Estate, Trust & Probate Blog
Pets are an important part of our families. The American Animal Hospital Association estimates that nearly 80% of US households have at least one pet, and about 43% consider their pets to be members of the family. Pets provide unconditional love, companionship, and security for many people in this world who might otherwise be lonely or feel unsafe. They also encourage exercise and good health through regular walks outdoors. And they can bring joy into our lives by simply being there with us every day. A pet trust is a legal arrangement that allows you to make sure your pet…
The death of a spouse can be devastating for many people. The emotional and financial struggles that come with the loss are very difficult to handle, especially in the early days after their passing. However, one thing you should not neglect is your finances. If your spouse was responsible for handling all of the family’s finances before they passed away, it may be hard to manage everything on your own. This blog post will go over the benefits of the “year’s allowance” after a spouse’s death so you can make sure to take care of yourself and your children financially…
Although separation is becoming less common for younger couples in the United States, divorce in couples 50+ has been increasing in recent years. Also known as “gray divorce”, the divorce rate for Americans 50 and over is over twice the numbers recorded just 20 years ago according to the Pew Research Center. With couples in this age range, divorce is often more complex and impactful than divorce in younger couples for multiple reasons. In this article, we’ll dive into the impacts of “gray divorce” on estate planning. Challenges Unique to Gray Divorce Most young couples don’t own significant assets before…
Today’s world is moving more and more to digital assets – some, more traditional, like online bank accounts, social media or websites. And, some more on the cutting edge of technology, like cryptocurrencies, NFTs and more. A common question that is coming up in our estate planning discussions is what happens to all of those assets when you die? Can you put them in a Will or other common estate planning structure? We address all that and more below. What Types Of Digital Assets Do You Have? Although you may initially think you have a limited amount of digital assets…
If you have children, are you planning on them inheriting property in your estate after your passing? Although there is no rule prohibiting a minor as an heir in a Will, many people are unaware that children can not inherit property before they turn 18 years of age. If you pass away before one of your children becomes an adult, though, there are steps you can take to ensure their future is secure. To help you make an informed decision, here are some of the options you have at your disposal to pass on assets and property to a minor.…
Estate planning is a critical step to provide for your family’s future needs. You want to make sure to secure their future, and ensure that your wealth is distributed according to your wishes. Depending on the complexity of your estate, you may be tempted to give it a shot yourself instead of hiring an experienced estate planning attorney. While it may look attractive on the surface, DIY estate planning comes with some significant risks. Let’s take a deeper look at why having an estate planning professional on your side during the process may actually save you money! Simple Mistakes Can…
Having an updated last will and testament is more important than ever, especially now. However, a will that is poorly created or not frequently updated can be vulnerable to challenge by caveat. What is a caveat? A caveat is a will contest filed with the Clerk of Court and heard by a Superior Court Jury. It is the formal objection to a will’s validity because it either: a) does not reflect the wishes of the person who created the will, or b) because the will does not meet legal standards. Will contests should be avoided at all costs. Not only…
We frequently receive calls inquiring about whether out-of-state estate planning documents are valid in North Carolina. The short answer is likely yes. A typical comprehensive plan should include a will, power of attorney, healthcare power of attorney and living will. It is also common to have a trust that is “located” in another state and relies on that state’s laws for its governance.Estate planning documents are controlled by state law and common law. Common laws are laws derived from judicial decisions, rather than state statutes. The same holds true for probate and estate administration. Therefore, it is recommended that you…
Sending your child off to college is nerve-wracking enough in normal circumstances. Unfortunately, these are not normal circumstances. In addition to worrying about your child’s eating, sleeping, and studying habits, now you have to worry about your son or daughter’s health and safety! This is especially true if your child is leaving home for a different city this fall. While there is little you can do to combat the virus (aside from the current containment strategies), you can make sure you are prepared if your son or daughter has a medical emergency while in college. We can help you prepare…
Business owners are notorious for engrossing themselves in the day-to-day management and functions of their businesses. As a business owner, you are likely the heart and soul of the company you lead. Your clients love you, and you have built unique relationships with your contractors and suppliers. Suppose, however, that tragedy strikes: You, as the business owner, are in a car accident and are severely injured or killed, leaving you unable to make decisions or care for yourself and your family. What will happen to your business in such a situation? We do not know what tomorrow holds. Circumstances like…