Probate court proceedings can be a lengthy and costly process for families of deceased individuals. In some cases, the process can take up to a year or longer. Luckily, there are ways to avoid probate court proceedings in North Carolina. This blog post will outline how individuals can avoid probate court in the state and save their family time, money, and hassle. Let’s get started!
Living Trusts
One way to avoid probate court is by creating a living trust. A living trust is an agreement between the grantor (the person creating the trust) and the trustee (the person managing the assets). The grantor transfers all assets into the trust document and names someone as a successor trustee who will take over after they pass away. All assets within this trust document will bypass probate court proceedings when it comes time for distribution.
Joint Ownership with Right of Survivorship
Another way to avoid probate court is by setting up joint ownership with the right of survivorship on assets owned by two people. In North Carolina, unequal shares are allowed if both individuals agree in writing. Tenancy by entirety is also allowed but only applies to real estate properties owned by married couples. If one partner passes away, the surviving partner has full rights over the property without going through any legal proceedings or division of assets from a third party.
Payable-on-Death Designations or Transfer-on-Death Registrations
Individuals can also set up payable-on-death designations or transfer-on-death registrations for bank accounts and savings accounts held with banks or brokerage firms. This means that upon the death of an individual, beneficiaries can claim the money directly from banks without going through any legal proceedings, such as probate court proceedings involving the division of assets from a third party. Unfortunately, these registrations do not apply to vehicles or real estate properties, so other methods, such as joint ownership with the right of survivorship mentioned above, must be used instead.
Conclusion: Avoiding Probate in North Carolina is Possible! By utilizing living trusts, joint ownership with right of survivorship, payable-on-death designations, and transfer-on-death registrations, retirees and future retirees can avoid probate court proceedings in North Carolina when it comes time for estate planning and asset distribution after death. These methods provide families with an efficient way to save time, money, and hassle while ensuring their wishes are fulfilled according to their own terms without any interference from courts or third parties involved in legal proceedings outside their control. With careful planning, retirees and future retirees can feel secure knowing their families won’t have to deal with lengthy legal processes associated with probating an estate after they pass away. Taking advantage of these methods now will ensure peace of mind later on down the road. Start planning today!
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