A. Basic Estate Planning Documents
- Health Care Release Form
- Advance Directive for a Natural Death ("Living Will")
- Durable Power of Attorney for Health Care
- Durable General Power of Attorney
- Last Will and Testament
- Revocable "Living" Trust
B. Living Will
- Complex – needs much explanation
- Issue with long term hydration or nutrition
C. Durable Power of Attorney for Health Care
- Geographic proximity
- Time consuming
- Must use it
- Funeral Decisions
D. Durable General Power of Attorney
- Very broad powers
- Abuse
E. Last Will & Testament
- Issues with probate
- How to avoid probate
- Handwritten will and problems
F. Revocable Trust
- Avoids probate
- Can contain trusts for spouse, children and grandchildren
- corporation shareholders
- Must actually title assets in trust or have trust as beneficiary
- In conjunction with POD or TOD designations
- Disclaimers
- Abuse
G. Joint Ownership of Assets
- Ease of access on death
- Access for funeral expenses
H. Beneficiary Designations
- Percentages
- Minor children
I. Life Insurance
- Ownership and beneficiaries
- Can avoid claims of creditors
- No minors as beneficiaries
- Incorrect beneficiaries
- Estate as beneficiary
- Lack of coordination among insured owner and beneficiary
J. Premarital and Post Marital Agreements
- Important for second and subsequent marriages
- Overcomes elective share statute
- First marriage scenarios
- Issues with N.C. Doctrine of Necessities
K. Most Frequent Problems in Estate
- Vehicles – joint but not JTWROS
- Failing to transfer joint assets
- Real estate in other counties or states
- Not transferring assets at all
- What the children really want
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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