Estate, Trust & Probate Blog

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North Carolina Intestacy Laws to Know

November 16, 2022

In North Carolina, intestacy is the legal term for when someone dies but does not have a will. A person may also be categorized as having died intestate if the will they left behind is not valid.  There are many reasons why a will may be invalid in North Carolina. Some of the most common reasons include:  If a person dies intestate, the money and assets that are left behind will be divided up among their nearest relatives according to North Carolina intestate succession law. This can include anyone who is connected to the deceased through blood, marriage, or adoption.…

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Planning for Your Digital Legacy

October 20, 2022

An estate plan often focuses on tangible property such as jewelry, artwork, money, and vehicles. However, in this age of technology, it is important to remember to include your digital assets. Digital assets consist of everything we own online. Because we spend more time on computers and smartphones than we ever did before, you may not realize how much digital stuff you own, from photos and videos to online accounts, cryptocurrency, and nonfungible tokens (NFTs). Why Is It Important to Plan for Digital Assets? Planning for digital assets is important for several reasons. First, without a plan, digital assets may…

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How Cryptocurrency and NFTs Fit into Your Estate Plan

October 18, 2022

Five years ago, cryptocurrency was probably not on your radar. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs), which are powered by the same blockchain-based technology. Despite the dizzying fluctuations in the value of these assets, you should ensure that they are included in your estate plan so you can preserve them for your heirs. Preserving Cryptocurrency: Now and Later Cryptocurrency, which is digital money, is exhibiting stability as part of the global financial landscape, even though the value of individual coins (units of cryptocurrency) has been notoriously volatile. The…

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Three Pillars of Estate Planning

October 12, 2022

Estate planning is a process that individuals use to create a will, appoint guardians for their children, and plan for their family’s financial future after death. It is important to have a solid estate plan in place because it can protect your assets and provide for your loved ones if you become incapacitated or die.  The three main pillars of estate planning in North Carolina are incapacity planning, asset protection planning, and at-death planning. Each of these pillars has important implications for the overall success of an estate plan. The North Carolina estate planning attorney at David Anderson, PLLC will…

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Alzheimer’s and Estate Planning: What You Should Know

September 14, 2022

Alzheimer’s disease is a progressive condition that affects the brain, causing problems with memory, thinking, and behavior. As Alzheimer’s progresses, it can become increasingly difficult for a person to make decisions about their care and finances. This can create challenges for the individual with Alzheimer’s. It may also cause problems for the family of a loved one with Alzheimer’s. If you have been diagnosed with Alzheimer’s, it is important to start planning for the future now. Estate planning is important for everyone, but it can be especially important for people with Alzheimer’s disease.  Without a solid estate plan in place,…

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Can Cryptocurrency Be Inherited in an Estate?

August 17, 2022

Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin are not backed by the US (or any) government or central bank, but by a community of miners and users. This makes them unique compared to other forms of currency. Cryptocurrencies can also be stored in digital wallets on computers or mobile devices. Unlike fiat currencies, which are legal tender, cryptocurrencies are not regulated by a governing body and as such are often unable to be used to purchase goods and services. This often begs the question: “Can cryptocurrency be inherited in an estate?” We will discuss that in this article. Cryptocurrency as…

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Are You Responsible for the Debts of a Parent or Sibling in North Carolina?

July 15, 2022

If you are a child or sibling of a person who has failed to pay their debts, you may be wondering if you are responsible for those debts. The answer to that question is “no” in North Carolina.  The responsibility for debt falls on the person who incurred the debt, not their family members. This is true regardless of whether the family member knew about the debt or not. However, there are some exceptions to this rule. For example, if you co-signed a loan, you will have to pay it back. Why?  When an individual co-signs a loan, they are…

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What Happens If a North Carolina Estate Owes Back Taxes?

June 17, 2022

An estate in North Carolina may owe back taxes if the deceased did not pay all of their taxes before they died. If this is the case, the estate will need to work with an attorney to resolve the issue.  A North Carolina estate planning attorney can help the estate file the taxes or may help negotiate with the IRS if the estate cannot afford to pay the back taxes. If the estate is unable to pay or is unable to pay it all at once, the attorney may be able to negotiate a reduction in the amount that is…

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How Is Owning Property in Multiple States Handled in an Estate Plan?

June 3, 2022

When a person dies, their property is distributed among their heirs according to their state’s laws. This can be a complicated process, and it can get even more complicated when a person owns property in multiple states.  For example, many people that own property in multiple states have had their will and estate plan updated to reflect that. In some cases, these people created separate wills for each state. They have also had to name an executor for each state who is authorized to carry out their wishes in that particular state.  If it sounds like a long, complex process,…

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What Is A Power Of Attorney And When Is It Necessary?

May 11, 2022

Estate planning is about far more than deciding who gets what. It is about putting the right structure in place to protect yourself and your family—regardless of what tomorrow might entail.  The power of attorney (POA) is an important part of a comprehensive estate plan. It is a tool that you can use to give a trusted family member or loved one the authority to act on your behalf if you are temporarily or permanently incapacitated. In this article, you will find a more in-depth overview of the most important things to understand about the power of attorney in North…

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