A payable-on-death (POD) account is a type of account designed to transfer money to a beneficiary. You can create this account initially, or you may be able to change accounts that you already hold into this format. Either way, you will be asked to choose a...
During estate planning, people tend to focus on big-ticket items, such as real estate, vehicles, business, retirement plans and personal investments. While these assets have a high monetary value, they’re usually more straightforward and less contentious than other...
It will come as no surprise to you that starting any new business requires money. Sometimes, it takes a lot of money. While some people may be able to acquire the capital they need through savings or loans, others will need to turn to more unique and alternative ways...
When you start a business with someone else, one of the most important things that you can do is to sit down and draft a partnership agreement at the beginning. This binding agreement will define what the company is going to look like and the roles that the two of you...
In some cases, a person may write their will and estate plan so that it leaves all of their assets directly to their spouse. Since the assets do not go to anyone else, this is often called an “I love you” will. It is designed just to demonstrate affection and show the...
Marriage and divorce are among the leading reasons why people change their names. However, in North Carolina, any adult, anyone above 18 years old, can file the appropriate forms to change their name or that of a minor if you are a parent. Different factors can...
It felt like an honor to be asked to be the executor of your loved one’s estate. You never imagined that actually performing your duties would feel like such a burden. It’s not the actual process of securing the estate, managing the probate filings or paying your...
Maybe, like a lot of people, you’ve been putting off getting an estate plan in order because you’re concerned that you’ll need to modify it every time you buy something of value. That’s not the case. You certainly should modify it when you buy (or sell) your home or...
If someone you know named you in their estate plan as the person to handle their affairs when they died, you are the executor of their estate. The courts could also appoint a personal representative of an estate if the testator failed to take that step or if the...
Most of the time, an estate is going to owe debts in one fashion or another. The person who passed away may have done a lot of financial planning and paid off most of their major debts, but there are simply things that cannot be accounted for. For example, if someone...
