Residents of Charlotte, North Carolina, and the rest of the U.S. should consider Stan Lee's story as an example of what not to do when planning an estate. Stan Lee spent the last years of his life dealing with multiple business managers and attorneys, but he still left a complicated web for his family to unravel.
Many North Carolina residents want to save time and make life easier for their heirs while also ensuring that their own bills will be paid off in the future. A key goal in estate planning is often to avoid probate and allow property to pass on without having to go to court. This is one reason why many people turn to joint ownership as a way to save time and money.
Whether your first spouse passed away or your marriage ended in divorce, your children may have had strong opinions about your decision to remarry. A second marriage requires careful planning, especially if you already have substantial assets or are blending children from previous relationships. However, one plan often goes overlooked at times like this, and that is your estate plan.
Trusts are often an attractive method for North Carolina estate owners to pass on wealth outside the probate system. However, it is important that people select the right trustees when setting up a trust. Otherwise, the consequences could be significant for the intended beneficiaries. Trustees have a responsibility to manage assets in the interests of the beneficiaries, but some may be neglectful, disconnected or even corrupt.
Many people in North Carolina want to pass on their assets to their children, and they may see the advantages of planning early on for wealth transfer. By creating trusts earlier in life, people can not only put their estate plans in place but also reap significant tax benefits. At the same time, many people are concerned that they could actually impact their children's lives negatively by letting them know that a large trust fund will be waiting for them.
A parent or grandparent in North Carolina who wishes to fund the education of heirs through an estate plan will need to consider issues like equal treatment and differences in educational costs. Paying for the schooling of multiple heirs could be accomplished by setting up a single pot trust for all of the beneficiaries or separate trusts for each heir.