NC Estate Planning Fundamentals - Hopler, Wilms, & …Introduction NC Estate Planning Fundamentals is an extensive guide to the most common estate planning tools used to prepare for

Hopler, Wilms, & Hanna, PLLCNorth Carolina Licensed Attorneys2017 Publication

NC Estate Planning

Fundamentals

Contents

Copyright © 2017 by Hopler, Wilms, & Hanna, PLLC

2 NC Estate Planning Fundamentals

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Introduction

NC Estate Planning Fundamentals is an

extensive guide to the most common estate

planning tools used to prepare for incapacity and

the inevitability of death. A detailed explanation of

each tool is provided along with items to consider

when implementing the tool as part of your estate

plan.

One of the most difficult parts for loved ones in

assisting you once you are incapacitated and in

handling your affairs after you’ve passed is locating

your assets. For that reason, this guide contains a

planner that will allow you to keep all of the

information your loved ones might need.

For additional information or assistance, please

contact Hopler, Wilms, & Hanna, PLLC at (919)

244-2019 or visit us on the web at

http://www.hoplerwilms.com.

NC Estate Planning Fundamentals 3

A Quick Look

•Not Useful Until You Have Passed

•Disposes of Personal and Real Property

•Does Not Include “Beneficiary” Property

•Appoints an Executor

•Nominates a Guardian

•Create a Testamentary Trust

•Not Required to be Filed Until You Have Passed

Last Will & Testament

•Transfer Property to Trust During Lifetime

•Useful for Managing Assets When You Cannot

•Avoids Probate

•More Privacy with Living Trust

•Not Filed

Living Trust

•Grants Broad Authority to Manage Affairs

•Effective when Signed or Effective when Incapacitated

•Limit the Scope of Authority Granted

•Not Effective Once You Pass

•Nominate a Guardian for Yourself when Incompetent

•Revoke with a Separate Written Instrument

•Should File with the Register of Deeds

Power of Attorney

•Appoint an Agent to Make Medical Decisions

•Effective Only if Unable to Make/Communicate MedicalDecisions

•Set Limits on Decisions Made

•Decisions about Remains, Organ Donation, &Anatomical Study

•Nominate a Guardian if Incompetent

•May File with Secretary of State

Health Care Power of Attorney

•Decide when to Withhold Life Prolonging Measures

•Make you as Comfortable as Possible even if it Hastensyour Death

•Let Health Care Agent Override or Take Decision Awayfrom Agent

•Releases Liability for Following Directive

•May File with Secretary of State

Advance Directive

(“Living Will”)


The Last Will and

TestamentThe Last Will and Testament is a document which expresses your intent

once you pass of how you want your affairs handled. This includes naming

beneficiaries, nominating a guardian for children, naming the person who

will manage your affairs, and deciding how and under what conditions your

property is distributed.

The Last Will and Testament will usually begin with an introductory paragraph

(“exordium”) which states that you are making this Will, provides some identifying

information, typically will revoke all prior Wills, and may identify some or all of the people

names later in the Will. You may have a blended family, with adopted children, step-

children, or unrelated parties that you want treated as if they were family. If you do

have people in your life that fall

into these categories, it is

especially important to indicate

your intent. It is also important to

acknowledge somewhere in the

Will if you are intending to

disinherit a natural heir, such as a

child. If you are intending to

make a change to a previous

Will, you will usually indicate that

purpose by reincorporating the

previous Will and indicating the

changes you are making.

Inadvertent omissions or mistakes can be avoided by redoing the entire Will instead of

executing a codicil. The Will should allow for the payment of your debts and the costs of

administering the estate. You should also allow the funeral expenses to be paid from the

estate. There is a statutory amount which is allowed to be paid, but it has not been

adjusted, and is presently insufficient to pay for most funeral services.

Chapter One


While some people leave “everything” to one person

or to more than one person to be split among them, some

people prefer to make gifts of specific items to designated

people. There are a number of ways to handle this.

6

Name the Executor as beneficiary and request that he or she gift it to the named

people as described in attachment.

(Can update this later without execution)

Give it to the named people directly in the Will or via

attachment.

(Cannot update this without full execution later)

Give “categories” of property to named individuals.

(Cannot update this without full execution later)

Leave everything to one or more beneficiaries to split, and request items be given

from beneficiaries to named people

(Can update later without execution)

Bequest a sum or category of property to a class of

beneficiaries.

(Cannot update this without full execution)

Use a fact of independent significance

[all the property in my living room, all the books in my

library]

(Alter the condition to update without a full execution.)

Residuary

Every Will should have a

residuary clause to avoid a

situation of partial intestacy.

Even if you are sure you have

specifically devised all

property, the residuary will deal

with unexpected property

interests and lapsed gifts. The

residuary is essentially the

catch-all “everything else goes

to X” clause.

Specific Bequests


Naming an ExecutorThe Will should specifically appoint an Executor to serve for

the Estate. It should also name multiple backup options for the

preferred Executor. If we run out of options, we may use persons in

the following order of priority:

(1) The surviving spouse of the decedent;

(2) Any devisee of the testator;

(3) Any heir of the decedent;

(4) Any next of kin (closer degrees of kinship have higher priority)

(5) Any creditor to whom the decedent became obligated prior to

the decedent's death;

(6) Any person of good character residing in the county who applies

therefor; and

(7) Any other person of good character not disqualified

You should speak with your potential Executors to make sure

they are willing to serve. They should also be aware of where you

store your Will for safekeeping and should typically have a copy of it

for their own records.

In your Will, you can waive the necessity of the Executor to

be bonded. This may save the Estate some expenses.

The terms “executor”,

“executrix”, and “personal

representative” all refer to the

same fiduciary position. The

terms “administrator” or

“administratrix” refer to the

person appointed to handle the

affairs of a person that died

without a Will. “Personal

Representative” is a generic

term for all of the above.

Executors may be entitled to a

commission of up to 5% of

receipts and disbursements,

but you may specify otherwise

in the will.


For dealing with assets to be inherited by

children. You have several options available. The most

common methods are to leave property to a child while

referencing the Uniform Transfer to Minors Act. This is

basically a trust built into a statute and it often

addresses all of a testator’s concerns.

For those with additional concerns, you can

create a testamentary trust – a trust that does not exist

until certain conditions are met which you set in your

Will – and then a trust is created to manage property for

a minor. You dictate all the terms and conditions of the

trust as part of your Will. This is the most flexible option

to control distributions to children. Additionally, if you

have an adult beneficiary that you have concerns about,

you may create a testamentary trust to manage property

for them as well.

Minors and People Not

Responsible with MoneyThe terms “executor”,

“executrix”, and “personal

representative” all refer to the

same fiduciary position. The

terms “administrator” or

“administratrix” refer to the

person appointed to handle the

affairs of a person that died

without a Will. “Personal

Representative” is a generic

term for all of the above.

Executors may be entitled to a

commission up to 5% of

receipts and disbursements,

but you may specify otherwise

in the will.


Revocable Living Trusts

A Revocable Living Trust is an estate planning tool which often acts as a

“Will Substitute”, meaning that the distribution of the property that you

acquired during your lifetime would be controlled through this instrument

instead of the Will. The Revocable Living Trust is also a useful tool for

planning for incapacity and for avoiding the time and expense associated

with probate.

A trust is a fiduciary relationship with respect to property in which the trustee holds

legal title to the trust property pursuant to agreement with the trust’s grantor or settlor,

subject to enforceable equitable rights in the beneficiary. Living trusts are commonly used

as will substitutes. A typical revocable trust provides that during the settlor’s lifetime, he or

she may withdraw or direct the use of trust assets. The trust agreement may provide for

how trust assets are to be used

during the settlor’s incapacity and

therefore can be helpful in planning

for incapacity. There are

advantages to using this method

over a Power of Attorney to plan for

incapacity. Generally, a trustee has

an easier time dealing with financial

institutions. Typically the trust

activity causes the trust to be a

disregarded entity, so the settlor

does nothing different on their tax

return as a result of having a trust. If a revocable trust is used, the dispositive provisions of

an estate plan can be kept private. A revocable trust is not filed with the Clerk of Court like

a Will would be. The desire for privacy is a reason many clients choose a revocable trust

for estate planning. As public records become more and more accessible online, the

likelihood of information in a Will being viewed grows higher.

Chapter Two


One of the main benefits of a revocable

trust is that, if it is properly funded, it can help a

settlor avoid the probate process. If a person’s

assets are all held in a revocable trust at the time

of that person’s death, then none of those assets

would be held in the person’s individual name, so

there would be no assets subject to probate. Not

only does this save time and probate fees, but it

also maintains privacy, since probate filings are

public record.

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In addition to remaining outside of

the probate process, NC also allows for a

certification of trust. A certification of trust

sets out important information about a

trust without disclosing the dispositive

terms of the trust. This allows a person to

provide the information necessary to

transact business for the trust without

having to turn over the entire trust

agreement. A certification includes the

existence and date of the trust, the identity

Avoid Probate Maintain Privacy

of the settlor (unless withheld under a specific provision in the trust), the identity and address of the

current trustee, the powers of the trustee, the revocability or irrevocability of the trust, disclosure of

who has power to revoke the trust, the authority of co-trustees to execute documents, the trust’s

taxpayer identification number, and the manner of taking title to trust property.


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Family, Heirs, Charity, other Trusts

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To put assets into a trust, the trust must be adequately identified. For example, the

title of trust assets may be held in this form:

John Smith, Trustee of the John Smith Revocable Trust dated July 4, 2017.

The title has the trustee’s name, the name of the trust, and the date of the trust

agreement. It supplies sufficient identifying information for the trust. Title to assets is

held by the trustee. The trust is a relationship – not a separate entity.

When you modify a trust, you execute “Trust Amendments” which can order the

revocation and replacement of provisions of the trust. Even after a modification, you

continue to identify the trust by its original date.

Identifying the Trust


Assets Held by the Trust

Cash

•Bank account should be re-titled in the name of the trust.

•You may wish to not re-title small joint accounts.

•Accounts can be titled in the name of the trust but checks will not indicate it.

Investment Accounts

•A broker or custodian can help change title of the account.

•Procedure is the same as for deposit accounts.

Other Stocks and Bonds

•You can open a brokerage account in the name of the trust and deposit the certificates.

•You can work with the transfer agent to reissue the stock to the trustee.

Tangible Personal Property

•If “titled” property, transfer title to the trust.

•If non-titled, then a declaration that the trust is the owner of the property is used.

•Vehicles in the name of the trust can cause issues obtaining insurance.

Retirement Plans

•Name the trust as beneficiary.

•Be careful to avoid tax issues when designating a trust as a beneficiary.

Promissory Notes and Other Receivables

•Typically a written instrument assigning the interest is sufficient.

Partnership Interests

•Partnership Agreements may have restrictions on transfer.

•Transfer can occur through written assignment signed by settlor and acknowledged by other partners.

Corporate Interests

•Corporations cancel certificates and issue new certificates.

•For LLC’s, the operating agreement will determine how a transfer occurs.

Real Property

•A deed is required to transfer an interest in real property.


Power of Attorney

The Power of Attorney is a tool used to plan for incapacity. It designates

another to make decisions about your affairs on your behalf. It grants

broad, sweeping authority to another and should not be granted lightly. A

Power of Attorney is only effective while you are living and becomes

ineffective at your death.

The Power of Attorney is one of the most important pieces of your estate plan. It

prepares for your possible incapacity. Without such a document, you and your family are

vulnerable to suffering through guardianship proceedings. Guardianships must be

established when no one has been named to handle the assets of an individual, and no

one has been named to make

health care decisions for the

individual. Guardianships are

costly, potentially embarrassing

for the client, and awkward for

the family member or friend who

must initiate the process.

Planning for potential incapacity

is planning that could well impact

the quality of your day-to-day life.

Planning for the inevitability of

death is important, but,

depending on your view, after you

die, you will be unaware of probate, taxes, or unhappy beneficiaries. Failure to plan for

potential incapacity may result in a less-than-desirable person being in charge of your

checkbook and your care decisions. An effective estate plan must include a durable power

of attorney.

Chapter Three


The AIF can perform all acts that the principal could

perform. Exceptions: Marriage, Divorce, Voting, and Writing a Will.

Some powers should be expressly included, such as gifting

if it will include gifts to the AIF, designating beneficiaries on IRA’s,

transferring property into a revocable trust, and disclaiming

property.

You can limit the power to specific things, such as to a

particular real estate transaction or use of a specific bank account.

You can make the POA durable, so it continues to be

effective when you are incapacitated or incompetent. The POA

must be recorded for it to be effective when someone is

incapacitated or incompetent.

Springing vs. Non-Springing: A POA can be effective when

you sign it, or it can be effective upon the happening of an event,

like incompetence or incapacity. There are pros and cons of both

types. Often, a determination in writing by a physician as to your

deteriorated mental state is the triggering event.

The POA is effective only while alive, and if you want to

revoke a recorded POA, then you will want to serve the revocation

and record both proof of service and the revocation with the

Register of Deeds where you recorded the POA.

Principal:

The person executing the

power of attorney

designating someone to

act on his or her behalf

Attorney-in-fact:

The attorney-in-fact is the

person being designated

to act on behalf of the

principal. This does not

need to be an attorney.

The duty of the attorney-

in-fact is to act in the best

interest of the principal.

He or she must be at least

18. There is not a

requirement that he or

she be local, but it is

usually helpful.


The basic principle behind powers of attorney is

that one person (the principal) gives another (the

agent or attorney-in-fact) the power to act on his

or her behalf, as long as the principal consents to

the action. In other words, one person may act as

if they are the other person, but only to the extent

that that person gives them permission to do so.

A power of attorney is usually created through a

written instrument, but no particular form of

writing is required. It must be executed under seal

if the writing executed by the attorney-in-fact is

under seal. A power of attorney must be recorded

if the agent wants to act on behalf of the principal

with regards to real property. To execute

instruments, it doesn’t matter if the attorney-in

fact signs the principal’s name as the attorney-in-

fact or signs his own name on behalf of the

principal.

The writing defines the scope and duration of the

power of attorney. A principal can give the agent

very broad and general powers, or define them

narrowly. The duration is set out in the writing and

can be as long or short as the principal wants.

Importantly, even if the principal says that the

power of attorney is irrevocable in the writing, the

principal usually will still have the ability to take

the power away from the agent.

There are certain constraints on the agency-

principal relationship that a power of attorney

creates. The first is that the relationship is

fiduciary; it implies that the principal has placed

trust or confidence in the agent, and the agent or

employee is bound to the exercise of the utmost

good faith, loyalty, and honesty toward his

principal or employer. The second constraint

involves public policy. Generally, personal

services contract obligations can’t be delegated

from the principal to the agent. For example, you

couldn’t, in your powers of attorney, delegate an

obligation to paint a portrait for someone. Even

with a written durable power of attorney, the

principal can’t give the agent powers that have

been traditionally prohibited by common law,

unless it has been changed by statute. The third

constraint involves the “four undelegables;” that

the attorney-in-fact can’t vote, get married, get

divorced, or write a will for the principal, but there

is some flexibility. In terms of voting, if there are

constitutional implications connected to the voting

right, it can’t be delegated. This is especially true

if a statute requires a personal act. However, the

power to vote may be delegated if the voting right

has something less than a political election with

constitutional implications attached to the right.

With marriage, generally both parties need to be

present In North Carolina only a competent

spouse may commence an action for absolute

divorce, but an attorney-in-fact may commence,

defend, maintain, arbitrate, mediate, or settle any

action under Chapter 55 of the N.C. General

Statutes. With regard to wills, almost everyone

agrees that you have to execute your own,

meaning that you can’t delegate the authority to

an attorney-in-fact. The statutes are in alignment

with that. The fourth constraint on the agent-

principal relationship is a limited power to fund a

trust. The power of an agent acting under a

power of attorney to deal with a trust is expressly

set out in N.C., Section 36C-6-602.1 of the

Uniform Trust Code.

Finally, certain events can terminate the agency

such as death of a principal, incapacity of the

principal, death of the agent, incapacity of the

agent, death or incapacity of one of several joint

principals or agents, and revocation. The agent’s

authority is also ended by the principal’s

incapacity. If the authority is under a durable

power of attorney, this rule is different. With

regard to revocation, the principal can revoke the

agency at will. The principal only needs to give

the agent notice of the revocation, unless the

agent has been held out as a general agent to

third persons. In that case, the third persons must

also be notified. The common law rule in North

Carolina is that a power of attorney under seal

may be revoked orally.

General Information


A durable power of attorney is essentially a power of attorney that doesn’t end when the principal becomes incapacitated or

mentally incompetent. The statutory requirements of a durable power of attorney are set out in N.C. Gen. Stat. § 32A-8 which

reads, “[a] durable power of attorney is a power of attorney by which a principal designates another his attorney-in-fact in writing

and the writing contains a statement that it is executed pursuant to the provisions of this Article or the words ‘This power of

attorney shall not be affected by my subsequent incapacity or mental incompetence,’ or ‘This power of attorney shall become

effective after I become incapacitated or mentally incompetent,’ or similar words showing the intent of the principal that the

authority conferred shall be exercisable notwithstanding the principal’s subsequent incapacity or mental incompetence. Unless

the durable power of attorney provides otherwise, where the grant of power or authority conferred by a durable power of

attorney is effective only upon the principal’s subsequent incapacity or mental incompetence, any person to whom such writing

is presented, in the absence of actual knowledge to the contrary, shall be entitled to rely on an affidavit, executed by the

attorney-in-fact and setting forth that such condition exists, as conclusive proof of such incapacity or mental incompetence,

subject to the provisions of G.S. 32A-13.

A power of attorney can be written so that it only becomes effective upon the incapacity or mental incompetence of the principal.

The actual incapacity or mental incompetence is called the “springing event.” If the power of attorney is written this way, there is

a minor issue with the question of when is a person actually incapacitated or mentally incompetent? The answer has seemingly

been to get one or two doctors to attach something to the recordation of the power of attorney, verifying the incapacitation or

mental incompetence. Because of the ambiguity in this area, the legislature in 1991 created a statutorily defined method for

establishing when the springing event has occurred. The language that was added to N.C. Gen. Stat.§ 32A-8 reads, “[u]nless

the durable power of attorney provides otherwise, where the grant of power or authority conferred by a durable power of

attorney is effective only upon the principal’s subsequent incapacity or mental incompetence, any person to whom such writing

is presented, in the absence of actual knowledge to the contrary, shall be entitled to rely on affidavit, executed by the attorney-

in-fact and setting forth that such condition exists, as conclusive proof of such incapacity or mental incompetence, subject to the

provisions of G.S.§ 32A-13.” Even with this provision, it’s still probably a good idea to have two doctors verify the incapacity or

mental incompetence. In order for the power of attorney to be effective once the principal becomes incompetent, it has to be

recorded. Moreover, for any durable power of attorney to be recorded, it has to be acknowledged first.

Unless expressly waived, the agent has to file accounts and inventories. If the power is waived, the Clerk of Superior Court can

conduct audits at its discretion. The agent is also entitled to compensation. If the amount isn’t stated in the power of attorney, the

clerk of Superior Court will set it after considering a number of factors. These include the degree of difficulty and novelty of the

tasks required of the trustee, the responsibilities and risks involved, the amount and character of the trust assets, the skill,

experience, expertise, and facilities of the trustee, the quality of the trustee’s performance, comparable charges for similar

services, time devoted to administering the trust, time constraints imposed upon the trustee in administering the trust, nature and

costs of services delegated to others by the trustee, where more than one trustee is serving, the reasonableness of the total fees

paid to all trustees, and other factors which the trustee or the clerk of superior court deems to be relevant.

Durable Power of Attorney


A power of attorney may contain any provisions relating to the appointment, resignation, removal and substitution of an attorney-

in-fact, and to the rights, powers, duties and responsibilities of the attorney-in-fact. If all attorneys-in-fact named in the instrument

or substituted die, or cease to exist, or become incapable of acting, and all methods for substitution provided in the instrument

have been exhausted, the power of attorney will no longer be effective. Any substitution by a person authorized to make it has to

be in writing signed and acknowledged by that person. Notice of every other substitution also has to be in writing and

acknowledged by the person substituted. No substitution or notice subsequent to the principal’s subsequent incapacity or mental

incompetence is effective until it has been recorded in the office of the register of deeds of the county in which the power of

attorney has been recorded.

A durable power of attorney that is registered in an office of the register of deeds in North Carolina can be revoked by the death

of the principal or “registration in the office of the register of deeds where the power of attorney has been registered of an

instrument of revocation executed and acknowledged by the principal while he is not incapacitated or mentally incompetent, or

by the registration in such office of an instrument of revocation executed by any person or corporation who is given such power

of revocation in the power of attorney, or by this Article, with proof of service thereof in either case on the attorney-in-fact in the

manner prescribed for service of summons in civil actions.”

A durable power of attorney that is not registered in an office of the register of deeds in North Carolina can be revoked by “the

death of the principal, any method provided in the power of attorney, being burnt, torn, canceled, obliterated, or destroyed, with

the intent and for the purpose of revoking it, by the principal himself or by another person in his presence and by his direction,

while the principal is not incapacitated or mentally incompetent; or a subsequent written revocatory document executed and

acknowledged in the manner provided herein for the execution of durable powers of attorney by the principal while not

incapacitated or mentally incompetent and delivered to the attorney-in-fact in person or to his last known address by certified or

registered mail, return receipt requested.”

“As to acts undertaken in good faith reliance upon an affidavit executed by the attorney-in-fact stating that he did not have, at the

time of exercise of the power, actual knowledge of the termination of the power by revocation pursuant to the provisions of G.S.

32A-13(b) or by the principal’s death, such affidavit is conclusive proof of the nonrevocation or nontermination of the power at

that time. This section does not affect any provision in a power of attorney for its termination by the expiration of time or

occurrence of an event other than an express revocation.”

Durable Power of Attorney


Powers Often Granted in a

Power of Attorney

Real Property Transactions

Personal Property

TransactionsDigital Assets

Securities Banking Safe Deposits

Business Operating

Transactions

Insurance Transactions

Estate Transactions

Personal Relationships

and Affairs

Social Security and

Unemployment

Benefits from Military Service

Tax MattersEmployment of

AgentsGifts to Others

Gifts to SelfRenunciations

to Benefit Others

Renunciations to Benefit Self



The Health Care Power of Attorney is a document which determines the

person that will make medical decisions when your provider determines

that you lack the ability to make or communicate medical decisions. You

can define the scope of the agent’s authority to align with personal

preferences and religious beliefs.

The Health Care Power of Attorney allows you to designate a health care agent to

make a broad range of decisions involving health care. The power becomes usable once

a physician determines you to be incapacitated. At that point, the health care agent may

act on your behalf. If no specific doctor is named, the attending physician will make the

determination. You should name at least one agent to act at a time and it is best practice

To name at least one backup

person in case the first person is

unwilling or unable to act. The

health care agent you designate

must be at least eighteen years

of age. The health care agent

can make a broad range of health

care decisions, including hiring

and firing doctors, authorizing

admission to a nursing home,

deciding about mental health

treatment, approving the

withholding or withdrawal of life-

prolonging measures, approving an autopsy, donating organs or parts, donating your body

for anatomical study, and disposing of remains.

Chapter Four


As you begin the process of creating a Health

Care Power of Attorney, there are a few things worthy

of consideration in addition to the scope of power

granted.

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Typically the document will revoke previous HC POA’s. If you travel frequently to other

states, consider whether to keep a previous one in place that is effective in another

state.

Consider how your Health Care POA will interact with your living will. You may

decide whether your agent prevails if the agent disagrees

with your living will.

The document does not traditionally provide for

compensation. Consider whether your agent should be

compensated for their role.

If you are naming a non-blood relative, consider whether you

should include a provision regarding visitation.

A guardian may usurp a health care agent’s authority with approval from the Clerk.

Consider whether to name your agent as guardian should

one be needed.

Consider whether to name your agent as your attorney-

in-fact, since finances and medical care often go hand-

in-hand.

Liability

Your agent and the

provider will want to know they

won’t be liable for the

consequences of following the

content of this document. A


should provide a release of

liability for relying on the

provisions contained in the

document.

Considerations for Health Care POA


Advance Directive

The Advance Directive for a Natural Death, also called a Living Will, is an

instruction to your provider which determines when you would like them

to withhold or withdraw life-prolonging measures. The document is

effective when you cannot make or communicate medical decisions.

The author of a Living Will indicates to their provider when they want life-prolonging

measures to be withheld. Those measures are defined as medical procedures or

interventions which in the judgment of the attending physician would serve only to

postpone artificially the moment of death by sustaining, restoring, or supplanting a vital

function, including mechanical ventilation, dialysis, antibiotics, artificial nutrition and

hydration, and similar forms of treatment. Life-prolonging measures to not include care

necessary to provide comfort or

alleviate pain. NC expressly

validates the use of living wills

from other states if they meet the

formal execution requirements of

NC’s statutes. They must be

notarized, witnessed by two

witnesses who are not related to

the declarant, not employees of a

health-care facility where the

declarant resides, do not have a

claim against the declarant, and

will not expect to inherit from the

declarant. Even if the other state’s form is valid, it is best practice to execute one that

conforms substantially to NC’s statutory form. Providers in NC understand and rely on that

form comfortably.

Chapter Five


The Living Will allows you to customize

the circumstances in which life-prolonging

measures are withheld or withdrawn.

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Whether to withhold/withdraw when you have incurable or irreversible condition which will shortly

result in death

Whether to withhold/withdraw when you are unconscious and will not

regain consciousness

Whether to withhold/withdraw when you have a irreversible substantial

loss of cognitive function

Whether to authorize or require the

withholding/withdrawal of life-prolonging measures

Whether to continue to receive artificial nutrition

and/or hydration

Whether the health care agent can override your living

will.

Contents of a Living Will


Estate Information Guide

What follows is an extensive guide for you to fill out so that when the time

comes for your loved ones to assist you with your affairs, either during

periods of incapacity or after you have passed away, the details of your

assets and affairs are centralized for their convenience.

As you review the following guide, you may find that some information is

wholly inapplicable to you. That is okay. You may also find that some

information is more easily conveyed through the attachment of documents.

That is also okay. The guide is meant as a starting point for you to begin

organizing your affairs into a centralized location.

Chapter Six


Estate Information Guide Contents

My Personal Information ............................................25

Medical Care ...............................................................29

Key Contact Information ............................................31

At The Time of My Passing ........................................32

Children, Wards, & Dependents ................................34

Important Documents ................................................38

Financial Information .................................................39

Business Information .................................................49

Beneficiary Information .............................................52

Personal Effects .........................................................59

Property Information ..................................................64

Insurance ....................................................................72

Pets ..............................................................................76

Accounts to Handle ....................................................77

Email & Social Media Accounts ................................87

Handling My Remains ................................................91

My Personal Wishes ...................................................92


MY PERSONAL INFORMATIONThis information will help your loved ones have the identifying information they need to handle

your affairs on your behalf.

Full Legal Name

Maiden Name or Other Names You Might Go By

Address (Physical and Mailing)

Home Phone

Cell Phone

Other Numbers

Social Security Number

Where might we find your Social Security Card?

PO Box Number

Where might we find your PO Box Key?


City/State of Your Birth?

If Outside the US, specify City, Province, Nation

Other Identifying Information Specific for that Nation

Marital Status

Full Legal Name of Spouse

Full Legal Names of Children

Full Legal Names of Grandchildren

If Previously Married, Full Legal Name of Former Spouse(s)

Full Legal Names of Siblings

Full Legal Name of Father

Location of Father’s Birth


Full Legal Name of Mother, Including Variations (Such as Maiden Name)

Location of Mother’s Birth

Job/Occupation (Or Previous Occupation if Retired)

US Citizen? If not, Provide Citizenship Information

Names and Locations of Religious Entities in Which You Are Involved

Describe Military Service, if Any

Additional Information


MEDICAL CAREThis will help your loved ones make sure your final wishes are followed in the event you become incapacitated.

Do You Have a Living Will?

Where is it Stored?

Username and Password for Living Will with Secretary of State

Do You Have a Health Care Power of Attorney?

Where is it Stored?

Username and Password for Health Care Power of Attorney with Secre-tary of State

If You Have a Health Care Agent, that Person’s Name Is:


Address, Phone, and Email for Health Care Agent?

Names of Backup Health Care Agents?

Address, Phone, and Email for Backup Health Care Agents?

Do You Have a DNR Order? Where is it Located?

Do You Have Organ Donation / Anatomical Gift Donation Directive(s)? If so, where is it located?

What is Your Blood Type?

Medical Conditions (Include the date when you update this information)

Medications (Include the date when you update this information)


Allergies & Reactions(Include the date when you update this information)

Health Insurance Information

Where might we find Your Health Insurance Card?

Physician Name and Location?

Preferred Hospital and Location?

Preferred Pharmacy and Location?



KEY CONTACT INFORMATIONThis will assist us with locating people that can assist us in winding up your affairs.

Executor Named in Your Will and their Contact Information

Attorney and his or her Contact Information

Accountant and his or her Contact Information

Financial Advisor and his or her Contact Information

Insurance Agent and his or her Contact Information

Religious Advisor and his or her Contact Information



AT THE TIME OF MY PASSINGAt the time of death, you may need several death certificates. If you are not sure, request ten. You can obtain them from the funeral home or from the Register of Deeds.

Contact the Following People:

Name, Address, Phone, Email




















CHILDREN, WARDS, AND OTHER DEPENDENTSThis section allows us to have information important for contacting children and handling the transition of their care.

Name

Relationship

Address/Phone/Email

Birthdate and Birthplace

US Citizen?

Wishes for Ongoing Care of Dependent?

Any Medical Information We Should Know?

Known Allergies

Health care providers:

Health insurance information

Financial Information

Location of Important Documents

Wishes Regarding Care?


Name

Relationship

Address/Phone/Email


US Citizen?



Known Allergies







Name

Relationship

Address/Phone/Email


US Citizen?



Known Allergies







Name

Relationship

Address/Phone/Email


US Citizen?



Known Allergies







IMPORTANT DOCUMENTSThis will help us locate the documents we need to wind up your affairs.

Where can we find your original Will?

Where can we find your Driver’s License?

What is your Driver’s License Number and Expiration Date?

Where is your passport?

What is your passport number?

Where can we find your birth certificate?

Where can we find your marriage certificate?

Where can we find your separation and/or divorce documents?

Do you keep an address book? Where is it located?


FINANCIAL INFORMATIONThis section provides critical information to help us determine who has authority to make financial decisions upon your incapacitation. It also provides information necessary to secure financial assets upon your incapacita-tion or death.

Do you have a Power of Attorney? Where is it Located?

Who is your Attorney-in-Fact (agent)? Who are your successor agents?

Contact Information?

BANK ACCOUNT INFORMATIONChecking Account

Bank & Location:

Account Number:

Online Account Username:

Password:

Security Questions and Answers:


Savings Account

Bank & Location:

Account Number:

Online Account Username:

Password:


Other Accounts

Bank & Location:

Account Number:

Bank & Location:

Account Number:

Bank & Location:

Account Number:

Additional Information (such as contacts, where information is located)


CREDIT CARD INFORMATIONAccount Number:

Website: Online Username:

Password:


Additional Information:

Account Number:


Password:



Account Number:


Password:




Account Number:


Password:



Account Number:


Password:



Account Number:


Password:




INVESTMENT ACCOUNTSType of Account?

Account Number

Contact Information

Location of Documents?

Type of Account?

Account Number

Contact Information


Type of Account?

Account Number

Contact Information



Type of Account?

Account Number

Contact Information


Type of Account?

Account Number

Contact Information


Type of Account?

Account Number

Contact Information




OTHER ACCOUNTS THAT WE SHOULD KNOW ABOUTName of Account

Information and Notes

Name of Account


Name of Account


SAFE DEPOSIT BOXBank(s) & Location(s)

Where are the Keys?

Are there any deputies or co-owners?

Description of contents



TAX INFORMATIONIt may be necessary to file taxes on your behalf or to use tax returns to assist with investigating assets. This section helps us locate records for that purpose.

Where are your records located?

Online Tax Accounts Username

Password

Additional Information Needed to Access

CREDITORSThese are institutions to which you may owe money.

Mortgage(s) and Other Loans Secured by Real Estate

Lender(s) Information

Account Number(s)

Location of Documents

Location of Information about Property Tax

Car Loan(s)


Account Number(s)



Student Loan(s) Information


Account Number(s)


Where can we find information about medical bills?

Where can we find information about credit card bills?

Personal Loans

Contact Information

Account Number(s)


Do you have any judgments against you? Where? How much?

Additional Information about Creditors


DEBTORSThese are people or institutions that owe you money.

Description of Personal Loans Made and Status

Contact Information for Debtor

Additional Information about Personal Loans

Location of Supporting Documentation

Judgments You Have Against Others? Where? How much?

Additional Information about Judgments

Location of Supporting Documentation?

Additional Information about Debts Owed to You


BUSINESS INFORMATIONIf you have ownership interest in a business, this section will assist us with securing the business assets, business operation continuity, and wind-up, if applicable.

Business Name(s)

Location(s)

Contact Information

Landlord

Contact Information

Key Location

Lease Location

Employee Name, Address, Phone, and Email






Accountant Name, Address, Phone, and Email

Attorney Name, Address, Phone, and Email

Insurance Name, Address, Phone, and Email

Bank Contact Name, Address, Phone, and Email

Where can we find important documents about the business?

Where can we find information about business credit cards?

What do we need to know about customers, income sources, and licenses? What other information about business continuity do we need to know?


Where can we find information about utilities?

Who should we contact about the business’s online presence?

What information do we need to handle online presence matters?



BENEFICIARY INFORMATIONAfter your passing, we will need to take action to secure all death benefits that may be available, contact the Social Security Administration, make inquiries with your employer about benefits, and secure investment and retirement accounts.

LIFE INSURANCEType of Policy Account Number

Contact Information

Amount

Beneficiary

Location of Documentation


Type of Policy Account Number

Contact Information

Amount

Beneficiary





Contact Information

Amount

Beneficiary




Contact Information

Amount

Beneficiary




Contact Information

Amount

Beneficiary




EMPLOYER BENEFITSContact Person for Discussing Employer Benefits

Any Account Numbers or Identifying Information to Access

Name, Phone, Email, and Address of Contact Person



SOCIAL SECURITY INFORMATIONLocation of Documentation

Account Number



RETIREMENT ACCOUNTSType of Account

Institution Name

Account Number

Contact Person’s Name, Address, Phone, and Email



Type of Account

Institution Name

Account Number





Type of Account

Institution Name

Account Number




Type of Account

Institution Name

Account Number





Type of Account

Institution Name

Account Number




Type of Account

Institution Name

Account Number





VETERAN’S BENEFITSVeterans Affairs Regional Office

Account Number

Contact Name, Address, Phone Number, and Email




PERSONAL EFFECTSDescription of Item

Location

Additional Information and Wishes

Description of Item

Location


Description of Item

Location



Description of Item

Location


Description of Item

Location


Description of Item

Location



Description of Item

Location


Description of Item

Location


Description of Item

Location



FIREARMSLocation of Firearms

Registration Information

Permit Information

Location of Documentation Related to Gun Trust

Information Needed to Access Firearms

STORAGE UNITSLocation

Storage Company Name

Name, Address, Phone and Email of Contact Person

Unit Number(s)

Location of Keys



SAFELocation of Safe

Location of Keys

Combination

Description of Contents

OTHER VALUABLESDescription, Location, and Information to Access



PROPERTY INFORMATIONThis section will assist us in locating and securing real estate, personal effects, and other valuables at your death.

REAL ESTATEAddress

Co-owners


Location of Keys

Security System Information



Address

Co-owners


Location of Keys



Address

Co-owners


Location of Keys




Address

Co-owners


Location of Keys



Address

Co-owners


Location of Keys




LEASE INFORMATION FOR RENTED PROPERTYDate of Expiration of Lease

Location of Keys

Name, Address, Phone, & Email for Property Manager or Landlord


VEHICLES AND OTHER DMV TITLED PROPERTYVehicle Year Make

Model Color

VIN/ID

Location of Title

Location of Documentation about Liens

Location of Keys

State of Title Title Number



Vehicle Year Make

Model Color

VIN/ID

Location of Title


Location of Keys



Vehicle Year Make

Model Color

VIN/ID

Location of Title


Location of Keys




Vehicle Year Make

Model Color

VIN/ID

Location of Title


Location of Keys



Vehicle Year Make

Model Color

VIN/ID

Location of Title


Location of Keys




Vehicle Year Make

Model Color

VIN/ID

Location of Title


Location of Keys



Vehicle Year Make

Model Color

VIN/ID

Location of Title


Location of Keys




Vehicle Year Make

Model Color

VIN/ID

Location of Title


Location of Keys



Vehicle Year Make

Model Color

VIN/ID

Location of Title


Location of Keys




INSURANCEOften we will need to collect on, maintain, discontinue, or modify insurance after your death. This will assist us in locating all relevant policies.

LIFE INSURANCEAgency/Agent Name

Address, Phone, and Email for Contact Person

Where can we find the policy?

HOMEOWNER’S INSURANCEAgency/Agent Name




RENTAL OR STORAGE INSURANCEAgency/Agent Name



HEALTH INSURANCEInsurer name


Health savings account (HAS) information

Medicare/Medicaid

Account Number



DENTAL INSURANCEInsurer name



VISION INSURANCEInsurer name



MOTOR VEHICLE INSURANCEInsurer name




OTHER INSURANCEInsurer name




Insurer name

Contact information




PETSPets are often one of the first concerns at someone’s passing. This will allow us to secure pets and make arrange-ments for them, as well as pass on all necessary information.

Names of Pets

Descriptions of Pets and Ages

Any License / ID / Tag Information

Health Information related to Pets

Veterinarian Name, Address, Phone, and Email

Wishes for care of my pet

Name, address, phone, and email of caretaker(s) for pets

Wishes regarding future care of my pets


ACCOUNTS TO HANDLEClosing or transferring accounts can be a tedious process, particularly if we do not have all the information. This will help us locate and make necessary changes to accounts at your passing.

UTILITIESGas/Oil

Name, Address, Phone, and Other Information for Contact

Electric Company


Water Company


Landline Phone Company



Cellular Telephone Company


Cable & Internet Company


Other Utilities


LIBRARY CARDLibrary

Card number



ONLINE SHOPPINGAccount Name / Website

Username Password


Account Name / Website

Username Password



Username Password



Username Password




Username Password



Username Password



Username Password



Username Password




Username Password



Username Password



Username Password



Username Password



COMPUTER INFORMATIONUsernames and Passwords are Located Where?


Usernames and Passwords Needed to Access Computers

ACCOUNTS SET TO PAY AUTOMATICALLYDescription

Username Password


Description

Username Password


Description

Username Password



Description

Username Password


Description

Username Password


Description

Username Password


Description

Username Password



CHARITABLE ORGANIZATIONSCharity Name / Description


Charity Name / Description








SUBSCRIPTIONSPublication name / Description


Publication name / Description








MEMBERSHIPSOrganization Name / Description


Organization Name / Description







Other Information to Close Out Accounts


EMAIL & SOCIAL MEDIA ACCOUNTSThis is a growing concern as more and more people maintain an online presence and more activity is transacted online. This section will allow us to obtain information and secure your online identity.

EMAILEmail account

Username Password


Email account

Username Password


Email account

Username Password


Email account

Username Password



SOCIAL MEDIAFacebook

Username Password


LinkedIn

Username Password


Other

Username Password


Other

Username Password



Other

Username Password


Other

Username Password


Other

Username Password


Other

Username Password



WEBSITEAddress

Username Password



Domain registration provider

Web hosting provider



HANDLING MY REMAINSThis outlines your wishes and assists us in locating information to handle your remains after you have passed.

Do You Have a Burial Policy? Where is the Policy Located?

Do You Have Instructions or Preneed Contract With a Funeral Home? Lo-cation of Funeral Home?

Wishes Regarding Disposal of Remains

Wishes Regarding a Memorial Stone

Cremation / What to do with Ashes

Additional Information on Funeral Arrangements

Wishes Regarding the Content of an Obituary


MY PERSONAL WISHESThis is your opportunity to make information about your desires regarding care known. In addition to important estate planning documents which should outline your instructions for yourself, this allows you to add personal information that might not be appropriate for an estate planning documentation regarding your wishes.

Additionally, you can use this section to outline your wishes for caregivers of your children — how you want them to be raised and treated — that you would want a caregiver to honor and consider as they raise your child.

WHAT I WANT CAREGIVERS TO KNOW



WISHES AFTER MY PASSINGThis section is for you to pass on any details about family, friends, and property that you want people to know. This will allow your wishes and opinions to be known. Your loved ones will be able to reflect on this in the future.



THINGS I’D LIKE TO SAYThis is where you have the opportunity to make departing remarks – things you want people to know that you might not say to them while living. These are things that you will want people to know and reflect on long after you are gone.





SIGNATUREPrinted Name:

Date First Completed:

Signature:

Updates

Date of Update:

Signature:

Date of Update:

Signature:

Date of Update:

Signature:

Date of Update:

Signature:

Date of Update:

Signature:
