Your North Carolina Wills, Trusts, and Estates Explained Simply : Important Information You Need to Know for North Carolina Residents

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Format: Paperback
Pub. Date: 2010-11-30
Publisher(s): Atlantic Pub Co
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Summary

Few people want to think about what would happen to their family if they become disabled or die; however, planning for these occurrences in advance will reduce potential stress on your family later in life. This new book will take the guesswork out of planning your estate and help you finally understand the complex processes. The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. Your North Carolina Wills, Trusts, & Estates will help you glide through this complicated process. This new book has been adapted to offer North Carolina residents state-specific advice for estate planning. Author Linda C. Ashar, Attorney at Law, has crafted an estate planning primer, allowing North Carolina residents to become more informed and more involved during the process. Your North Carolina Wills, Trusts, & Estates will provide all the information you need to choose, set up, and execute a will, trust, or estate. You will learn the legal terminology, including beneficiary, probate, trustor, trustee, assets, guardianship, and executor. You will also learn about trust agreements, trust property, settlement costs, life insurance, durable power of attorney, marital deductions, gift splitting, survivorship deeds, gift tax issues, generation skipping transfer tax, tax deferred accounts, and advance directives. North Carolina -specific information is offered throughout this book, including: North Carolina probate code; North Carolina rules, regulations, and laws specific to estate planning; elements of a valid North Carolina will; planning your living will in North Carolina; explanations of North Carolina laws regarding durable health care power of attorneys, do not resuscitate (DNR) orders, and directives to withhold CPR. The book's easy-to-understand context clarifies this complicated and sensitive subject and gives readers the power to take control of their future. Whether you are writing your will, establishing a trust, planning your estate for the first time, or updating and revising your previous plans, Your North Carolina Wills, Trusts, & Estates will give you all the tools and knowledge you need to decide where and to whom your assets will go when you die. Other books offer a non-state-specific overview of estate planning, causing many readers to be misinformed about rules and regulations particular to their state; but, this new book provides information North Carolina residents need to know. Do not get outdated or wrong information that does not pertain to you specifically. Use this new book to craft an estate plan that is not only legally sound but also fully carries out your last wishes and protects your loved ones.

Table of Contents

Introduction: Estate Planning: What Is It?p. 9
Getting Startedp. 11
Estate Planning Simplifiedp. 12
Everyone Dies: A Simple Statement, Complicated Implicationsp. 13
Money Talkp. 15
I Do What with All This?p. 16
Here and Nowp. 19
What This Work Can Dop. 23
What Exactly is Involvedp. 24
Estate Planning Basicsp. 29
Debunking Mythsp. 30
Your Estatep. 33
Peoplep. 34
Who Will Carry Out Your Wishes in Your Place?p. 43
People of Influencep. 50
Components of an Effective Estate Planp. 55
Legally Speakingp. 56
Defining Your Estatep. 59
Pass the Parchmentp. 60
Taxesp. 75
Federal Firstp. 76
Now for the Statep. 80
When, Not If, You Payp. 83
Willsp. 93
Will Basicsp. 94
Wills Definedp. 95
The ôOtherö Willp. 103
People Speaking for Youp. 106
Change and Your Willp. 108
Trustsp. 111
What is a Trust?p. 112
Types of Trustsp. 116
Pros and Cons of Forming a Trustp. 122
Insurancep. 125
Insurance for Here and Nowp. 127
Insurance for After You Are Gonep. 135
Varying Beneficiariesp. 137
Retirement Accountsp. 141
Your Nest Eggp. 142
IRAs and Then Somep. 146
Your Government Nest Eggp. 148
Protecting Your Eggsp. 151
Retirement/Estate Planning Strategyp. 153
Setting Prioritiesp. 157
Your Own Who's Whop. 158
Memory Lanep. 163
Your ôPeopleöp. 166
Must-Dop. 167
Choosing Who, What, How, When, and Whyp. 171
Who and When: The Matching Gamep. 172
When: Today Tomorrow, or Later?p. 175
How: The Professionalsp. 177
Planning Your Estate: Last Will and Testament in North Carolinap. 185
Elements of a Valid North Carolina Willp. 186
Revocation of a Will and Questions about Change of Heirsp. 192
Changing Your Will - Codicilsp. 193
Where to Keep Your Willp. 193
Beneficiaries, Debts, and Entitlementsp. 194
Antilapsep. 197
Nuncupative (Oral) Will in North Carolinap. 198
Intestate in North Carolinap. 198
How Your Will Might be Challengedp. 199
A Different Type of Will - Your Living Will in North Carolinap. 200
Keeping it Currentp. 203
What Changes?p. 204
What Does ôMaintenanceö Look Like?p. 206
What to Go Overp. 210
Your Deskp. 211
One Last Motivator: Probate and Youp. 213
Conclusionp. 221
Estate-Planning Worksheetsp. 223
Your Estate in Black and Whitep. 223
Prioritizationp. 225
Who, What, How, and Whenp. 227
Essential Documents and Accounts Inventoryp. 227
Party Planning with an Unusual Twistp. 247
Estate Plan Summary Sheetp. 249
Annual To-Do Listp. 251
North Carolina Advance Directivep. 253
Glossary of Termsp. 263
Bibliographyp. 283
Indexp. 285
Biographyp. 288
Table of Contents provided by Ingram. All Rights Reserved.

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