The finest way to ensure your loved ones are in the best situation possible at the end of your life is through a comprehensive estate plan. These estate plans can vary dramatically from one person to another, as the issues that arise in life significantly alter what an estate plan requires.
There are countless issues with estate planning in Kernersville that could arise. In order to anticipate, address, and resolve these issues, you could benefit from the assistance of an experienced estate planning attorney at Apple Payne Law.
The estate planning process can give rise to a number of tax complications. One of the most common tax issues relates to the payment of the estate taxes. Estates valued at a certain level could result in steep tax consequences for its beneficiaries. Every state approaches the estate tax differently.
While numerous jurisdictions have enacted a state-level estate tax, there is no such direct estate tax in Kernersville. That said, if the estate owns assets in a jurisdiction that has an estate tax, there could be liability for any beneficiaries residing in Kernersville. There is also a federal estate tax that must be addressed by anyone going through the estate planning process with estate above a certain threshold. And finally, helping ensure assets lawfully avoid probate when possible prevents the estate from paying local probate fees and taxes, helping maximize the amount of the estate passed to your loved ones, rather than the State of North Carolina. An Apple Payne Law attorney well-versed in tax issues could ensure the estate planning process goes smoothly.
Another potential issue during the estate planning process involves problems with beneficiaries. During the process, it is necessary to ensure there are no conflicts. For example, an asset that has a named beneficiary could lead to a conflict if the last will and testament promises that asset to a different beneficiary. Leaving property without a beneficiary at all could also cause family conflict. And if your will is inconsistent, or worse, improperly executed, the intended beneficiary may not get the assets at all!
A proactive Kernersville attorney with Apple Payne Law can ensure the estate planning documents are clear, up to date and properly executed.
One of the most common challenges involving beneficiaries occurs when the person making the estate plan fails to make updates over time. When there are major changes in life, people should reassess their estate beneficiaries. If they fail to update their plan, it can lead their assets to be transferred to unintended beneficiaries after their passing. The team at Apple Payne Law in Kernersville will not only help you make those changes, but follow-up every year or two (or as you indicate you prefer) to help make sure that updates are made and consistent with your up to date goals.
The individual who oversees an estate with a will is known as the executor. This person should be trustworthy and capable of overseeing the transfer of financial assets. An executor is necessary regardless of the types of estate planning tools that are used.
To serve as the executor in Kernersville a person must:
An experienced attorney at Apple Payne Law in Kernersville can assist with the selection of an estate’s executor and appropriate backups.
Many tools exist for resolving issues with estate planning in Kernersville. From drafting your will to identifying appropriate executors, your attorney could make the estate planning process simple. Call Apple Payne Law today to discuss your options.