There are many considerations to be made when either appointing an Executor in a Will or obtaining an appointment as an Executor. There are many valid reasons why a named Executor in a Last Will and Testament may not want to accept the appointment. On the other hand, there are many reasons (both legal and [...]
Category Archives: Estate Planning
August 24, 2010
How to Revoke a Written North Carolina Last Will and Testament
North Carolina Statutes dictate the following: 1. By a subsequent written will or codicil or other revocatory writing executed in the manner provided herein for the execution of written wills {signed and witnessed} , or 2. By being burnt, torn, canceled, obliterated, or destroyed, with the intent and for the purpose of revoking it, by [...]
August 20, 2010
Does an Attorney Have to put His or Her Name on a Written Will in North Carolina?
Yes. In the last year, North Carolina has created a statutory requirement that an attorney who drafts an attested written will or a codicil to an attested written will must have his or her name and business address affixed to the instrument and indicate that he or she is the drafter.
August 16, 2010
Not every asset is handled in the same way when transferring it (also known as “funding the trust”) into the Revocable Living Trust. As a matter of fact, there are certain types of assets that if transferred into the Revocable Living Trust will cause significant tax consequences. A common manner in naming a Revocable Living [...]
August 2, 2010
Is a North Carolina Power of Attorney Valid if it is NOT Recorded in the Register of Deeds??
Assuming that the Power of Attorney is otherwise valid and the person who has created the document (principal) is not incapacitated or incompetent, it is valid and may be used by the agent (the person named in the document by the principal) to carry out the instructions and authority in the Power of Attorney provided [...]
July 28, 2010
Probate Court Fees in North Carolina
For those of you who still aren’t convinced that avoiding Probate should be a priority, here is a link (http://tinyurl.com/probatefees) to the list of fees that the North Carolina Probate Court charges for various documents, filings and actions in a probate matter. By they way, some were just raised…again. When calculating fees, don’t forget to [...]
July 23, 2010
What is a Letter Testamentary/Letter of Administration?
If you have been nominated in a person’s Last Will and Testament as the Executor (the person whom collects the assets and distributes them and manages the estate) you will not be able to perform your duties unless you have been appointed by the Court as the Executor. Your appointment is reflected through the Letter [...]
July 5, 2010
10 Events that Signal a Review of your Living Trust
You get married or divorced Your spouse dies or becomes incapacitated You have a new grandchild Your child marries or divorces Your child becomes ill or disabled One of your beneficiaries proves to be financially irresponsible You retire from your business or profession You acquire property in or move to a different state The value [...]
July 1, 2010
Top 4 Beneficiary Issues to Consider with your Retirement Accounts
Have you checked your beneficiary designation for your retirement account recently? If not, you may find that your designated beneficiary is not who or what you think it should be, especially if you have divorced, remarried or had children since your retirement plan account was established. 1. Outdated Beneficiary Designations There have been numerous cases [...]
June 28, 2010
Top 5 Estate Planning Mistakes
I recently read a report that suggested that only about 20 percent of the population has a formal estate plan. After reviewing the points below, please take a minute to consider whether it’s time for you to create or update your estate plan. Here are a few of the top 5 estate planning mistakes that [...]
