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Estate, Trust & Probate Blog

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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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estate taxes

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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updating estate plan

How Often Should I Update My Estate Plan?

April 13, 2022

Creating an estate plan is a good way to secure your family and protect their future. Most people with estate plans review them regularly. In many cases, these reviews occur as a part of a person reviewing their larger financial plan every three to five years. However, what many people miss is that their estate plan should also be reviewed when there is a life event within their family. Being aware of the times outside of regular reviews that you should update your estate plan can help you in the future and protect your loved ones. What are some of…

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What Is Probate And How Could It Affect Me?

March 30, 2022

Probate is the legal process for distributing property after you pass away. Usually initiated by an executor, probate validates your will and begins the process of distributing your assets. Varying by state, the probate process is often daunting, especially if you do not know what to expect.  Being aware of what probate is in North Carolina and how it might affect you can make navigating the process easier for all parties. Knowing your rights and responsibilities in accordance with state probate laws can help speed up the process to avoid spending excess time in probate. How it Works After you…

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