Through your will, you can determine who you want to inherit your property after you die, as well as make other essential estate planning choices, such as choosing an executor of your estate. Learn more about North Carolina inheritance planning in this presentation.

1. NORTH CAROLINA INHERITANCE PLANNING –
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CHERYL K. DAVID
North Carolina Estate Planning and Elder Law Attorney
“Through your Will you can Determine who you want to Inherit your Property after you die, as well as make other Essential Estate Planning Choices, such as Choosing an Executor of Your Estate.”

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In this second part of our two-part discussion on North Carolina inheritance planning, we are going to look at some additional questions that we didn't directly address last time. As with any discussion of legal ideas and common questions, it's important to remember that no discussion will ever be an adequate substitute for personalized legal advice. If you are concerned about inheritance planning, have questions, or need advice, be sure to talk to your lawyer as soon as possible. WHAT IS THE EASIEST WAY TO MAKE AN INHERITANCE PLAN?
We get this question, or variations of this question, all the time. A lot of people come talk to us and ask what is the absolute minimum they need to do in order to create an effective inheritance plan. And while the answer to this question is often more complicated than people would naturally assume, the simplest of all inheritance plan involves creating a last will and testament.
A will, as most people know, is simply a document in which you can state your inheritance choices.

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Through your will you can determine who you want to inherit your property after you die, as well as make other essential estate planning choices, such as choosing an executor of your estate. Additionally, wills allow you to choose a guardian for any minor children you might have, as well as make other important choices. However, even though a will is often seen as a relatively simple document, it is anything but. The legal requirements that apply to these tools are relatively straightforward, but simply crafting a will that meets all the relevant legal requirements is not enough. You will have to make sure that each of the clauses you include in your will address the topics you need to address. Many of these clauses, and options, can be rather obscure, and most people will not really know to include them until they speak to an attorney.
WHY DO I NEED TO WORRY ABOUT PROBATE AND NON- PROBATE PROPERTY?
Anyone creating an inheritance plan needs to understand the difference between probate and non-probate property because this distinction directly

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affects how your inheritances will be distributed. In general, all the property you leave behind after you die will be divided into two types: probate and non-probate property. Probate property will have to go through the probate process before anyone can inherit it, while non- probate property can be passed directly. The distinction here is important because the probate process can be lengthy and expensive. If you want to pass inheritances as quickly as possible, you'll focus on creating an estate plan that maximizes non-probate asset transfer methods. This can be done in a variety of ways, but typically involves the creation and funding of a revocable living trust, as well as the use of transfer-on-death accounts and other non-probate property types. WHAT ELSE CAN I USE BESIDES A WILL?
Because wills are the most commonly understood inheritance planning device, a lot of people are surprised to learn about the wide range of other options they have when it comes to creating an inheritance plan.
As we mentioned briefly above,

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inheritance plans can also include a variety of other tools, such as revocable living trusts. They might also include testamentary trusts, transfer-on- death accounts, and even more complicated options. Your attorney will explain all these options to you and advise you on which would be most beneficial for you in your particular circumstances.
YOU NEED ADVICE. When it comes to legal issue such as inheritance and estate planning, you need to be sure that you have done everything to protect your choices. Even if you are only planning on creating the simplest of inherit the plans, the tools you create have to meet some fairly stringent legal standards. None of your wishes will be honored if you fail to ensure that those standards are met, and if your plan is found to be invalid, all of your hard work will be for nothing. If you haven't already done so, it's important for you to schedule an appointment to come speak to us about your inheritance planning concerns as soon as possible. Once we speak to you about you want to accomplish, explain the options that are available to you, and advise you on what would be best for you and your circumstances, only then will you be able to make the right choices.

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ABOUT THE AUTHOR
Cheryl David is a graduate of UNC-Chapel Hill, the University of Baltimore School of Law, and the prestigious Trial Lawyer’s College presided over by Gerry Spence. A former Administrative Judge, Cheryl is certified as an Estate Planning Law Specialist by the ABA accredited Estate Law Specialists Board, Inc. She is also a member of the American Academy of Estate Planning Attorneys, Medicaid Practice Systems and the National Academy of Elder Law Attorneys.
In 2008, Cheryl received the honor of becoming a Fellow with the American Academy of Estate Planning Attorneys. The Fellow program recognizes Academy Members who demonstrate advanced expertise and significant practical experience in the total estate planning, trust, tax planning, guardianship, probate and estate administration fields. In order to maintain this advanced expertise, Cheryl takes over 36 hours of continuing education in Estate Planning, Elder Law, and Taxation each year. Also a Financial Planner, she holds the Series 7 and 66 Investment Licenses in addition to both Insurance and Long Term Care/Medicare designations. Her professional capabilities, together with over 25 years in practice, have combined to bring positive change to the lives of over 4500 clients and their families. 528 College Road Greensboro, NC 27410 Phone: (336) 547-9999 Fax: (336) 547-9477
WWW.CHERYLDAVID.COM