer-free. Why DIY Estate Planning Isn’t a Smart Move Estate planning is far more complex than you might think. It might work if you’re lucky, but if not, it could…
Read More