Each state has laws that specifically deal with the probate and administration of your estate. It is best to have your Will drafted and signed according to the laws of your resident state.
The Power of Attorney should be drafted specifically for the laws of the state you live in.
The Health Care Power of attorney and Living Will are statutory form documents mandated by legislature for the state you live in.
You should know how you want your assets distributed when you pass and who will be the executor to settle your estate. You should also know who you want to manage your financial affairs if you cannot and who will make medical decisions for you if you cannot. If you have minor children, you should decide who will be their guardian and who will manage their money until they are responsible adults.
Probate in our state is a means to insure that creditors are paid and that the beneficiaries of your estate are properly distributed the assets as directed by your Will. Life insurance, IRA’s, 401K’s, joint accounts with right of survivorship and real estate held by right of survivorship and real estate held by right of survivorship are not assessed fees by the probate court. Only assets held in your sole name are assessed at $4 per $1,000. A revocable trust is usually recommended to avoid estate tax when the total estate including life insurance, 401K IRAs and all other assets is over $1 million.
A Separation Agreement sets out division of assets, curtails all rights of the marriage partnership and settles support issues. When parties separate a Separation Agreement should be prepared.
You will need to initially bring in information on all assets that have been acquired during the marriage, copies of recent pay stubs and W-2 forms, tax returns and any real property valuations.
1. You or your spouse must be a resident of North Carolina for the past 6 months
2. You must have been separated (living physically separate and apart) for one (1) year or more. All assets should be divided prior to filing for divorce.
The original Will
Full names and addresses of all beneficiaries
Assets in sole name of decedent
Your assets will pass according to North Carolina Law. Heirs of the estate must agree on the administrator of the estate. The court will administer the funds of a minor until the child is 18 years of age.
Yes, A survey is recommended because it establishes the property boundaries, identifies any encroachments on the property and allows the attorney to apply to the title insurance company for insurance as to matters of survey.
Yes, an attorney’s title search will identify if there are title defects such as unpaid deeds of trust, unpaid taxes judgments and provides certification of marketable title to the property.
Your mother’s home is considered exempt and not includable in the calculation for Medicaid. Careful consideration must be given before transferring property out of your mother’s name.
An LLC (Limited Liability Corporation) or a corporation provide liability protection. Protection from liability is an important factor to consider when starting a business.
The website provides the documents the Secretary of State requires but more documentation is needed for the formation of the Corporation or LLC to be a valid business entity.