Estate Planning & Administration

Planning your estate now is an important part of protecting your family and your legacy. An effective estate plan will ensure your assets are managed and distributed according to your wishes once you pass away. The initial step in preparing a proper estate plan is understanding the differences between all the documents you can use.…

One of the most challenging aspects of a divorce is splitting up assets. It can seem very unfair to divide your assets equally if you acquired wealth or property before, or even during, your marriage.  Protecting your assets is important as it helps avoid financial arguments if you and your spouse divorce. A Wilmington asset…

After the death of a loved one, estate administration or probate is likely to occur. Estate Administration is a legal process used to manage and distribute a deceased person’s assets. The process involves numerous procedures to inventory the deceased’s assets, notify creditors, pay existing debts and distribute the assets per the terms of the will,…

There are three types of guardianship in North Carolina : Guardian of the Person, Guardian of the Estate, and General Guardianship (this combines Guardian of the Person and Guardian of the Estate) .  Other states, such as California, may call this conservatorship and other states may have a combination of Guardianship and Conservatorship. Guardianship is…

If you are facing probate in North Carolina, it helps to understand the fundamentals of the probate and estate administration process in North Carolina. The best place to start is hiring an experienced Wilmington estate planning attorney who understands how the probate law works in North Carolina and can walk you through the entire process.…

Power of attorney is a legal instrument that grants a designated person the power to make decisions on your behalf if you are not physically present or incapacitated. The agent may be responsible for managing your property, finances, and/or medical affairs. There are different types of powers of attorney, and different individuals can be designated…

Take a moment to think about what would happen to your business if you passed on or became incapacitated. Can the company survive? If that thought sets you in a panic mode, you need to consider creating a business succession plan. With a succession plan, you can spot critical roles in the organization and the…

Intestate refers to dying without having a valid will. Based on the law of inheritance, intestate succession is what happens to property that has not been distributed by a legal will or other binding declaration. In North Carolina, if you die without a valid will, the state intestacy law will apply. This means that the…

Before we discuss what is a living trust, let’s first discuss what is a trust. A trust is an estate planning tool where you retitle your assets from your name to the name of the trust. Once the assets are retitled to the name of the trust, the assets are governed by its terms. Trusts…

A living will (also known as an advance directive) is a legally binding document that allows you to outline your end-of-life medical preferences if you cannot communicate them. This document informs your doctors and caregivers of your choices  in certain circumstances, such as when you are in a coma or permanently unconscious, terminally ill, or…