north carolina inheritance planning
Post on 10-Jul-2015
152 Views
Preview:
DESCRIPTION
TRANSCRIPT
NORTH CAROLINA INHERITANCE PLANNING –
PART2
CHERYL K. DAVID
North Carolina Estate Planning and Elder Law Attorney
“Through your Will you can Determine who you want to Inherit your Property after you die, as well as make other
Essential Estate Planning Choices, such as Choosing an Executor of Your Estate.”
North Carolina Inheritance Planning – Part 2 www.cheryldavid.com 3
In this second part of our two-part discussion on North Carolina
inheritance planning, we are going to look at some additional questions
that we didn't directly address last time. As with any discussion of legal
ideas and common questions, it's important to remember that no
discussion will ever be an adequate substitute for personalized legal advice.
If you are concerned about inheritance planning, have questions, or need
advice, be sure to talk to your lawyer as soon as possible.
WHAT IS THE EASIEST WAY TO MAKE AN INHERITANCE
PLAN?
We get this question, or variations of this question, all the time. A lot of
people come talk to us and ask what is the absolute minimum they need to
do in order to create an effective inheritance plan. And while the answer to
this question is often
more complicated
than people would
naturally assume,
the simplest of all
inheritance plan
involves creating a
last will and
testament.
A will, as most
people know, is
simply a document in which you can state your inheritance choices.
North Carolina Inheritance Planning – Part 2 www.cheryldavid.com 4
Through your will you can determine who you want to inherit your property
after you die, as well as make other essential estate planning choices, such
as choosing an executor of your estate. Additionally, wills allow you to
choose a guardian for any minor children you might have, as well as make
other important choices.
However, even though a will is often seen as a relatively simple document,
it is anything but. The legal requirements that apply to these tools are
relatively straightforward, but simply crafting a will that meets all the
relevant legal requirements is not enough. You will have to make sure that
each of the clauses you include in your will address the topics you need to
address. Many of these clauses, and options, can be rather obscure, and
most people will not really know to include them until they speak to an
attorney.
WHY DO I NEED TO WORRY ABOUT PROBATE AND NON-
PROBATE PROPERTY?
Anyone creating an
inheritance plan
needs to understand
the difference
between probate and
non-probate
property because this
distinction directly
North Carolina Inheritance Planning – Part 2 www.cheryldavid.com 5
affects how your inheritances will be distributed. In general, all the
property you leave behind after you die will be divided into two types:
probate and non-probate property. Probate property will have to go
through the probate process before anyone can inherit it, while non-
probate property can be passed directly.
The distinction here is important because the probate process can be
lengthy and expensive. If you want to pass inheritances as quickly as
possible, you'll focus on creating an estate plan that maximizes non-probate
asset transfer methods. This can be done in a variety of ways, but typically
involves the creation and funding of a revocable living trust, as well as the
use of transfer-on-death accounts and other non-probate property types.
WHAT ELSE CAN I USE BESIDES A WILL?
Because wills are the most commonly understood inheritance planning
device, a lot of people are surprised to learn about the wide range of other
options they
have when it
comes to
creating an
inheritance
plan.
As we
mentioned
briefly above,
North Carolina Inheritance Planning – Part 2 www.cheryldavid.com 6
inheritance plans can also include a variety of other tools, such as revocable
living trusts. They might also include testamentary trusts, transfer-on-
death accounts, and even more complicated options. Your attorney will
explain all these options to you and advise you on which would be most
beneficial for you in your particular circumstances.
YOU NEED ADVICE.
When it comes to legal issue such as inheritance and estate planning, you
need to be sure that you have done everything to protect your choices. Even
if you are only planning on creating the simplest of inherit the plans, the
tools you create have to meet some fairly stringent legal standards. None of
your wishes will be honored if you fail to ensure that those standards are
met, and if your plan is found to be invalid, all of your hard work will be for
nothing.
If you haven't already done so, it's important for you to schedule an
appointment to come speak to us about your inheritance planning concerns
as soon as possible. Once we speak to you about you want to accomplish,
explain the options that are available to you, and advise you on what would
be best for you and your circumstances, only then will you be able to make
the right choices.
North Carolina Inheritance Planning – Part 2 www.cheryldavid.com 7
ABOUT THE AUTHOR
Cheryl David is a graduate of UNC-Chapel Hill, the
University of Baltimore School of Law, and the
prestigious Trial Lawyer’s College presided over by
Gerry Spence. A former Administrative Judge, Cheryl
is certified as an Estate Planning Law Specialist by the
ABA accredited Estate Law Specialists Board, Inc. She
is also a member of the American Academy of Estate
Planning Attorneys, Medicaid Practice Systems and
the National Academy of Elder Law Attorneys.
In 2008, Cheryl received the honor of becoming a Fellow with the American Academy of Estate Planning Attorneys. The Fellow program recognizes Academy Members who demonstrate advanced expertise and significant practical experience in the total estate planning, trust, tax planning, guardianship, probate and estate administration fields. In order to maintain this advanced expertise, Cheryl takes over 36 hours of continuing education in Estate Planning, Elder Law, and Taxation each year. Also a Financial Planner, she holds the Series 7 and 66 Investment Licenses in addition to both Insurance and Long Term Care/Medicare designations.
Her professional capabilities, together with over 25 years in practice, have combined to bring positive change to the lives of over 4500 clients and their families.
528 College Road Greensboro, NC 27410 Phone: (336) 547-9999 Fax: (336) 547-9477
WWW.CHERYLDAVID.COM
top related