Landfall Estate Planning Attorney
Some call it opulent. Some call it luxury. You get to call it home. Landfall, North Carolina, has been a top gated community in the southeast for more than 25 years. This is a 2,200-acre coastal community across from Wrightsville Beach in the center of Wilmington, North Carolina. Residents there enjoy a very tranquil coastal life. Landfall provides an opportunity to experience a well-rounded lifestyle. You worked hard for this life, and you have lived well. You have effectively given your children a head start on a life you never had. Isn’t that the point of life? Now it’s time to ensure they fully reap the benefits by speaking with an estate attorney at Johnson Legal, PLLC.
Two Important Estate Planning Tools
You have multiple options for disposing of your property, including a will or revocable trust.
You can use a will to distribute your assets after you’ve passed away. It can also be used to designate guardians for minor children. Wills are often the foundation for many estate plans, but keep in mind that transferring property via a will still involve going through the probate process. This can be costly and time-consuming for surviving family members.
Revocable trusts are a legal arrangement that lets the grantor or trustee (more than likely you) control their assets while still alive and designate how they should be distributed to their beneficiaries. The trust serves as an alternative for a will once the trustee passes away, allowing the assets to be dispersed quickly without incurring the cost and time of the probate process. This will give the trustee complete authority over their residence during their lifetime and ensure a fair distribution after passing. You have several other options for estate planning in Landfall. Make an appointment with an estate planning attorney at Johnson Legal to discuss all the estate planning tools available to you through our law firm.
Who Needs Estate Planning in Landfall, NC?
Estate planning isn’t exclusive to the wealthy. It can benefit anyone with any amount of assets at all stages of their life. Here are a few ways that Landfall residents can benefit from comprehensive estate planning.
According to North Carolina General Statute, a surviving spouse is automatically entitled to only 50% of any assets acquired during the marriage (depending on the number of years being married). Per NC G.S. 41-71, your spouse or partner can avoid probate if your title is expressly designed to offer “joint occupancy with rights of survivorship.” The result of the doctrine of survivorship is that upon the death of one joint owner, the interest in the property falls to the living joint owner. In line with NC G.S. 41-56, married spouses avoid probate when their title is “tenancy by the entirety.” Each party is entitled to the entire property.
Owning a home is enough reason to be concerned about estate planning. If you have a property in Landfall, North Carolina, you should consider the best course of action for your property’s future. Are you a Landfall homeowner? In this 2,200-acre development, there are just over 1,900 lots, with the prices of homes ranging from $225,000 to $6,000,000. What plans do you have for your home? Do you plan to give it to your children? Setting up an estate plan can help you protect your investment. Whether it’s designating a beneficiary to inherit your home or an agent to make financial decisions on your behalf, a sturdy estate plan can be beneficial to your family’s financial future.
Various ages, professions, and interests are represented among the people living in Landfall. Couples who are empty-nesters or just creating families can reside in Landfall. Some are working professionals, while others are retired. While every class of person named here should be concerned about planning their estate, those at the retirement age should be particularly interested in health care directives. These instruments are an excellent way to make provisions for your care if you become incapacitated.
In North Carolina, there are three different kinds of advance directives:
- A living will
- A health care power of attorney
- The Psychiatric Advance Directives or the Advance Directive for Mental Health Care
Come into our offices so one of our experienced Landfall estate planning attorneys can help you decide which is best for you.
Estate Planning Resources in Landfall, NC
Here at Johnson Legal, we have always had a knack for breaking down a complex process into one that is easy to understand for residents of New Hanover, Pender, and surrounding counties. Peruse the resources on our website to familiarize yourself with the subject matter, and contact us with any questions.
Here are a few other resources that may be helpful.
Small Estate Affidavit
If your loved one passed away without a will, you could avoid the probate process by filing an Affidavit for Collection of Personal Property. In North Carolina, a small estate is considered one in which the total personal property is valued at less than $20,000.
North Carolina Judicial Branch
Do you have additional questions about estate planning in North Carolina? The North Carolina Judicial Branch website answers many frequently asked questions about estate planning.
North Carolina Advance Health Care Directive Registry
Need to file an advance health care directive? Look no further than the North Carolina Secretary of State Advance Health Care Directive Registry.