Fiduciary Responsibility: Best Practices To Keep An Estate Out Of The Courtroom

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Baby Boomers are expected to transfer between $30T-$70T in wealth over the next two decades

United States Family and Matrimonial

Robert N. Young and Rachel Scott Decker

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AGENDA

"The Great Wealth Transfer"
North Carolina Probate
Probate v. Non-Probate Assets
Uniform Trust Code
Common Issues in Estate and Trust Disputes
Selecting the Right Executor or Trustee

THE GREAT WEALTH TRANSFER

Baby Boomers are expected to transfer between $30T-$70T in wealth over the next two decades.
Only 11% of Millennials display a "relatively high" level of financial literacy, while 28% of Millennials display a "very low" literacy rate in finances.
New York alone saw a 350% increase in contested estate proceedings from 2016-2019.

NORTH CAROLINA PROBATE

The Uniform Probate Code, a model legal code to standardize probate, has been adopted in 18 U.S. States. North Carolina is not one of the 18 states.
Instead, North Carolina's statutory provisions for estate administration are governed by N.C. Gen. Stat. Ch. 28A, effective since July 1, 1975.
Under N.C. Gen. Stat. § 28A-13-2, a personal representative "is a fiduciary who...is under a general duty to settle the estate of the personal representative's decedent as expeditiously and with as little sacrifice of value as is reasonable under all of the circumstances."
Article 21 of N.C. Gen. Stat. Ch. 28A governs the accounting for a decedent's estate.

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