Matthews Estate Planning Lawyer

Estate Planning Attorney in Matthews, NC

Over the course of one’s life, they may have gathered a lot of assets, including money, real estate, and personal property. If they choose to, they are able to leave their assets to beneficiaries through an estate. When you want to begin planning out your estate, it is important to have help by your side. If you are seeking guidance on planning your estate, a Matthews estate planning lawyer can help.

Trust the Team at Orsbon & Fenninger, LLP

We at Orsbon & Fenninger, LLP, have over 75 years of combined experience in North Carolina. One of our specialties is estate planning law. We have served the North Carolina area for over 16 years with our private practice. When you work with us, you work with a team of experienced professionals who know the law.

Why Should I Hire an Estate Planning Lawyer in Matthews?

You should hire an estate planning lawyer, as estate planning in can be difficult on your own, especially if you have many assets you plan on putting in your estate or have many beneficiaries. By hiring skilled legal counsel, you have the opportunity to work with someone who knows the ins and outs of the estate planning process, as well as any local laws related to it.

During your consultation with us, you are invited to share the details and plans for your estate, as well as any questions you may have about the estate planning process.

Estates in Matthews

An estate is the combined property of someone prior to their death. Estates can be distributed to benefactors through either a will or a trust. People who tend to be beneficiaries of a will or trust include family members, friends, and certain organizations, like charities.

There are three kinds of beneficiaries. They include:

• Primary beneficiaries: The first choice to inherit an asset(s)
• Contingent beneficiaries: An alternative choice for a beneficiary if the primary beneficiary cannot inherit assets
• Secondary beneficiaries: Can inherit an asset(s) if primary and contingent beneficiaries cannot

In North Carolina, if you do not have a will or a trust on the date of your death, your assets will automatically go to your spouse and children. If you do not have a spouse and children, your assets will go to immediate family members, such as parents.

In order to create an estate in Matthews, you must first gather your assets. You are able to choose what you would like to have in your estate. Assets can include:

• Bank accounts (money)
• Property
  • Real estate
  • Personal property/valuable items

Once you have decided what you would like to have in your estate, you are allowed to create a will or a trust, so when you eventually pass away, the beneficiaries you have chosen can get the assets you have left them. However, this is not required.

Estates must be administered in the county where the person lived at the time of their death, or, if they were not living in North Carolina at the time of their death, it can be administered in the county where the person had property. The Wayne County Clerk is in charge of administering estates.

At the Wayne County Clerk’s office, make sure to bring a death certificate for the deceased, a list and application of the deceased’s property for the estate, and a will if there is one. There is a required $120 filing fee. Forms can be filled out prior to visiting the clerk’s office and can be found on the Wayne County Court’s website.

FAQs

Who Is the Ideal Person to Talk to About Estate Planning?

The ideal person to talk to about estate planning is your estate planning lawyer. If you are trying to figure out how to distribute assets and what assets you would like to include in your estate, an estate planning lawyer can help you make those decisions. You should also speak to someone whom you are planning to make the executor of your estate. Make sure it is someone that you trust.

What Are Common Mistakes to Avoid in Estate Planning?

Common mistakes that you should avoid when you are planning out your estate can include not planning at all, not coordinating with who will be a beneficiary, and not planning what assets you want to include in your estate. If something ends up happening to you, and you have not properly planned your estate, your beneficiaries may end up missing out on your assets, and your assets may be distributed by a court-appointed person.

How Are Estate Lawyers and Estate Planners Different?

Estate planners may only focus more on actually planning out your estate, but many of their duties can overlap. They can help you decide what assets you would like to include in your estate and what your beneficiaries can receive. An estate lawyer may focus on things regarding the estate after a decedent’s death. They can walk an estate through probate with the Wayne County Court and handle the legal filing of documents such as wills or trusts.

What Are the Six Worst Assets to Inherit?

The six worst assets to inherit include timeshares, vacation homes, sentimental/valuable items, businesses, and firearms. Timeshares and vacation homes may create a financial burden on beneficiaries due to their high property taxes and contract fees.

With sentimental items, there may be a cause to fight over the items if other people want them. With businesses, beneficiaries may fight about ownership and the possibility of keeping them open, since it may not be viable for them to run them.

Hire an Estate Planning Lawyer

Planning your estate can be overwhelming to go through alone. It may become complicated, especially if you have a lot of assets and are trying to decide beneficiaries. If you would like to begin planning your estate, trust the team at Orsbon & Fenninger, LLP. We are here to help you. To schedule a consultation with the team, call our toll-free number or visit our office in Charlotte. Don’t wait, hire an estate planning lawyer today.