This document provides a basic primer on estate planning topics such as wills, trusts, powers of attorney, and medical directives. It explains the importance of estate planning for transferring assets when one passes away. Key points covered include having durable powers of attorney to avoid guardianship, using a living will to outline end-of-life medical wishes, and establishing beneficiaries to ensure assets go to intended recipients after death. Regularly reviewing and updating estate plans is advised as families and financial situations change over time.

1. DISCLAIMER:
This
outline
is
merely
a
basic
primer
on
estate
planning;
in
no
way
does
it
replace
the
advice
and
assistance
of
your
legal
or
tax
professional.
Although
every
effort
has
been
made
to
ensure
the
accuracy
of
the
informa=on
contained
within,
Weaver,
BenneA
&
Bland,
P.A.
cannot
ensure
the
accuracy
or
completeness
of
the
informa=on.
The
informa=on
and
laws
upon
which
this
informa=on
is
based
may
change.
This
outline
does
not
fit
or
apply
to
every
circumstance
or
situa=on.

7. +
Estate
Planning/Probate
+
Estate
Tax
Law
+
Elder
Law
+
Business
Law

8. +
“Nothing
is
certain
but
death
and
taxes”
+
Estate
Taxes
+
Federal
GiN
Annual
Exclusion
is
$14,000

9. +
Durable
General
Power
of
AAorney
+
Health
Care
Power
of
AAorney
+
Living
Will
+
Will
OPTIONAL
+
Living
Trust
+
Irrevocable
Life
Insurance
Trust
+
HIPAA
Authoriza=on
While
only
few
people
need
estate
tax
planning,
everyone
needs
estate
planning

10. +
Appoint
trusted
person
-­‐
financial
+
Durable
Power
of
AAorney
can
avoid
guardianship
+
Coordinate
with
estate
plan
+
Appoint
subs=tute
agent

11. +
Appoint
trusted
person
–
health
care
-­‐
avoid
guardianship
+
Decisions
–
life
support,
burial
and
anatomical
dona=ons
+
Appoint
alternate
agent
+
Statutory
form
updated
August
7,
2008

12. Form
staHng
you
do
not
want
life
prolonging
measures
including
arHficial
hydraHon
or
nutriHon
if
you
have
the
following:
+
Incurable
or
irreversible
condi=on
that
will
result
in
death
with
in
a
short
period
of
=me.
+
Unconscious
–
you
will
never
regain
consciousness
+
Advanced
demen=a
or
other
condi=on
resul=ng
in
substan=al
cogni=ve
loss
and
loss
is
irreversible
Updated
October
1,
2007

13. Why
a
Will?
Where
should
my
assets
go?
+
Methods
of
transferring
property
>
Opera=on
of
law
-­‐
Tenancy
by
the
en=rety
property
-­‐
Joint
Tenants
with
Rights
of
Survivorship
Property
(JTWROS)
>
By
contract/By
law
-­‐
T.O.D./P.O.D.
-­‐
Beneficiary
designa=ons
on
life
insurance
policies
-­‐
Beneficiary
designa=ons
on
re=rement
plans/annui=es,
etc.

14. >
Death
without
a
will
–
intestacy
distribu=on
-­‐
Die
without
will
in
NC
-­‐
results
-­‐
Clerk
of
Court
-­‐
administrator
>
Reasons
to
have
will
-­‐
Waive
bond
for
executor
-­‐
Make
bequests
-­‐
property
-­‐
Name
executor
+
By
will
or
intestacy
-­‐
Property
goes
through
probate
-­‐
Bond
may
be
required
-­‐
Make
provisions
for
children
&
others
who
need
protec=on

15. -­‐
Family
circumstances
change
-­‐
Death
of
spouse
or
child
-­‐
Change
in
property
-­‐
Marriage
-­‐
Out-­‐of-­‐state
move
>
Reasons
to
review
will
-­‐
Divorce
-­‐
Birth
–
child
or
grandchild
-­‐
Increase
or
decrease
in
assets
-­‐
Sale
or
purchase
of
asset
-­‐
Tax
law
changes

16. +
Estate
tax
planning
+
Minor/incapacitated
beneficiaries
+
Probate
avoidance
+
Privacy
+
Changes
in
NC
trust
law
-­‐
New
statute
–
akin
to
caveat
+
Who
is
trustee?

17. +
Proceeds
not
included
in
estate
+
Irrevocable
+
Can
use
annual
exclusion
to
fund
+
Inves=ng
in
life
insurance