#Estate planning checklist 2020 how to#

Consider Which Assets to Bequeath in Your Will You may also donate to a charity outright.Ħ. Your trust may provide other financial benefits to you. Donations are tax-deductible if they meet IRS Charitable Contribution guidelines. Charitable Trusts and Donations: Your attorney sets up a trust that donates to one or more charities.Upon your death, the trustee distributes the benefits to the named beneficiaries. Life Insurance Trusts: Your attorney sets up a trust that owns life insurance policies naming you as the insured.Upon your death, your named beneficiaries and/or heirs receive funds based on the annuity or insurance contracts. Annuities and Life Insurance Policies: You can use a lump sum to purchase a paid annuity or life insurance policy.You may also give monetary gifts to an educational or medical institution on behalf of someone else. You can give gifts totaling up to $11.7 million over your lifetime. Lifetime Gifts: As of 2022, you can give anyone a nontaxable annual gift of up to $16,000.

#Estate planning checklist 2020 how to#

Your private trust document designates the assets, the trustee who controls them, and how to distribute them after your death.

Living Trust: Your attorney places your assets in a revocable or irrevocable trust.

You may also transfer assets to your spouse.

Asset Transfers: The North Carolina Uniform Transfer to Minors Act allows you to transfer property to a minor without tax consequences until they reach adulthood.

Estate planning attorneys help you establish a personalized plan and execute the formal documents to implement your strategy. Without proper protection, taxes and other claims can diminish your assets’ value over time. Consider Strategies for Preserving and Protecting Your Estate

Married couples also avoid probate when they have a title structured as “tenancy by the entirety” in accordance with NC G.S.

§41-71, your spouse or partner can avoid probate.

If your title is specifically worded to grant “joint tenancy with rights of survivorship” as established under NC G.S.

If you and your partner or spouse don’t own your real property jointly, you should review the logistics of formally changing the title. North Carolina General Statute §31C-3 automatically grants a surviving spouse only 50% of any property purchased during the marriage. Consider Having Your Real Property Retitled The money goes directly to the beneficiary and avoids probate.Ĭheck with your estate planning attorney to learn more about designating beneficiaries on Employee Retirement Income Security Act sanctioned accounts.

You can minimize probate complications by designating a beneficiary for retirement, savings, checking, or other financial accounts. Designate Beneficiaries for Your Financial Accounts Upon your death, your legal representative must issue a public notice to all creditors and pay all valid debts. Also, tell your personal representative where the items and any account passwords can be located. Share your lists with your North Carolina estate planning attorney and your personal representative.

Ownership Documents: Deeds, titles, sales documents, patents, mortgage documents, etc.

Stocks and Financial Instruments: Certificates, bonds, investments, and other holdings.

Personal Assets: Jewelry, artwork, collectibles, family heirlooms, NFTs, etc.

Financial Accounts: Checking, savings, retirement accounts, online accounts, cryptocurrency wallets, insurance policies, annuities, etc.

It’s easier to work through the estate planning process when you clearly identify your assets. Inventory Your AssetsĬreate a comprehensive written inventory of your personal and real property, bank accounts, and other items.

Our Estate Planning Checklist helps you learn more about key concepts before it’s time to make your final decisions.

You’ll cover a lot of information during your initial consultation. North Carolina estate planning lawyers help you execute a plan that addresses your current and future goals. Your North Carolina Estate Planning Checklist Read on for our Estate Planning Checklist to help you get started. If you take the time now, you’ll have a legally binding plan that protects your estate and meets your desires for your family’s future. It can be an uncomfortable process, but it’s the best course of action for establishing long-term asset protection. You must focus on issues you’d rather not think about until it’s absolutely necessary. You have to spend time talking about your health, mortality, and taxes. If you’re like many families, there is no right time to think about estate planning.