As readers of this blog know, we have spoken about essential estate planning documents before. Most recently, we did a quick primer last month. However, in this post, we will dive deeper into those essential estate planning documents. The backbone: will A will is the...
Estate Planning
When should I update my estate plan?
After an estate planner has established their estate plan, they should begin thinking ahead to when they may need to update their estate plan. It is equally important to know when to update an estate plan as it is to know what to include in an estate plan such as a...
Estate tax concern: Consider a qualified personal residence trust
Some taxpayers are stuck paying the government even after they die. Certain high-net worth individuals are subject to what is known as the estate tax. This post-mortem tax takes a share of all estates valued at over $5.34 million and carries a maximum rate of over 40...
What documents does one need for their estate plan?
Throughout life people in North Carolina need to obtain various plans and sign many documents for various aspects of their lives. They may sign loan documents for a house or other property. They may have health insurance, homeowners’ insurance, life insurance and...
Four steps to take when you start the probate process
Estate administration can be confusing if you have been named executor of a loved one’s estate but have never gone through the probate process before. While help is available to executors, there are four general steps you can take at the beginning of the probate...
Three estate planning myths
Many people are familiar with estate planning, far fewer have in-depth knowledge of the subject. For this reason, many estate planning myths have taken hold over the years. Here are three such myths that need to die. Estate planning is only for the elderly Although...
So, you’ve been named an executor. Now what?
Most have never even heard of estate administration or an executor. But, for those that find themselves named as an executor after a loved ones dies, what do they do? The basics of estate administration When one dies, everything they own becomes their estate. This...
Validity of a will during the estate administration process
The estate administration process can be difficult and delicate for families who are grieving the losses of loved ones. One complication that can make estate administration matters more difficult is if the decedent's will is questioned as invalid. In North Carolina,...
When and how can spendthrift trusts benefit an estate plan?
Architects design with the principle “Form follows function;” creators of a trust could ask whether “Structure follows purpose.” A trust’s purpose, meaning the grantor’s intent and the needs of all identified beneficiaries, will determine its structure, or type....
The role of probate in settling an estate
Without thoughtful pre-planning, the grief of loss from the death of a loved one often clouds the next steps the family must take in order to close out the estate. Regardless of whether or not there is a Will or other financial planning instrument in place, there is a...