One major piece of the probate process in North Carolina involves filing an inventory for the decedent’s estate. The decedent is the person who died and the executor of the estate is the person responsible for filing the inventory. The inventory process involves...
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Probate
How are different types of wills probated in North Carolina?
In North Carolina, there are different ways in which people create a will. This frequently depends on the circumstances they are facing. Some people are well-prepared and have the will written, witnessed and executed in advance. In other cases, they may need to make a...
Why do people set up irrevocable trusts?
Generally, trusts are either revocable or irrevocable. If you create a revocable trust, you maintain control over it by having the power to change the trust and appointing either yourself or someone close to you as the trustee. However, some individuals decide an...
How can POAs help protect me from the effects of dementia?
If your parent or grandparent suffers from dementia, you may worry about developing the condition when you are older. While not all people inherit dementia from family members, doctors generally encourage people to consider this risk factor. After watching your loved...
Smaller estates can pass easily through probate
Having a will means that the estate will most likely go through the probate process. According to Forbes, a long probate process can leave beneficiaries in limbo. They may be uncertain of their inheritance or when they may receive it. While retirement accounts,...
What happens when a person dies without a will?
When you have a will, the state must honor it as long as it is valid under the law. If you have a will when you die, you die testate, and your family must file the document with the Clerk of Superior Court, according to the North Carolina Administrative Office of the...
What is a probate bond?
Something that may be part of your estate plan is having a safeguard against damaging actions of your executor. A probate bond, according to Zack's, is an amount of money paid to the estate to guarantee the executor will complete the duties of the position. It also...
How do you pick someone to manage your estate?
When North Carolina residents begin to work on their will, they have many crucial decisions to make. One is deciding on an executor for your estate. This person will manage your affairs after you pass on. It is, therefore, one of the most important decisions you will...
What are the benefits of a trust?
Estate planning is a very personalized process because you can choose from many options when deciding how to divide your assets or pass them onto your heirs. You also have options in the level of control you wish to exert over the inheritance you leave each heir. One...
What is the role of an estate executor
When a loved one or close friend passes away, you may feel a myriad of emotions. Even though you are grieving the loss, you must finalize several matters with the deceased's estate. Whether you are the executor of the estate or are creating an estate plan of your own,...