multi-generational
FAMILY LEGACY
From drafting wills to establishing trusts, our estate planning services are tailored to evolve with your family. By offering multi-generational planning and lifetime updates, we ensure your legacy is safeguarded across generations.
LAST WILL AND TESTAMENT
A Last Will and Testament serves a crucial purpose in ensuring that a person’s wishes regarding their estate, dependents, and beneficiaries are clearly articulated and legally enforceable after their death.
IT'S PRIMARY GOALS INCLUDE:
ASSET DISTRIBUTION​
A will specifies how the deceased’s assets, such as property, money, and personal belongings, should be distributed among beneficiaries. This ensures that loved ones and chosen beneficiaries receive what was intended for them.
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GUARDIANSHIP​
For those with minor children or dependents, a will can designate guardians who will assume responsibility for their care and upbringing. This decision is essential for ensuring their well-being and future.​
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CHARITABLE DONATIONS​
Many people choose to include provisions for charitable donations in their wills, allowing them to support important causes or organizations that hold significance to them even after they’re gone.​
​EXECUTOR APPOINTMENT​
The will appoints an executor, typically a trusted individual, who is responsible for managing the estate’s distribution according to the will’s instructions. This person is responsible for filing the will for probate, collecting assets, settling debts and obligations of the deceased, and making asset distributions as specified in the will.​
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MINIMIZATION OF FAMILY CONFLICT​
Clear instructions in a will can help prevent disputes among family members regarding asset distribution and other matters. By clearly stating your intentions, the potential for legal battles and disagreement can be significantly minimized.​
A Last Will and Testament represents a final opportunity for individuals to have their voice heard and their legacy honored according to their wishes, providing peace of mind and security for themselves and their loved ones.
Our office will discuss and review your assets, provide feedback, and make recommendations to ensure that your goals are accomplished. Contact us online or by phone to schedule a complimentary estate planning consultation to learn more!
INTESTACY: THE DEFAULT METHOD
IF YOU DIE WITHOUT A WILL IN NORTH CAROLINA OR WEST VIRGINIA
In North Carolina and West Virginia, if you die without a will, your estate gets distributed according to the state’s statutory intestacy laws. These laws determine who inherits your assets and in what proportions.
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Many people assume that if they are married, they don’t need a will because everything will pass to their spouse upon their death. Unfortunately, in North Carolina and West Virginia, that is not always true.
ACCORDING TO WV INTERSTATE LAW,
your spouse could share an interest in your estate with your children, who could be minors. For example:
​MARRIED WITH ONLY CHILDREN TOGETHER​
Your spouse gets your whole estate, if all of your children are together. If either of you have children from another relationship and children together, your spouse will receive less than the entire estate.​
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MARRIED WITH CHILDREN & STEP-CHILDREN​
​Your spouse receives 3/5 of your estate and the remaining 2/5 is divided equally among your children.
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MARRIED WITH CHILDREN FROM CURRENT MARRIAGE & FROM PREVIOUS RELATIONSHIP​
Your spouse receives 1/2 of your estate and the remaining 1/2 is divided equally among your children.
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UNMARRIED WITH CHILDREN​
Your children inherit everything.​
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UNMARRIED WITH NO CHILDREN​
Your estate goes to your parents, then siblings, and then other relatives according to a set order as defined by the statutory intestate succession law.
ACCORDING TO NC INTERSTATE LAW,
your spouse could share an interest in your estate with your children, who could be minors, or your surviving parents. For example, if you are:
​MARRIED WITH DESCENDANTS​
Your spouse gets a portion of your estate, the remaining portion is divided among your descendants (children, grandchildren, etc.).​
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MARRIED, NO DESCENDANTS, NO LIVING PARENTS​
Your spouse inherits everything.​
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UNMARRIED WITH NO CHILDREN​
Your estate goes to your parents, then siblings, and then other relatives according to a set order as defined by the statutory intestate succession law.
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​It’s important to note that these are just general guidelines. North Carolina and West Virginia’s intestacy laws can get complex, especially with blended families or issues like adopted children. Contact us online or by phone to schedule a complimentary estate planning consultation to discuss what will works best in your specific situation.
CONTACT US TO SCHEDULE YOUR COMPLIMENTARY CONSULTATION IF:
YOU WANT TO ENSURE YOUR WISHES ARE FOLLOWED​​
Intestacy laws provide a default plan, but they may not align with your desires for all your assets. Our team can help you create a will and other estate planning documents that clearly outline your wishes for inheritance and how you want your affairs handled.​
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YOUR FAMILY SITUATION IS COMPLEX
Blended families, adopted children, or estrangements from relatives can introduce complications in your estate planning. Our team can guide you through these complexities and ensure your plan considers all potential scenarios.
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YOU HAVE SIGNIFICANT ASSETS​
If you have a large estate, proper planning can minimize federal estate taxes and ensure a smooth transfer of wealth to your beneficiaries. Our team can develop strategies to optimize your tax situation.​
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YOU OWN A BUSINESS
Business ownership adds another layer of complexity to estate planning. Our team can help you structure your business ownership and create a succession plan to ensure a smooth transition after your death.
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YOU HAVE CONCERNS ABOUT DISABILITY OR INCAPACITY​
Estate planning goes beyond death. Our team can help you draft documents like a power of attorney and healthcare directives, which specify who can make decisions on your behalf if you become incapacitated.
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YOU HAVE QUESTIONS ABOUT TRUSTS OR OTHER ESTATE PLANNING TOOLS
There are various estate planning tools beyond a will, such as trusts. Our team will explain your options and advise which ones might be most suitable for your situation.​
Even if your situation seems straightforward, consulting with an experienced estate planning attorney can provide peace of mind. We can answer your questions, address any concerns, and ensure your estate plan is legally sound and reflects your wishes.
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Contact our office today to schedule your complimentary estate planning consultation to ensure that your property and affairs are accounted for and have intended beneficiaries. We will work with you to draft appropriate estate planning documents and to create and manage your estate plan for your lifetime so that you can rest assured that your estate is set up securely and properly.
TRUSTS
A trust is a legal arrangement where one person (the grantor) transfers ownership of assets (property, money, etc.) to another person (the trustee) for the benefit of a third person (the beneficiary). It's essentially a way to manage and distribute assets according to your wishes. Many different types of trusts exist to accomplish a wide variety of goals including generational planning, privacy, charitable giving, and avoidance of probate. Our experienced attorneys can guide you through the trust creation process. Together we will review your assets, identify your needs, and determine the type of trust that best accomplishes your goals.
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HOW A TRUST TYPICALLY WORKS​​
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GRANTOR
The person who creates the trust and contributes the assets.
TRUSTEE
The person or institution you appoint to manage the trust's assets according to the terms set out in the trust agreement.
BENEFICIARY
The person or entity who receives the benefits from the trust, such as income or ownership of the assets eventually.
There are many different types of trusts, each with its own purpose and benefits. All trusts are either revocable or irrevocable.
​​REVOCABLE LIVING TRUST​​
This type of trust allows the grantor to retain control of the assets during their lifetime, with the ability to modify or revoke the trust at any time. Often, the grantor will serve as trustee during their lifetime. Upon the grantor's death, the assets are then distributed to the beneficiaries according to the trust agreement. There is no asset protection for assets placed in a revocable living trust because the grantor still has access to the property in the trust they created, so creditors can often reach into the trust to satisfy debts.​
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IRREVOCABLE LIVING TRUST​
Assets placed in an irrevocable trust generally cannot be retrieved by the grantor, the trust cannot be amended or revoked, and the grantor cannot serve as trustee. Irrevocable living trusts can offer tax advantages and protect assets from creditors but in order to achieve these benefits, the grantor must relinquish all control over the assets in the trust.
BENEFITS OF TRUSTS:​
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MANAGE ASSETS FOR BENEFICIARIES​
Trusts can be used to manage assets for beneficiaries who may not be mature enough to handle them responsibly, such as young children or disabled individuals.​
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AVOID PROBATE​​
Assets held in trust may avoid probate, a lengthy and public court process for distributing assets after someone dies.​
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MINIMIZE TAXES​
Certain types of trusts can help reduce federal estate taxes or income taxes.
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ASSET PROTECTION​
Irrevocable trusts can shield assets from creditors or lawsuits.
REMEMBER
Whether you have a lot of assets or a few assets, if you're interested in creating a trust, contact our team of experienced estate planning attorneys for your complimentary estate planning consultation. Our team will review the assets you’d like to transfer into the trust, discuss your goals, and provide cost effective recommendations to accomplish them. To learn more about trusts and whether a trust is the right type of estate planning for you, contact our team today!