What Does an Estate Planning Attorney Do in North Carolina?

What does an estate planning attorney do in North Carolina? Estate planning is a critical step in protecting your assets and ensuring that your wishes are honored once you are no longer here. In North Carolina, an estate planning attorney provides valuable guidance in various areas, such as creating wills, trusts, and powers of attorney, and helping the transfer of your belongings go smoothly.

Understanding the role of an estate planning attorney can empower you to make informed decisions about your future and the future of your family. It can be difficult to navigate the complexities of state laws, understand healthcare directives and other legal documents, and create a detailed plan that is tailored to your specific needs. These are just some of the reasons why it can be helpful to acquire the help of an estate planning attorney.

Roles of an Estate Planning Attorney

There are many roles that an estate planning attorney may take on. Ultimately, an estate planning attorney’s tasks differ depending on the specific needs of their client. Some common responsibilities they may take on can include the following:

• Taking inventory of and organizing a client’s affairs. This can include simply making a list of all known assets such as homes, vehicles, personal belongings, and more. Anything that is of significant value or of personal importance to the client should be included in an initial inventory.
• Assisting in the drafting or updating of a will. Recent studies show only 24% of Americans have a will. A will is very important as it designates which property is to be given to which heir, and how other belongings are intended to be distributed.
• Establishing one or more trusts. There are various types of trusts that may be established, and an attorney can help their client understand what type of trust is ideal for their situation.
• Assisting in designating powers of attorney. These documents give certain individuals the power to make decisions on someone else’s behalf during their lifetime.
• Drafting a healthcare directive. These documents outline a client’s wishes regarding their medical and healthcare should they become incapacitated or unable to clearly communicate their desires.
• Representing clients in court. There are times when it may be necessary to go to court, for various reasons. In such an event, an estate planning attorney can act as your representation. For clients of Orsbon & Fenninger, LLP, Mecklenburg County Courthouse is where estate and probate matters are handled.

This is not an exhaustive list of all the roles that an estate planning attorney may take on. However, they are some of the most common tasks that clients ask for.

Becoming an Estate Planning Attorney

The road to receiving licensure for being able to practice estate planning law is not an easy one. In North Carolina, an applicant must have worked an average of 500 hours per year for five years prior, with a minimum of 400 hours for any single year. Additionally, during the three-year period before applying, an applicant must actively continue their legal education through at least 72 hours of CLE credits in the field of estate planning and related areas.

There are additional, difficult-to-meet requirements that must be met in order to apply for licensure to practice estate planning law in North Carolina. This is vital to understand when you are searching for an estate attorney, because you can have peace of mind in knowing that your legal representation has studied the field of estate planning extensively and can advise you accordingly.

Estate Administration Process

The help of an estate attorney is crucial for the proper handling of your family member’s estate case. You may administer your estate in the county your loved one was living in at the time of death, which, for clients of Orsbon & Fenninger, LLP, is oftentimes Mecklenburg County.

To begin the process, you can visit the clerk of your local court. The Mecklenburg County Clerk of Superior Court office is open to the public from 9:00 a.m. until 5:00 p.m. Monday through Friday, but it can be helpful to call ahead and make an appointment. Items you should bring to your appointment include a will if your loved one had one, a relevant death certificate, an application, an inventory of property, and $120 for the filing fee.

If this process sounds overwhelming, remember you do not have to accomplish it alone. At Orsbon & Fenninger, LLP, we are ready and equipped to walk you through the entire process from beginning to end, explaining each detail and answering any questions you may have.

FAQs

Q: What Is the Difference Between an Estate Planner and an Estate Lawyer?

A: Estate planning is the process by which an individual and their family make preparations for their assets upon their death. This can include a wide range of factors, such as how you want your property to be transferred and to whom, matters involving taxes, the drafting and upholding of a will, the creation of one or multiple trusts, and more. An estate planning lawyer is someone who helps guide an individual and their family through this process.

Q: What Is the 5 By 5 Rule in Estate Planning?

A: The 5 by 5 rule in estate planning refers to a clause within a trust that allows the beneficiary to withdraw either $5,000 or 5% of the fair market value of the trust per year. Between these two options, whichever is higher will be implemented. This clause does not take the place of the regular stated payout but is included in addition to the regular payout amounts.

Q: What Are Some Essential Steps in Estate Planning?

A: While each individual’s estate will be prepared uniquely depending on their situation, there are some common steps that most individuals take. Begin by taking an inventory of all assets, including homes, cars, real estate, and anything else. You can then draft a will, explaining what should be done with your assets upon your death. You can also assign a power of attorney at this point, designating one family member to oversee your affairs.

Q: How Much Does Estate Planning Cost in North Carolina?

A: The cost of an estate plan will vary based on multiple factors. The complexity of a person’s estate may affect the cost of an estate plan, as the more assets you have to take care of will require more work on a lawyer’s behalf. There are also costs associated with drafting wills and trusts, which can fluctuate depending on how many trusts you need. In addition to the costs of various documents, you will also need to allocate for attorney fees.

Estate Planning Attorneys, Orsbon & Fenninger, LLP

Estate planning is a crucial step to take in protecting your assets, making sure your wishes are honored, and providing peace of mind for you and your family. It can be beneficial to acquire the assistance of an experienced estate planning attorney. They can help you navigate complex legal requirements, minimize tax burdens, and set your plan up in a way that will allow your family to avoid conflict in the future.

Do not leave your future to chance. Contact Orsbon & Fenninger, LLP, today to learn more about how we can help you create a well-structured estate plan. Whether this is through assisting you with drafting a will, establishing one or multiple trusts, and developing strategies to protect your assets and ensure a smooth transfer of wealth, we are prepared to help you. Start planning today to grant future security to the people you care most about.