Estate planning is when you prepare legal documents outlining how you want your assets to be distributed upon your death. Regardless of how much you own, it is an important way to take care of your family when you are no longer there to do so.
Terms to Know | Probate Lawyer in Cary NC
There are hundreds of terms involving estate planning, but do not be intimidated. In this series, we are going to define some of the most common terms you may hear when you are planning your estate.
AB Trust Planning
A trust for married couples that divides it into two when one of them dies in order to avoid having the remaining spouse pay taxes on the estates.
Administrator
The person appointed by the court to handle the estate of another in the case where someone has not be named, or the person who was named declines.
Attorney-in-fact
The representative named under power of attorney to handle the financial affairs of another person.
Annual Exclusion
The amount one can give each year per individual as a gift that is not taxed.
Beneficiary
The person receiving the benefits of an estate or trust.
Bypass Trust
The B Trust in A-B trust planning that avoids taxes on the deceased’s estate. The trust “bypasses” the estate tax.
Conservator
A person appointed by the court to manage the estate of an incapacitated person.
Credit Shelter Trust
Also known as an AB Trust.
Decedent
The term in which the deceased is called when the estate is being dispersed.
Check out the next post for more estate planning terms to know.
Our probate lawyer in Cary NC understands that this process can be quite confusing. That's why we are here to help in any way we can. Contact us to set up a consultation to talk about your current estate plan. If you don't have one, consider working with us to create one that is valid. For more information about probate, visit back with our next blog post, soon.
Eldreth Law Firm, PLLC | Probate Lawyer in Cary NC
Remember, if you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our probate lawyer in Cary NC is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office today to get started estate planning.
As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and DWI issues.
If you missed our previous blogs, containing even more terms to know, be sure to visit back with them, below:
