Matthews Real Estate Attorney:-
Each state has laws that specifically deal with the probate and administration of your estate. It is best to have your Will drafted and signed according to the laws of your resident state.
The Power of Attorney should be drafted specifically for the laws of the state you live in. The Health Care Power of attorney and Living Will are statutory form documents mandated by the legislature for the state you live in.
You should know how you want your assets distributed when you pass and who will be the executor to settle your estate. You should also know who you want to manage your financial affairs if you cannot and who will make medical decisions for you if you cannot. If you have minor children, you should decide who will be their guardian and who will manage their money until they are responsible adults.
Probate in our state is a means to ensure that creditors are paid and that the beneficiaries of your estate are properly distributed the assets as directed by your Will. Life insurance, IRA’s, 401K’s, joint accounts with right of survivorship and real estate held by right of survivorship and real estate held by right of survivorship are not assessed fees by the probate court. Only assets held in your sole name are assessed at $4 per $1,000. A revocable trust is usually recommended to avoid estate tax when the total estate including life insurance, 401K IRAs, and all other assets is over $1 million.
- The original Will
- Death certificate
- Full names and addresses of all beneficiaries
- Assets in the sole name of the decedent
Your assets will pass according to North Carolina Law. Heirs of the estate must agree on the administrator of the estate. The court will administer the funds of a minor until the child is 18 years of age.
Yes, a survey is recommended because it establishes the property boundaries, identifies any encroachments on the property, and allows the attorney to apply to the title insurance company for insurance as to matters of the survey.
Yes, an attorney’s title search will identify if there are title defects such as unpaid deeds of trust, unpaid taxes judgments and provides certification of marketable title to the property.
Your mother’s home is considered exempt and not includable in the calculation for Medicaid. Careful consideration must be given before transferring property out of your mother’s name.
Your mother’s home is considered exempt and not includable in the calculation for Medicaid. Careful consideration must be given before transferring property out of your mother’s name.
