Estate, Trust & Probate Blog

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…

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…

Creating an estate plan is just the first step in securing the future for your loved ones. After creating your estate plan, you must ensure the documents are stored in a safe location. This will help your family and friends avoid trouble or confusion caused by an inability to locate estate planning documentation. Fortunately, there are ways to prevent this common estate planning oversight. Accessibility Of Your Estate Planning Documents The most important thing to remember when storing your estate planning documentation is potential accessibility. While you do not want the world to have access to your information, you want…

As individuals, we all recognize that we need to make plans to transfer our assets at the end of life, but as business owners, sometimes that task falls to the wayside. Business owners and entrepreneurs need estate plans to allocate their business entities, just as individuals do personally.    Without proper planning, a lifetime of growing an organization can slip through the hands of family members who were unprepared to take on the responsibility of your business. This is why, for North Carolina residents, there are specific things you should do now to protect the livelihood of your business and to…

If you or a loved one are planning on moving into a nursing home or long-term care facility, there are essential things to consider to protect your house and other assets. When your health is deteriorating, the last thing you need to be concerned about is the expenses for nursing home services. Planning early is the best way to protect your assets while being eligible for government assistance programs like Medicaid. A knowledgeable North Carolina estate planning lawyer can help you save money and ensure that you are treated fairly so that you are not surprised by high fees and…

Being an executor of someone’s estate is one of the most significant things someone can request of you before their passing. As the executor, you’ll need to account for the decedent’s personal assets and determine their value. You will also have other duties, such as distributing assets, ensuring creditors are paid, filing taxes, and preparing filings for the court’s review. One of the forms you’ll fill out during this process is an estate inventory, known as North Carolina form AOC-E-505. When Does The AOC-E-505 Need To Be Filed? When someone passes away and you have been named the executor of…

A revocable living trust is one of the essential tools used in estate planning. It lets you control and handle your property during your life and determine how it will be distributed after your death. This helps eliminate the probate process and ensures that your loved ones are protected after your passing. The following is insight into some of the things you need to know about revocable living trusts in North Carolina and how to change them. Revocable Living Trust vs. An Irrevocable Living Trust in North Carolina The two major types of trusts are the revocable living trust and…

Having a valid will in place is essential for planning your estate effectively. When you create and sign a will, it indicates your intentions at the moment. However, your wishes or intentions might change in the future, requiring you to update your current will regarding your estate plan.  It’s, therefore, necessary for people to create a new will, revoke/change, or update their current will in certain situations. Still, it’s also important that the legal process is followed. Here are the common reasons that could require you to change your estate plan and how easy or difficult the process is. Common…

In light of the global pandemic and its impact on the US economy, President Biden’s administration has proposed legislation with the goal of starting to build back the economy. The legislation, dubbed the “Build Back Better Plan,” seeks to employ a bottom-up strategy focusing on improving the living standards of the middle-class population.  The strategy involves providing funding for Coronavirus relief, infrastructure, social services, welfare, and reducing the impact of climate change. The Biden administration proposed a plan to fund the Build Back Better strategy by changing estate laws. While the proposed plan is still in negotiation, here’s what the…

As the parent or guardian of a child with special needs, one of your concerns may be ensuring your estate plan protects their financial future. Leaving a lump-sum inheritance can affect eligibility for government assistance programs, such as Medicaid and Supplemental Security Income. Creating a special needs trust shields the beneficiary’s assets, allowing them to qualify for much-needed benefits. North Carolina law permits three types of special needs trusts. What are the Three Types of Special Needs Trusts Available in North Carolina? Self-Settled Special Needs Trust Also known as a first-party SNT, the self-settled SNT is established using the disabled…