Cary Estate Planning

There are three ways to avoid probate: · Not owning anything on the date of your death, · Only owning assets in a non-probate designation, or · Utilizing trust-based planning to remove assets from your estate.

There are really 3 potential costs associated with Probate: · The filing and notice fees (usually $120 and $115-130 depending on the newspaper), · The Probate fee (0.4% of probate assets up to $6,000), and · The Attorney’s Fee for assisting with the Probate proceeding ($1,000 – $10,000, depending on the matter and the Attorney).

It can take anywhere from 3 months to several years, depending on the nature and complexity of your estate. The duration will depend on the number of creditors, the types and location of your probate assets, whether there is a dispute amongst your beneficiaries, and whether there is a wrongful death action pending.

The Executor named in your will, and potentially an attorney of their choosing, will be tasked with settling your estate – i.e., paying your debts and disbursing your assets to your beneficiaries. The Executor will have a fiduciary responsibility to your beneficiaries in that endeavor.

It’s entirely up to the Trustor, but normally the Trustor will also serve as Trustee during their lifetime. Once they pass away, a Successor Trustee takes over – that person is appointed by the Trustor in the Trust.

If you do not appoint a Guardian in a Will, or some other writing executed with the same formalities of a Will, then your family will be able to petition the Clerk for Guardianship – but in that event, the Clerk will have no context or background for your kids or your family, so the person you may not have intended to be the Guardian may end up being appointed Guardian by the Clerk.

Technically yes, anyone can draft a will. However, drafting your own will is a risky endeavor because you simply don’t know what you don’t know. Creating your own will makes it much more likely that there will be something left out or unaccounted for, or that a legal formality is not followed. It is always best to consult an Estate Planning Lawyer when considering implementing a Will in your estate plan.

A Will is a legal document, normally prepared by an Estate Planning Lawyer, setting out your wishes for the distribution of your assets after you pass, the appointment of a Guardian for any minor children or pets you may have on the date of your death, the payment of your debts, and the appointment of an Executor to settle your estate.

No, not usually. A will is often called a “ticket to probate”, meaning that it only governs assets that would normally need to pass through the court process of probate in order to be passed on to the intended beneficiary. The answer to this question largely depends on the assets and beneficiary designations of the testator (the creator of the will) at the time of their death. Wills are not generally probate avoidance tools, though.

If they are minors at the time of the deaths, and if you designated a Guardian for Minor Children in your Will, the Guardian will submit the Will to the Clerk of Court and Petition for Guardianship of the children. The Clerk is required to defer to the wishes of the parents unless the potential Guardian is unfit.

A Trust is a contract between three parties. The trustor, trustee, and the beneficiaries. It is essentially a set of rules the set out how the Trustee is to hold the assets for the benefit of the Beneficiary(ies). The Trustor sets the rules. Trusts can have many different benefits, but are a complex planning technique that is not appropriate for everyone.

A Revocable Living Trust has two primary purposes: 1) to avoid probate, and 2) to provide more structure to the distribution of your assets after you have passed. The trust allows all assets titled in the Trustee’s name to avoid the probate process and be capable of use immediately after your death, and it allows the Trustor to put specific rules around how and when the Beneficiaries should receive their assets.

Yes! During the life of the Trustor, the Trust can be amended or terminated whenever the Trustor wants. That means the Trust can be changed to evolve with your family and financial circumstances. Once the Trustor has died, the Trust becomes irrevocable and generally cannot be changed without a Court Order.