Ogden Estate Planning Attorney
Moving to Ogden was the right decision. You have no regrets and fully enjoy your quality of life. You love spending Saturdays at Ogden Park and local eateries and breweries and have even made friends with local families. You’ve built a community in Ogden, bought a home, found a job, and are raising a family.
Now, it’s time to secure the future of your family members by creating a detailed estate plan. When it’s your legacy on the line, professional estate planning services can help preserve the life you’ve created for generations to come. You need an experienced estate planning attorney at Johnson Legal, PLLC. Call our family law firm today and set up your free consultation to discuss your estate planning needs.
What Happens to Your Property if You Die?
In Ogden, North Carolina, the average price of a home is $356,400. There is an 84.5% homeownership rate, so you likely have acquired one for yourself. This proportion of owner-occupied homes is greater than the 64.1% national average. Have you considered what will happen to your home after you die?
This is What Happens if You Are Married
In North Carolina, when a house is owned jointly by couples, the right of survivorship immediately transfers to the surviving spouse after the first spouse’s death. Property held in this manner is known as tenancy by the entirety.
Property acquired as spouses is assumed to be jointly owned. This presumption is rebutted when one spouse inherits property brought into the marriage during the marriage.
When a tenancy by the entirety is held, the surviving spouse automatically inherits the entire property. Where there is no will, the intestate succession statute takes over and disposes of the property as it sees fit. This means that one spouse cannot gift this property in a will. When a title is set up as “tenancy by the entirety” in line with NC G.S. 41-56, married couples are exempt from probate.
You Should Do This if Your Spouse Has Died
Upon the death of one spouse, however, the surviving spouse should be able to dispose of the property how they think fit. If this applies to you, contact a professional estate planning attorney in Ogden to have a will drafted, or your current will be updated.
Preparing Your Assets for Estate Planning
In Ogden, the per capita income for 2019 was $45,143, while the average household income in 2019 was $95,425. This money may be spread across several accounts or represented in personal items. If you’re preparing to create your first estate plan, take inventory of your assets and list your possessions, including real estate, financial accounts, and other things.
Here is an idea of what should be included:
- Bank accounts—checking, savings, retirement, online, wallets for cryptocurrencies, insurance, annuities, etc.
- Personal items—jewelry, works of art, collectibles, family heirlooms, NFTs, etc
- Investments—securities, bonds, and stock
When your assets are properly identified, the estate planning process is simpler. North Carolina estate planning attorneys will ask to see these lists. Additionally, our estate planning lawyers recommend that the person you will name as executor be notified of where all the relevant documentation can be found. It would be prudent to place a list of pertinent passwords in a safe place, so the instructions for where they can be located can be included in your will.
Estate Planning Resources in Ogden, NC
Here at Johnson Legal, we have always had a knack for breaking down a complex process into one that is easy to understand. Peruse the resources on our website to familiarize yourself with the subject matter, and contact us with any questions.
Here are some additional resources that may be helpful.
Small Estate Affidavit
If your loved one passed away without a will, you might be able to avoid the probate process by filing an Affidavit for Collection of Personal Property. Under North Carolina real estate law, 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.
New Hanover County Courthouse
On the New Hanover County Courthouse website, you will find a contact directory, court calendar, forms, and other estate planning and administration resources.
New Hanover County Courthouse
316 Princess St.
Wilmington, NC 28401