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Understanding Legal Terms, Part Three

Are you interested in learning more about legal terms and how to better understand them? If so, our wills lawyer in Cary NC is here to talk more about most used terms. Below, you'll find a few common words used. Stay tuned for more blogs with other terms, as well!!

Legal Terms | Wills Lawyer Cary NC

  • Credit Shelter Trust - Also known as an AB Trust.
  • Conservator - A person appointed by the court to manage the estate of an incapacitated person.
  • Bypass Trust - The B Trust in A-B trust planning that avoids taxes on the deceased’s estate. The trust “bypasses” the estate tax.
  • Beneficiary - The person receiving the benefits of an estate or trust.
  • 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.
  • Administrator - The person appointed by the court to handle the estate of another in the case where someone has not been named or the person who was named declines.
  • 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.

Please visit back with us soon, as we will have more glossary terms for you to become familiar with. They'll help you as you work with our wills lawyer in Cary NC to create an estate plan.
Eldreth Law Firm | Wills Lawyer in Cary NC
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 wills 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.
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.
Contact our office, today to make an appointment to speak with our wills lawyer in Cary NC. Don't wait to start your estate planning!

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