Estate, Trust & Probate Blog
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…
Read More
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…
Read More
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…
Read More
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…
Read More