Need to discuss your estate planning needs? Contact Adkins Law to arrange a consultation with a wills and trusts lawyer!
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If you would like to arrange a consultation to speak with an estate planning attorney, contact Adkins Law. Adkins Law has locations in Huntersville and Ballantyne for your convenience. What is a durable power of attorney, and why is it important to have one? If you need a durable power of attorney, or would like to speak to an estate planning attorney, Adkins Law can help you. Contact Adkins Law to arrange a free estate planning consultation. Adkins Law has locations in Huntersville and Ballantyne. 1. You determine who gets your property, personal and real, and also who receives your money.
2. Potential arguments between family and friends over who gets what are minimized. 3. You may appoint a guardian for your children. If you do not appoint a guardian, the court will, and that person may not be someone you wish to raise your child. 4. You may appoint trustees for your minor children to oversee the estate they inherited. When you appoint a trustee, you may place specific directions in your will to allow for using your child's inheritance for support, education, and direct how and when your child receives the remainder of their inheritance. 5. You can appoint an executors (or administrator) to determine your assets, pay off any debts, pay any death taxes, and distribute what is left of your estate. 6. If you are an unmarried couple you can ensure that your partner is provided for. 7. If you are separated but not yet divorced your spouse or civil partner may still be able to make a claim on your estate until the divorce is finalized. 8. You can ensure you do not pay more inheritance tax than is necessary. Wills can be utilized to make savings on inheritance tax. If you would like to speak with an estate planning attorney concerning drafting a will, contact Adkins Law. We have locations in Huntersville and south Charlotte for your convenience. You can amend you existing Last Will and Testament by executing a codicil. A codicil is a document that you draft that amends certain sections of the Will, instead of drafting a whole new will. A codicil can be any length, like it can be 4 pages, 2 paragraphs, a few sentences or a couple of words. To reduce the possibility of a misinterpretation of the codicil you should be try to make simple changes and not complicated ones, in the case that you want to make a number of changes and some of them are complicated you are better off revoking the current will and drafting a new one. A lot of times it is just as easy to create a new will as it is to modify an existing will.
Drafting a Codicil When adding a codicil, you must keep three things in mind: (1) Specify the portions of the Will that are being changed and the changes you wish to make. (2) State that the changes are effective on the date that the codicil is signed. (3) State whether any original provisions of the original Will is affected by the codicil. Two Requirements for a valid codicil: (1) You must sign your codicil in front of two witnesses. There is no requirement that the codicil be notarized in North Carolina. (2) Your two witnesses must sign your codicil. The witnesses do not need to read the codicil. If you want to speak to an estate planning attorney regarding amending a will, contact Adkins Law. We have locations in Lake Norman and Charlotte for your convenience. Disinheriting a spouse? Under North Carolina law, you cannot completely disinherit your spouse who are you are currently married to and living with. The surviving spouse is entitled to an “elective share” of the decedent’s total net assets. The right of elective share by the surviving spouse can be found under N.C.G.S. § 30-3.1, which also provides what percentage is the surviving spouse’s share of the total net assets of the decedent: “(1) If the surviving spouse was married to the decedent for less than five years, fifteen percent (15%) of the Total Net Assets. (2) If the surviving spouse was married to the decedent for at least five years but less than 10 years, twenty-five percent (25%) of the Total Net Assets. (3) If the surviving spouse was married to the decedent for at least 10 years but less than 15 years, thirty-three percent (33%) of the Total Net Assets. (4) If the surviving spouse was married to the decedent for 15 years or more, fifty percent (50%) of the Total Net Assets.” If you and your spouse are separated, however, you may waive the right to receive anything from the other's estate if you chose to execute a separation agreement stating as much. Disinheriting children? In North Carolina, you can disinherit your children. If you chose to disinherit a child, you must do so by explicitly stating that the child is disinherited in your will. It may also help to state the reason as to why the child is getting nothing, or a reduced amount. If you simply do not mention a child in your will, it may be interpreted that you did not mean to intentionally exclude the child. If you would like to speak with an estate planning attorney regarding drafting a will or estate plan, contact Adkins Law. We have locations in Huntersville and Ballantyne for your convenience. A person who dies without a will is referred to have died intestate. The court will distribute the decedent’s estate to the surviving spouse first and then remaining balance will be distributed to the decedent’s descendants by using the Per Capita at Each Generation method. The court follows the intestate rules provided under the North Carolina General Statute (“NCGS”). Spouse’s portion of the decedent’s estate: NCGS 29-14 provides the rules for what portion of real property and personal property the surviving spouse shall receive from the decedent’s estate. Real Property For real property the following rules apply under NCGS 29-14(a). First, if the decedent has no surviving children or grandchildren and their parents are also deceased, then the spouse receives all of the real property. Second, if the decedent has one child or any lineal descendant (grandchild) of a deceased child that has survived them, then the spouse receives only one-half interest in the real property. Third, if there is: two or more children, one child and any lineal descendant of one or more deceased children, or lineal descendants of two or more deceased children that has survived the deceased; then the spouse receives one-third interest in the real property. Lastly, if there are no surviving children or lineal descendants but one or both of the parents survived the deceased, then the spouse receives only one-half of the real property while the remaining portion goes to the surviving parent or parents of the deceased. Personal Property For personal property the following rules apply under NCGS 29-14(b). First, if the decedent has no surviving children or grandchildren and their parents are both deceased then the spouse receives all of the personal property. Second, if the decedent has one child or any lineal descendant (grandchild) of a deceased child that has survived the deceased, then the spouse receives the first $60,000 plus one-half of the remaining balance of personal property. Third, if there is: two or more children, one child and any lineal descendant of one or more deceased children, or lineal descendants of two or more deceased children that has survived the deceased; then the spouse receives the first $60,000 plus one-third of the remaining balance of personal property. Lastly, if there are no surviving children or lineal descendants but one or both of the parents survived the deceased, then the spouse receives the first $100,000 plus one-half of the remaining balance of personal property while the remaining portion goes to the surviving parent or parents of the deceased. Surviving children and lineal descendant’s share: Under NCGS 25-16 provides that the court shall use the Per Capita at Each Generation method to distribute the remaining portion of the decedent’s real and personal property. The Per Capita at Each Generation, provides the initial division of shares of interest is made at the closest generation at which one or more descendants are alive, but the shares of the deceased persons on that generational level are treated as one group and are dropped down and divided equally among the representatives in the next generation. Note that NC does not recognize step-children to take if their step parent dies intestate. However, NC treats half-blood and whole-blood descendants the same. If you would like to speak with an estate planning attorney in regards to drafting a will, please contact Adkins Law for a free estate planning consultation. Adkins Law has offices in Huntersville and Ballantyne for your convenience. |
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