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.
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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. 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. The Health Insurance Portability and Accountability Act of 1996 ("HIPAA") governs, in part, the disclosure of protected health information. HIPPA potentially creates issues for health care agents in that it prohibits the disclosure of protected health information until such agent is acting. Similarly, a patient's family may not receive protected health information without that patient issuing a HIPAA authorization or release authorizing the disclosure. The principal may limit the type of information released and revoke the authorization at any time. Without having a HIPAA authorization on file with the health care provider, the patient's agent, family, friends, and others involved in his or her care, or payment for care, may not receive protected information. If you would like to meet with an estate planning attorney to discuss HIPAA, health care agents, and living wills, contact Adkins Law to arrange a free estate planning consultation. Adkins Law has locations in Huntersville and Ballantyne. By Elspeth Crawford What happens to you after you die is a question with no answer. What happens to your stuff, however, is much more clear. If you own property and assets, you should strongly consider drafting a will. That way you, and not your state government, can decide who gets your property and assets when you die. In most cases, wills are written legal documents, but some states do recognize other types of wills. The legal requirements of each state can vary, so it's essential that your will is drafted and executed properly. The main reason for having a will is to allocate your property to heirs in any way you like. But there are other things you can include such as funeral arrangements, legal guardians for your minor children, and who should serve as executor of your will or trustee of any trusts you create. A Will Must Meet Certain Legal Requirements Most wills are formal documents that instruct how money and property should be distributed to each person named as an heir. Typically, for a will to be valid, you need to have one or two people witness you signing the will and then sign it themselves. The witnesses can be anybody,; they require no special qualifications. In some states, however, wills that are handwritten or simply spoken can be legally enforceable, too. A Will Keeps The Government Out Of It When you die without a will, state laws known as "intestate succession laws" will decide which family members will inherit your estate and in what proportion. In most states, your spouse and children take priority under intestate succession. If you want other people to inherit some of your property, or if you want to leave everything to your spouse and children, but in different proportions than they would receive under your state’s law, a will is one of the best ways to ensure that the state won't make that decision for you. Make It Easier On Your Family The division of an estate after death can bring out many emotions. The slightest differences can result in hurt feeling and recriminations. As divorce becomes more complex and blended families more common, dividing assets has become even more complicated. A typical situation is when you're in a second marriage and have children from your first marriage. In this case, allocating your property purposefully between your second spouse and your children can give you peace of mind and prevent your family from fighting over your possessions. DIY Solutions May Cause More Problems Than Solutions The law surrounding creation of a will is complicated and nuanced. Plus, the facts of each case are unique. This article provides a brief, general introduction to the topic. For more detailed, specific information, please contact a trusts and estates lawyer. |
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