A will is a legally binding document that lays out an individual’s after-death plans for his or her property and affairs. It is not required that one has a will, however, if you do not specify what happens to your belongings after you are gone, North Carolina will dispose of your property according to the general rules of inheritance. While you do not necessarily need an attorney while drafting your will, it is highly encouraged in order to reassure you that your will complies with all North Carolina statutes. Creating a will on your own, and having it bring about what you anticipated, can be complicated.
Witnesses In that state of North Carolina, you must sign your will in the presence of two witnesses. If you are unable to sign your own will, a witness may do it for you. Your witnesses do not have to read the will or know its contents. The law demands that the testator – the person making the will – declares in the presence of their two witnesses that he or she intends to sign the document as a Last Will and Testament. There are no criteria when choosing whom the witnesses are, however, it is preferred that they are two impartial individuals that have no interest in the testator’s estate. Notarization While a valid will does not require any type of seal or notarization, it does allow the testator and witnesses to complete a notarized affidavit at the time the will is signed. A notarized affidavit holds the same legal power as if the parties testified in court under oath. This notarized affidavit will make the will “self-proving,” meaning that when the will is filed after the testator’s death, the court does not have to make a separate inquiry to determine the validity of the signatures of the testator and the witnesses. Alternate Forms North Carolina accepts three different variations of wills. The most traditional will is known as an attested will, which means that the will is typed up as an official document and signed by the testator and two witnesses. The other two formats for a valid will in North Carolina include handwritten and oral wills. A handwritten will, also referred to as a holographic will, is a valid will in North Carolina as long as the entirety of the will is in your handwriting and is found after your death. A handwritten will is valid without witnesses; however, the testator must still sign it. A nuncupative will is an oral will made in the presence of at least two witnesses. Majority of States do not recognize oral wills, but North Carolina may if the testator’s death is quickly approaching. North Carolina only permits oral wills for the distribution of personal property – real estate can only be disposed of by an attested or holographic will.
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The majority of Americans have heard of estate planning and know that it’s an important thing to think about before tragedy strikes. However, most people underestimate the value of their estates because they do not fully understand what an estate is and what it is comprised of. An estate is comprised of everything that an individual owns: a car, home, other real estate, checking and savings accounts, investments, life insurance, personal possessions. No matter how large or how modest, everyone has an estate and something in common, these material possessions get left behind when they die. By definition an estate plan the anticipatory act of preparing for the transfer of an individual’s wealth and assets after his or her death.
The Advantages of Having an Estate Planning Attorney It is no secret that estate planning attorneys can be a costly investment. Some attorneys charge hundreds and sometimes thousands of dollars for an estate plan while legal document preparation companies charge as low as four hundred dollars. However, hiring an attorney who specializes in estate planning can be advantageous for a plethora of reasons. First and foremost, and estate plan is an important legal document that will most likely effect an individual’s family for generations. With a document of this importance, it is best to trust an attorney who specializes in estate planning. Secondly, legal document preparation companies create attorney drafted legal documents that are similar to question and answer worksheets. Documents that are drafted in this fashion, are not tailored to a person’s specific situation. Though these documents are legally binding, due to their impersonal nature, there are key elements that can be missed. For example, an estate planning attorney will counsel individuals by listening to their concerns and goals for their families and future generations. A knowledgeable attorney will utilize their background in family law, community property, and real estate and taxes in estate planning meetings with their clients. Finally, at the conclusion of estate planning meetings attorneys will ask about the outcome of decisions that their clients have made to ensure that they feel prepared and empowered to provide for their families with their completed estate plan. Funding a Living Trust Upon meeting with an attorney and completing an estate plan, it’s important to begin funding the living trust. A living trust is funded when it owns something, real-estate, bank accounts, a business, or other personal property. A living trust owns something by transferring the title form the owner as an individual to the owner trustee of his living trust. Making Estate Plans Bulletproof Estate planning is an important tool in protecting an individual and their spouse in retirement and in leaving a legacy for an individual’s heirs. It would be a lengthy process to come up with an exhaustive list of the ways to make an estate plan as invulnerable as possible. Instead, listed below are common mistakes that people make when they construct their estate plans:
What is a Security Deposit?
By definition, a security deposit is a sum of money given to the landlord to ensure that rent will be paid and other responsibilities of the lease performed. Such responsibilities include: paying for damages to the premises caused by the tenant, covering any unpaid bills, and the cost of re-renting the premises after breach by the tenant. The laws surrounding security deposits vary from state to state. Landlords must follow state law when handling tenant’s security deposit, which means using it only for certain expenses and returning it tenants in a timely manner. North Carolina Law North Carolina requires that security deposits from the tenant in residential dwelling units be deposited in a trust account with a licensed and federally insured depository institution lawfully doing business in this state. Security deposits from the tenant may be held in a trust outside of North Carolina only if the landlord provides the tenant with adequate bond in the amount of said deposits. Landlords or their agents are required to notify tenants within thirty days after the beginning of the lease term of the name and address of the bank or institution where their deposit is currently located or the name of the insurance company providing the bond. When Can a Landlord Withhold Security Deposits? As a tenant and as a landlord, it is important to be privy to landlord’s obligations to security deposit guidelines. Below is a list of scenarios detailing when a landlord is prohibited from keeping security deposits and when he must return them.
Remedies for Getting Deposits Back A tenant is allowed to institute a civil action to require the accounting of and the recovery of balance of a deposit if the landlord (or landlord’s successor) in interest fails to account for and refund the balance of the tenant’s security deposit pursuant to this Article. The failure of a landlord to comply with the deposit, bond, or notice requirements of this Article shall nullify the landlord’s right to retain any part of the tenant’s security deposit as otherwise permitted under G.S. 42-51. Additionally, the tenant may recover damages resulting from noncompliance by the landlord. Such damages include cost for an attorney and court fees. |
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