Trusts provide vehicles for people in North Carolina to pass on assets to heirs. Benefactors sometimes want to keep these trusts secret, at least for a time, so that younger heirs will not grow up with the expectation of receiving a large inheritance. Concerns about young people developing a spoiled attitude or wasting their lives prompt benefactors to withhold information from their heirs. The law, however, could likely require some form of disclosure eventually.
Everyone currently living in North Carolina and everywhere else in America will die one day. Therefore, it is worth taking time now to plan for what happens to everything left behind when that happens. Basic estate plan tactics include creating a will and designating an executor. An executor can be a friend, family member or any other trusted person, and it is possible to have more than one executive.
Some North Carolina residents who are creating an estate plan may want to include a charitable donation. This can be a way for people to support a cause that is important to them during their lifetime. It can also be a way to reduce estate tax. There are several ways in which to arrange this charitable donation.
North Carolina residents who don't pay attention to their estate plan after getting remarried could accidentally exclude their children from it. Ideally, an individual will have at least a will. Dying intestate could result in the courts determining where a person's assets go. Even if a person has a will, it may not be the final authority on who receives an asset. If a beneficiary designation has been created, it will have the final say.
Many families in North Carolina have experienced firsthand the devastating effects of the nationwide opioid crisis. When people are addicted to opioids, their main focus seemingly is to secure drugs at all costs, even if it means stealing money for the drugs from other family members. The loved ones of people suffering from addiction are often in the position of having to spend money in the hopes of assisting in the addict's rehabilitation while at the same time protecting the family's finances from the addict's urges to obtain drugs.
Those who live in North Carolina or any other state could benefit from creating either a will or a trust. While neither is better than the other, they provide different ways for a person to create an effective estate plan. A trust is considered its own entity that is allowed to own property and transfer it per its terms. If a person has a living trust, he or she can be both the beneficiary and the trustee.
In 2019, the youngest members of the baby boom generation in Charlotte will turn 55, an age when many think more about planning for their future. This can include making detailed plans for retirement as well as considering the eventual distribution of assets to loved ones. Indeed, baby boomers are the single wealthiest generation recorded in American history, with over $30 trillion in assets that will be spent or passed down in the several decades to come. Despite their wealth, however, many baby boomers do not have estate plans in place. According to one survey, 42 percent of people in this generation do not even have a basic will.
People in North Carolina who have created a trust-based estate plan might also want to have a pour-over will. There are several reasons this may be a good idea.
An estate owner in North Carolina who wishes to disinherit a family member may want to discuss the process with a professional. Simply leaving a person out of a will or even other actions may be insufficient to stop the person from successfully challenging the disinheritance in court.
People in North Carolina might be aware that the death of George H. W. Bush, the former president, occurred just eight months after the death of his wife, Barbara Bush. The two were married for decades. It is not unusual for spouses who are married for a long time and who have a close marriage to both die within a short time period. While it is likely that the Bushes were careful in their estate planning, the death of both spouses in quick succession can cause some issues.