During probate, creditor claims can slow down the process, reduce the value of the estate, and create complications for beneficiaries. Understanding how these claims affect probate and how to manage them helps make the process smoother for everyone involved. Reviewing...
Many people in North Carolina might wonder if setting up a trust is something only wealthy individuals can benefit from. The common misconception is that trusts are complex financial tools used only by the rich to manage their large estates. However, trusts offer...
The timeline for settling an estate can vary based on several factors and legal requirements. The person assigned as executor usually manages and distributes the deceased person's assets according to their will or state laws. Understanding the breakdown of the process...
Creating an estate plan is a significant step that involves careful thought and consideration. However, when undue influence occurs, it can disrupt this process, leading to decisions that do not truly reflect the person's wishes. In North Carolina, it's crucial to...
Navigating the probate process can be particularly challenging during a time of grief and loss. As you work through this complex legal procedure, it's natural to have numerous questions and concerns. Understanding how the probate process works can alleviate some of...
Handling paperwork and legal matters is often the last thing a family wants to deal with after losing a loved one. However, the government wants to ensure the deceased's estate goes to the correct inheritors. It also wants to collect any taxes due. To accomplish this,...
Estate plans involve more than just preparing for your death. Someday, you may suffer a serious disability or incapacitation, or you become too infirm to make life decisions for yourself. This is why many people name someone to be their power of attorney. Powers of...
The idea that wills are only necessary for older individuals is a common misconception. Citizens under a certain age tend to believe they can put off having such a document until later. However, there are compelling reasons why younger persons should have a will....
Due to the disabling effects of an illness or the infirmities of old age, you may become incapacitated and no longer able to communicate your medical preferences to family and doctors. Through a living will, you may avoid losing control over your care. A living will...
The Tax Foundation reported the average payment for federal estate taxes in 2021 was $30.5 million. While most estates will not be large enough to require payment of that type of tax, there are still tax responsibilities the executor must handle. The executor must...