Probate Estate and Trust Administration
ESTATE PLANNING HOME
Probate, Estate & Trust Administration
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North Carolina Estate Planning Lawyers
Two Of The Primary Goals Are
Providing for the decedent’s surviving spouse and family
Reducing the gift or estate tax that result when a person’s property is passed to others either during life or at death
Both of these principles are interconnected and can be complex. If you neglect to plan your estate before your death, your state law will decide. Often this can be damaging to both family members and spouses.
The Estate Planning Lawyers at King Law Firm makes use of the primary vehicles such as Wills and Trusts to assist clients with their estate planning goals.
A Will is the written document that will take effect when the person signing it dies. All of the property owned at death by the testator is covered in the Will. the court process of administering a will is referred to as Probate
A trust is an intentionally created relationship with regard to property in which the legal title is in the trustee. The benefit of ownership is another person, the beneficiary. There are many different types of trusts, but the most common is a living trust (often called an “Inter Vivos” trust). It’s a document that is revocable at any time by the person signing it but becomes irrevocable at the time of death. Living trusts are often used because they minimize the probate process.
Other basic estate planning documents include: a living will, a durable power of attorney for health care, and a durable power of attorney for personal affairs. A living will sets out a client’s wishes about the medical care desired if they are in a permanent vegetative or incapacitated state. A durable power of attorneys appoints a client’s agent to act on their behalf for medical and personal affairs when necessary or warranted.