Estate Planning and Administration in Charlotte
People often wonder if they really need a will. A will can help minimize potential estate tax consequences and deals with personal property and real property not effectively disposed of through other means. Other means include effective beneficiary designations, accounts/assets held as joint tenants with rights of survivorship, real property held as tenancy by the entireties, etc. A will is a legal document in which you declare what you want done with this property and assets at the time of your death.
The knowledgeable estate planning lawyers at Weaver, Bennett & Bland, P.A., in the Greater Charlotte Area, North Carolina, can assist you with the preparation of your will and careful planning.
Contact Weaver, Bennett & Bland at (704) 844-1400 to schedule a FREE 1 hour initial estate planning consultation with one of our experienced estate planning attorneys near Charlotte who can help you with either your North Carolina or South Carolina estate planning needs.
What happens if I die without a will?
Absent a will, your assets not effectively disposed of through other means will pass pursuant to state law, known as intestacy. These assets, if passing to a disabled, minor or incompetent beneficiary without a trust will go to a court ordered and appointed guardian, which is time consuming and expensive. If you do not appoint a personal representative in your will, the court will appoint one and most likely will require a bond of him or her.
Do I need to create a trust under my will?
If you have a minor, disabled or spendthrift beneficiary of your estate, you can form a trust or trusts under your will to protect and provide for that individual. You can also name a trusted individual or entity to manage those assets for the benefit of the beneficiary. Similarly, for a minor beneficiary, you can nominate a guardian of the person for the court to appoint upon your death to care for such beneficiary, and the court will give deference to your wishes.
Do I need an Executor of my will?
In the will, you can name a personal representative or executor who will gather your assets not effectively disposed of through other means, pay off the debts/taxes/expenses of yours and your estate, and distribute your assets as you direct in your will. For this personal representative, you can also waive the requirement of a bond and, if allowed by state law, waive the requirement of an accounting.