A will is a very important part of your estate planning process. It can detail who is to receive your property after your passing, who will be in charge of administering your estate, and who is to take care of your minor children if you pass before they reach eighteen. Because a will includes so
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When drafting a last will and testament, many people want to start the consultation for their estate plan with numbers. They may want to leave $20,000 to each of their children, $1,000 to their favorite niece, and $500 to their local charity. These numbers are usually developed after consideration of all their assets, such as
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If you just had a baby, you should speak to an estate planning attorney. There are legal tools an they can use to help you plan for your child’s physical well being and financial security, and these tools can address situations both during your life and upon your passing. How an estate planning attorney can
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Making a Last Will and Testament is the cornerstone of estate planning—it’s one of the most important legal decisions you can make in your lifetime. Without a will, North Carolina law will determine how your property and assets are distributed after your passing. But by drafting a will, you’re in control of the division of
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A trust is a fiduciary arrangement that allows a trustee (a third party, not usually the beneficiary), to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be drafted to deal with many situations and issues (e.g., minority, disability, spendthrift, creditor issues of a beneficiary, etc.) and can specify exactly how and when
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Every business owner is heavily invested in the success and future of his or her business and usually, the business comprises a large portion of his or her estate, monetarily or emotionally. How do you plan to exit your business if you die, suffer a disability or want to retire? Do you want to ensure
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If you are incapacitated or incompetent as determined by a physician and cannot make your own health care decisions, who can make these decisions on your behalf (e.g., authorize medical procedures, hire/fire health care providers, get/release your medical information, place you in a health care facility, long-term facility, etc.)? Even if you’re currently healthy, it’s
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Estate planning involves more than determining who will get your assets on your death. Undesired medical treatment can negatively impact your estate plan and possibly deplete your assets. Establishing documents detailing your wishes regarding medical treatment are important for your estate plan and for you and your family’s well-being—this is often done with a “living
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People often wonder if they need a will. A will can help minimize potential estate tax consequences and deals with personal property and real property not effectively disposed of through other means. Other means include useful beneficiary designations, accounts/assets held as joint tenants with rights of survivorship, real estate owned as tenancy by the entireties,
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A Durable General Power of Attorney is likely the most important Estate Planning document. In North Carolina, how does anyone act on your behalf with your financial affairs if you are incapacitated or incompetent? Absent a legal document known as a durable general power of attorney and an attorney-in-fact/agent acting on your behalf under the
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