There is no substitute for creating a strong estate plan that clearly spells out your wishes. Taking this important step now will allow you to remain in control of the process and limit future disputes among family members. With a task as important as that, it’s essential that you work with an estate planning attorney who has the skills and experience to reach the best possible outcome for your family.
The dedicated professionals at Ellis Family Law, P.L.L.C., in Durham, Raleigh, Cary, Pittsboro and Wake Forest, can help you prepare an estate plan that carries out your last wishes and protects your family. We work with clients throughout the Triangle area.
Most people do not like thinking about estate planning. A well-thought-out plan, however, can answer important questions like:
With a valid last will and testament and an estate plan that contains an advance directive and power of attorney designation, your wishes will be clear. If you die without a valid will or an estate plan, however, your estate is distributed according to the state’s intestate succession laws — whether that was your intention or not. Costly litigation can also occur among family members.
Because every estate is unique, every estate plan is unique. There is no one-size-fits-all solution as estate plans are dependent on your family structure and dynamics, property and assets and importantly, your wishes and goals. You may own multiple properties, a business, have a blended family or children with special needs, and more.
When you meet with the legal team at Ellis Family Law, P.L.L.C., we will discuss your goals and what is most important to you. We will work together to create the customized estate plan that serves your needs and accomplishes your goals, so you can have peace of mind in knowing your future and family are in good hands.
Many incorrectly assume estate planning is just for the elderly or for those with significant property or assets. In reality, most people can benefit from having an estate plan in place.
For example, parents of minor children can find peace of mind in preparing for the unexpected by choosing a guardian and setting up a trust to set their children up for financial stability. Adults of any age may want to plan for the future by setting up a health care power of attorney to address unexpected medical complications.
If you die without a will, the NC Intestate Succession Act is triggered to determine how your assets will be distributed, which is a particular percentage split between your spouse, children and/or parents. Domestic partners and stepchildren are not included as possible beneficiaries in the Act. The court will also appoint an administrator to manage the estate to ensure the property is passed as the statute provides.
A trust in North Carolina is a fiduciary arrangement wherein a trustee is designed to hold and manage assets on behalf of a beneficiary. This is commonly used to avoid probate, maintain privacy and control asset distribution.
If you die without a will or an estate plan in place, the distribution of your property and assets is then guided by North Carolina intestate succession statutes. Intestate succession can be very limiting and distribution of property and assets is guided by a fairly linear process. For example, if you are survived by your spouse and children, property and assets will be evenly divided between these heirs. If you die without a spouse or children, property and assets will be divided among your parents. Depending on the unique circumstances of your situation and which family members are left, your siblings, grandparents and so on may stand to inherit property or assets.
This can lead to complications, most notably disputes between family members. While intestate succession laws aim to divide property and assets in a reasonable manner, this process does not fit each family and may not align with the wishes you would have chosen. Dying intestate means you have little to no control over what happens to your estate.
Creating a will is usually a protective act for your loved ones who will be left to sort through what you leave behind and go through probate administration. Naming someone to be your executor, someone to be the guardian of any minor children and the trustee of any property left to a minor can also be accomplished in a basic will.
Probate in North Carolina involves the Clerk of Court overseeing the administration of a decedent’s estate. During this time the assets are given to the appropriate beneficiaries and the decedent’s debts are paid. The process tends to last anywhere from 6-12 months, generally.
I highly recommend Sonya as an estate attorney. She listened carefully to my described goals and came up with a customized plan for my personal situation. She is an exceptionally...
I highly recommend Sonya as an estate attorney. She listened carefully to my described goals and came up with a customized plan for my personal situation. She is an exceptionally good communicator, very knowledgeable in the field of estate planning, easy to work with and an amiable person.
We are equally skilled in litigation and in resolving disputes outside of court.
Mediation, arbitration, and collaborative approaches that resolve disputes with less stress and more cooperation.
Thoughtful advocacy for parenting arrangements that protect your children and preserve what matters most.
Call Ellis Family Law, P.L.L.C. in Durham, Raleigh, Cary, Pittsboro or Wake Forest, or schedule a consultation to speak with an estate planning attorney about the services that our firm can provide.
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