Recently, many have begun planning for the possibility that they may fall ill and may not be able to conduct business as usual. The most commonly thought of planning device for such situations is the power of attorney (POA). A POA is a document whereby a “principal,” the person signing document, gives certain powers to an “agent,” the person designated to act on behalf of the principal. A POA allows an individual to name another person to act on their behalf during times of incapacity, for a particular purpose, for a specified duration of time, or even to simply execute everyday dealings for the individual. It all depends upon the type of POA established and the objectives sought.
“Would you like for us to perform a title search and would you like title insurance?” These are two questions that we ask before we begin any real estate transaction. The response from most of our clients is, “what is a title search and title insurance, and more importantly, how much is it going to cost me?” For today, I hope to shed some light on these questions and explain why it is always recommended that you have a title search and title insurance for every property that you purchase.
One of the things that brings people to a lawyer is disagreements over Mama’s Last Will and Testament. One sibling looks at the division of assets that Mama made in her Will, and SEES RED!!! The first thing that occurs to the disgruntled child is “why in the world would Mama put that in her Will, when she knew that I wanted the farm?” The next thing that occurs to the disgruntled child is “Mama would never do that—so this Will must not be valid!”
By: Attorney Grant Brown
One of the first steps in Estate Planning and Estate Administration is determining what interests are owned in the property. Property is generally divided into two main categories, personal property and real property. Real property is land and anything that is attached to the land, like a house. Personal property is generally everything that is not land or attached to land, so everything else.
On a personal note, I want to let my readers know that this year I celebrate my 25th year as a certified specialist in estate planning and probate law. I was first certified by the North Carolina State Bar in 1995. What that means for me is that I AM OLD. What that means for you is that I have handled a large variety of wills, trusts, powers of attorney, guardianships, estates, and other matters for my clients over the years.
Trusts come in many flavors, with specialty uses to fit unique situations. A “special needs trust” or a “discretionary” trust is just one flavor. A special needs trust is designed to protect a beneficiary who is, or may become, institutionalized. Having a child or grandchild who is unable to care for themselves is not a happy situation, but it is unfortunately a common situation that must be dealt with.
Happy Wednesday from your legal team at the Law Offices of W. Woods Doster, P.A. This is Attorney Brown speaking and we hope all of you are staying safe and looking at the bright side of life under quarantine. With the beautiful weather this weekend, I spent most of my day Saturday taking it in by working in the yard. I stayed out there so long that I was using tools and gadgets that I did not even know I had! The yard looks great and my wife is happy that I am finally getting around to things on the “honey-do” list. Hopefully, the pleasant weather maintains so we can at least enjoy simply being outside.
As I work from home, I can look out my window and see the fresh green leaves and bright colorful flowers of this glorious spring. Working from home is a different experience, with its own pleasures and rewards. But it will never take the place of looking out over the rooftops of downtown Sanford from our office on Chatham Street, or listening from our office in Pittsboro to the Courthouse bell chiming the hours. And working from home will never permit us to gather the information about our clients that we get while sitting across from you at a conference table with a cup of coffee in hand.
There is no question that the coronavirus pandemic will have some sort of financial impact on each one of us in some way. Current news headlines are filled with important financial information. From the roller coaster ride of the stock market to the government’s stimulus packages, it can all be overwhelming. Now, more than ever, it is apparent how important financial decisions are in life.