Charlotte Estate Planning Blog

North Carolina residents can take certain steps to make sure that their estate plans are in order. Taking these steps can remove much of the burden endured by surviving loved ones who may have to handle their relatives' estates.

It is important to conduct an inventory of all the assets one may own before creating an estate planning checklist. Individuals should note their real estate, bank accounts, retirement accounts, inheritances they have received, investment accounts and any business ownership they have.

You never expected it to happen, but you are on the cusp of your second marriage. This time, you feel like you have found the one, and you are ready to start this new chapter in your life. Entering a second marriage is not something you intend to do with blinders on. If your first marriage ended badly, you may feel it is dangerous to throw caution to the wind.

However, the thought of a prenuptial agreement to protect your interests if something goes wrong leaves a bad taste in your mouth. While you may be like many who fear that signing a prenuptial agreement may jinx your relationship, there are some factors to consider regarding the use of a prenup in your estate plan, especially if you have children from a previous marriage and live in North Carolina.

Ideally, residents of North Carolina will review their estate plans on a regular basis. Failing to do so could mean that it is missing key components such as an advanced medical directive or a will. It could also mean that the plan doesn't have updated beneficiary designations or that assets are distributed outright instead of in a trust. Ultimately, this may mean that a plan is executed against a person's true wishes.

Those who have life insurance policies should make sure that they have not lapsed. It is also worthwhile to see that the policy as written will meet a person's needs today. If not, it should be updated or otherwise improved. Individuals should be sure to spell out who will obtain ownership of any personal items left behind. Items may include an engagement ring or any other objects that have monetary or sentimental value.

When North Carolina residents die, their assets may need to go through probate. However, there are strategies that a person may employ to skip this process. This may allow an estate to transfer assets in a timely manner, which may provide clarity to beneficiaries as to what they will receive and when. Avoiding probate may also save an estate money.

Those who are keen to protect their privacy may want to transfer assets to a trust or have them titled to a beneficiary. While the terms of a trust are not made public, details of a probate hearing are generally available for everyone to see. It should be noted that some people prefer the public nature of probate as it reduces the odds that an executor or other parties will engage in nefarious dealings.