Mooresville Avoiding Probate Lawyer

Mooresville Avoiding Probate Attorney

When a loved one passes, going through the process of notifying creditors, clearing debts, and distributing the remaining assets can be emotionally draining at a time when the deceased’s life should be celebrated. Allowing a Mooresville avoiding probate lawyer to handle your future asset distribution before your passing gives your loved ones the chance to grieve your passing and celebrate your life.

Choose Orsbon & Fenninger, LLP

With over 75 years of combined experience, our knowledgeable probate attorneys at Orsbon & Fenninger, LLP can help you plan how to appropriately distribute your estate before your passing, preventing your loved ones from a potentially lengthy and costly probate process. When you hire a probate lawyer at Orsbon & Fenninger, you get attorneys who are board-certified by the North Carolina State Bar, focusing on estate planning and probate law.

As native Carolinians, we want to see our Mooresville neighbors thrive. Based in Charlotte, we know the probate laws in North Carolina and how those laws could affect your probate case should you choose not to avoid probate before you depart. We pride ourselves on being down to Earth and easy to talk to. With your interests in mind, our family can guide your family through the process of avoiding probate.

What Is Probate in North Carolina

Mooresville residents may be young, with a median age of 36.5 years, but it is never too early to start thinking of ways to protect your legacy. Probate, or the probate process, is the legal term for dividing a deceased person’s assets based on their will or, if the deceased had no will, according to state law. Probate helps ensure heirs receive their rightful inheritance while also giving creditors a formal process to make valid claims.

For heirs, probate protections include:

• Legal oversight to ensure that all assets are distributed according to the deceased’s wishes and the law
• Preventing anyone from misusing or illegally accessing the estate’s assets
• Legal transfer of property or wealth from the deceased to the beneficiary, preventing future disputes
• Resolving conflicts related to a will’s validity or how assets are being distributed

The probate process balances creditor rights with estate protections in the following ways:

• Creditors are notified of the probate process.
• Claims can only be made against the estate for a limited time, generally three months.
• Debts are paid based on a court-established priority order.
• Debtors who fail to file a claim are unable to pursue any heirs for payment of those debts, preventing future liability.

Ways to Avoid Probate

When you’ve spent your life building something meaningful, you want to ensure it’s passed down according to your wishes. Whether that’s your beautiful lakefront estate on Lake Norman or your favorite fishing boat, you want those cherished items cared for after your passing. Knowing how to establish your estate ahead of time can prevent your assets from being held up in court and save you up to $6,000 or more.

1. Establish a revocable living trust. Assets placed in a revocable living trust are distributed to their designated recipients directly without the need for court assistance. You also retain the ability to control your assets and modify the trust while you’re alive.
2. Certain assets can avoid probate if you legally establish joint ownership of the item with the intended recipient. This method is for assets such as homes, vehicles, and money market accounts.
3. Accounts such as IRAs, 401(k)s, and investments can be established with payable-on-death beneficiaries. Beneficiaries can be changed by the account holder to reflect changing circumstances.
4. Certain items can also be gifted. However, gifts are subject to tax laws if over a certain amount; $38,000 for married couples currently. Having a knowledgeable probate attorney can help decide if this route is beneficial for your situation.

FAQs

What Does It Mean to Avoid Probate?

Avoiding probate means your assets can be transferred to your heirs without going through the probate process. Legally, probate is the process of the court notifying your creditors of your passing, verifying your assets, and distributing those assets to your creditors and heirs according to either your will or state laws. In order to avoid probate, there are measures you can set up that can automatically distribute your assets according to your wishes upon your death.

How Do I Avoid Probate in North Carolina?

To avoid the probate process in North Carolina, assets can be distributed to their intended beneficiaries in several ways. A revocable living trust will distribute assets directly to heirs. Creating joint ownership of tangible items will allow full ownership when one owner passes. Payable-on-death beneficiaries can be named on certain money management accounts. Items or money can be gifted outright according to applicable tax laws.

Why Is It Ideal to Avoid Probate Court?

Depending on your individual situation, it can be ideal to avoid the probate process for a few reasons. First, you have more control over who receives your assets. Second, your family avoids the additional fees associated with the probate process. Third, your heirs, in most cases, will have immediate access to their intended inheritance without having to wait for the probate process to finish. Lastly, if you distribute items as gifts, you get the joy of seeing your heir’s enjoyment.

What Is the Average Fee for a Probate Attorney in North Carolina?

There is no average fee for a probate attorney in North Carolina. Probate attorneys often charge by the hour, so the total fee for a probate attorney will depend on the total hours billed. More complex estates will result in more billable hours and a larger fee. However, you are not charged upfront; all attorney fees are paid by the estate.

How Much Does Probate Cost in North Carolina?

The total cost of the probate process in North Carolina will depend in large part on the hourly rate of your lawyer and the total billable hours. The complexity of the estate will affect how many hours are billed. However, there are additional fees, including court and filing fees, surety bond fees, executor compensation, and any other professional fees as required.

Hire a Probate Lawyer From Orsbon & Fenninger, LLP

At Orsbon & Fenninger, LLP, we understand that Mooresvillians prefer to live life to the fullest, instead of estate planning. Maybe you’d rather spend the day at the Auto Racing Hall of Fame, but taking the time now, while you’re still here, can ensure that your assets are taken care of exactly as you wish. Contact our skilled team for a confidential consultation.