Porters Neck Estate Planning Attorney

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Porters Neck Estate Planning Attorney

Estate planning is a broad term that may be difficult for many people to wrap their head around. It compels you to think about potential financial issues down the road and the idea of how your loved one’s will survive once you’re no longer here.

Although estate planning may bring up feelings of uncertainty, it is necessary to ensure that you have a trusted healthcare power of attorney, your remaining assets are handled responsibly, and family members of the following generation will inherit property without any problems or contention.

Are you considering starting your estate plan in Porters Neck, NC? It’s time to speak to a Porters Neck estate planning attorney at Johnson Legal, PLLC.

Why You Need a Porters Neck Estate Planning Attorney

DIY enthusiasts want to save time, money, and resources and might consider just drafting wills through an online service. They believe they have a clear idea of what they want in terms of estate planning services and would prefer to accomplish it themselves rather than engaging a professional to try to make it as similar to their concept as feasible. However, the law pertaining to estate administration in the Tar Heel State cannot be modified overnight.

It is better to entrust such delicate matters to a skilled Porters Neck estate planning attorney. Beyond just making plans for after your death, an estate lawyer may help you plan for situations in which you cannot care for yourself, your possessions, or the people you love with tools like living trusts. We are also well-versed in the New Hanover County court system.

What Assets Must Be Probated?

The probate process is required only when a person leaves behind property that is not jointly owned or held in a trust. A local probate attorney can assist in this stressful and often lengthy process.

Here are some examples of assets that may require probate:

  • Bank accounts that are in the decedent’s name with no co-owners and beneficiary designation.
  • Real estate owned by the decedent alone
  • Real estate co-owned as tenants in common
  • Stocks and bonds in the person’s name
  • Clothing, jewelry, and furniture solely owned
  • Motor vehicles registered in the decedent’s name alone.

Dying Without a Plan: North Carolina Intestate Laws

You might ask who gets what in the estate if your loved one passes away intestate. “Intestate” refers to someone who passes away without making a last will and testament. North Carolina intestate succession laws will need to be followed during the estate administration process if there is no will to instruct your loved ones on how to handle your possessions.

After paying the annual allowance, administrative expenses, debts, claims, and taxes, the law of intestate succession determines who receives what. This part can get tricky, as each family structure is unique. Chances are, some legal issues may arise. It is best to schedule an appointment to speak with us.

Comprehensive Estate Planning Near Porters Neck, North Carolina

Our law firm specializes in helping individuals and their families make the best decisions for the future.

We offer clients a range of services, including:

Our Process

$149 Attorney EP Consultation

Call now and schedule time with our team.

Design Confirmation Call

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Sign Documents

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Portfolio Delivery

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What Our Clients Say

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Cases We Handle

FAQ: Estate Planning in Porters Neck, NC

What happens if I have a very small estate?

If an estate is modest enough, North Carolina law permits a streamlined procedure (administration by affidavit or summary administration) to probate the estate without the need to designate a personal representative. There cannot be any real estate, land, or other types of real property needing a title or deed in the estate.

What if the spouse who is the primary breadwinner dies?

Porters Neck, NC, boasts a high percentage of married couples. Every surviving spouse, whether or not they have petitioned for an elective share, is entitled to, from the personal property of the deceased spouse, an allowance of up to $30,000. This is for the surviving spouse’s support for one year following the deceased spouse’s death unless the surviving spouse has forfeited their right to it, as provided by law.

In circumstances where there is a will, this payment will be deducted from the portion the surviving spouse receives and is immune from any lien that a judgment or execution may have placed against the property of the deceased spouse.

How much will my estate taxes be?

Most estates will not require an estate tax due to the threshold. Only estates valued at more than $12.06 million will be subject to estate taxes for deaths occurring in 2022. Additionally, married couples can combine their exemptions, allowing them to leave a combined $24.12 million without worrying about estate taxes. To discuss tax implications in further detail, please schedule an appointment with us to discuss.

Here at Johnson Legal, PLLC, 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. Then, contact us with any questions you may have about your estate planning needs.

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