Estate, Trust & Probate Blog
In recent years, revocable trusts have become a preferred method in estate planning to a regular one-time Will or irrevocable trust. Although revocable trusts in North Carolina are similar to a Will in that they both make a plan for how your estate is handled in the event of your death, the revocable trust has additional benefits. If the grantor is incapacitated, a revocable trust can be changed or canceled, which provides flexibility in the case a change is warranted – this is a huge advantage over the more traditional irrevocable trusts or Wills. If you need help with estate…
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You may have been running around for weeks, getting your new college student off to school. It’s exhilarating, and your heart likely is bursting at the seams. You’re probably prouder than you can say, but you’re a little afraid, too. How can you make sure your kid is going to be safe at school, so far away from home? A new Bed Bath and Beyond matching sheet set for the dorm sounds great, but it just doesn’t seem like quite enough, does it? So what else can you do? Actually, there is something, probably not yet on your to-do list,…
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You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put plans in place in advance. The failure to do so could result in the eventual loss of the business. There are several factors you should keep in mind in making plans for the future of your small business. Identify a successor(s). Many small business owners plan to transfer their business to a…
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Guardianship is a process which establishes a legal relationship between a capable adult, agency, or qualified organization and an incompetent person, in order to protect that person. The guardian represents a person in decision-making when they are unable to make decisions on their own. The North Carolina Judicial Branch defines it as “a legal relationship in which a person is appointed by the court to make decisions and act on behalf of a person who does not have adequate capacity to make such decisions involving the management of personal affairs, property, or both.” The role of a guardian can fluctuate…
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For most of us, it is our goal to live our entire life being able to make decisions around health care and more on our own, but unfortunately, that does not always happen. If you become incapacitated or otherwise unable to make your own medical decisions, who would you like to be able to make decisions on your behalf? What are your preferences as far as the types of medical care you would like to receive? Do you want to donate your organs? The answers to these questions and more are what advance medical directives are intended to resolve. Advance…
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While estate administration after the death of a loved one is not something to look forward to, it may be required in most instances. A comprehensive estate plan helps to protect the wishes of the decedent, streamline the administration of the decedent’s estate and protect the rights of beneficiaries. In North Carolina, as is in other states, a decedent’s estate must be properly administered before being transferred to the new owners. What is Probate and is it Necessary in North Carolina? “Probate” is actually the act of the Court accepting a Will as valid. However, it has become common to…
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Even with the clear benefits of having a will, we’ve found that far too many people in North Carolina don’t have one. For those without a will, there are a myriad of reasons – they think a will is only for people with a certain amount of assets, people with larger families, or any number of other reasons. Dying without a will is referred to as dying “intestate” – when you die intestate in North Carolina, state law determines what will happen with all your possessions. Even though state law will determine what happens in this case, it almost never…
Read More If you’ve recently lost a loved one, it’s important to know how probate works in North Carolina. It is a topic that many people don’t know anything about until they face it for the first time. The following paragraphs describe in some detail the rules regarding probate in North Carolina. Let’s get started with the basics. Do All Probate Rules Work the Same Way? No, probate rules vary state by state. That’s why it is important for you to have an understanding of how probate works where you live. In North Carolina, the law requires putting a deceased person’s estate…
Read More Is a will really something that you need? If you want to know that your family will follow your wishes after your death, having a will is critical. Your will is your opportunity to ensure that your assets are distributed the way you intend, rather than leaving it up to a judge who does not know you and your family. It does not matter how much or how little money you have. It does not matter if you have dependents or not. Putting together a will can help you protect the people and assets you leave behind. 1. Your will…
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