Probate is a legal process that comes into play when you maintain sole personal possession of property that will be transferred to your heirs someday. Because other interested parties may have claims against the estate, the heirs don't receive their inheritances until the estate has been probated. Probate in Charlotte North Carolina can be time-consuming. As a result, people often take steps to avoid it. The utilization of joint tenancy with right of survivorship in Charlotte NC would be a way … [Read more...]
What Are the Drawbacks of Probate in Charlotte North Carolina?
Any discussion of estate planning should involve an examination of probate to one extent or another. Just about everyone has heard of a last will. It is the vehicle of asset transfer that is most commonly utilized among people in North Carolina who want to arrange for the future distribution of their financial assets. If you do use a last will, you should understand the fact that the estate must be probated before the heirs receive their inheritances. Probate in Charlotte North Carolina During … [Read more...]
How Long Does Probate Take?
Probate is a legal process that will have to run its course before the heirs to your estate receive their inheritances if you use a last will to arrange for the transfer of your personal property. Most people would prefer to see their loved ones receive their inheritances right away if possible. However, this is not going to happen when probate is a factor. How Long Will It Take? You may wonder how long it will take for your estate to be probated. This is a question that does not have one … [Read more...]
Probate Alternatives You Should Seriously Consider
Part two of two parts on Probate and Estate Planning (continued from August 24) In our earlier post on Probate we defined Probate for you and gave you some examples of how an estate is settled in the courts. Again, Probate is designed as a protective tool for families, but Probate does have drawbacks, not the least of which is loss of privacy. Another critical factor – often overlooked – is the fulfillment of the wishes of the deceased: it may be that he or she wanted to leave this or that … [Read more...]
Probate: What It Is, What it Does, and How You Can Avoid It
Part one of two parts on Probate You’ve probably heard of the term “Probate.” Probate relates to the settlement of an estate by means of a specific process in the courts. Many estates are settled in Probate, but not all of them by any means. The most common Probates involve individuals who do not have a formal Estate Plan or Living Trust in place. Probate is put into practice in every state, although the procedures can vary. The intent of Probate is to offer a legal process for reviewing … [Read more...]
Is Joint Tenancy a Good Fit for Me?
If you’re taking a look at your asset ownership when creating your estate plan, you may be considering using joint tenancy as a way to own certain assets. This can be beneficial in many cases, but it has many pitfalls. We’ve outlined below some information on the use of joint ownership. If you have any questions, or if you’d like to discuss how joint ownership would affect your estate plan, meet with an estate planning attorney. What is joint tenancy? Joint tenancy is a form of ownership in … [Read more...]
Is a Revocable Living Trust Worth the Money?
As we all try to stay above water in the current economy, we’re looking for ways to save money and some prospective clients have asked: “Is a revocable living trust worth the money?” Only you can decide for yourself. There is no right or wrong answer. It is more expensive to set up a revocable living trust than to create a simple will. But, what does a simple will do? Not much. At least not much when compared to a trust. Don’t get me wrong, a will is imperative. Everyone age 18 or older … [Read more...]
I Want to Avoid Probate
Many people seem to know that they want to avoid probate even if they aren’t sure why. Here are some reasons you might want to avoid probate: What is probate? First of all, what is probate? This is a common question and even when people know they want to avoid probate, they’re not sure what it is. The term “probate” is commonly used for two processes: the process by which the probate court determines the validity of a will and the entire process of settling an estate. What happens during … [Read more...]
