Estate Planning 101: Do You Need an Estate Plan in Carolina?

I Don’t Have Big Estate – Do I Really Need Estate Planning?

Absolutely. One of the most common mistakes people make is assuming that their estate is too small to require any type of estate planning. The truth is, it doesn’t matter how large or small your net worth is, it is vital to have an estate plan.

What is an Estate Plan?

An estate plan determines what happens to you if you become incapacitated and what happens at your death.  Actually, you already have an estate plan, whether you know it or not. Deciding to have a will or not, how you title your assets, naming beneficiaries (or not) on life insurance or IRAs are all part of your estate plan.  The question for you is, do you want to control and understand any or all of this?

Your personal circumstances and your goals determine how simple or complex your plan will be. A typical estate plan usually contains a will, a power of attorney, health care power of attorney, and a living will.  Some estate plans may include trusts, too.

You should also ask your estate planning attorney how jointly owned assets and beneficiary type assets should be arranged to coordinate with the rest of your estate plan.

I’m Young, Why Do I Need a Will?

Most individuals start to think about making a will as they age. However, every adult, no matter how young, needs to have a will, especially if there are children or any type of property or assets. If you die without a will, the state of North Carolina will decide what to do with your estate.

 North Carolina has several laws that govern estate division if someone dies without a will. Those laws probably will not reflect your wishes. For example, if you are married and do not have any children, your parents will receive half of your personal property and real estate. This could leave your spouse in a very difficult financial position. Or, if you are unmarried and have no living biological relatives, North Carolina becomes the beneficiary of your assets.

If you don’t have a will, please call an estate planning attorney who can work with you to create a valid will to ensure your family and your assets are protected. During the conversation, inquire about designating someone as your power of attorney in case of your incapacitation.

This blog is connected with the Conrad Trosch & Kemmy, P.A. law firm of Charlotte, North Carolina. Our law firm practices in several areas of law.  The material presented here is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. Viewing this blog or contacting Conrad Trosch & Kemmy, P.A. via email or phone does not create an attorney-client relationship. You may contact us by calling (704) 553-8221 or by visiting our website at www.ctklawyers.com.

What Happens if Collaborative Law Doesn’t Work for My Divorce?

This is an excellent question, and one we hear often. Collaborative lawyers are committed to exploring various ways to achieve a fair and balanced settlement. If you can't reach an agreement no matter how hard you try, you can choose to use a neutral mediator or arbitrator to facilitate settlement.

What Happens if We Still Can't Reach a Divorce Settlement?

At the beginning of the collaborative process, both the attorneys and the clients commit to reaching an out-of-court settlement, whether through informal negotiations, mediation, or arbitration. If the process is unsuccessful, then the collaborative lawyers must withdraw from the case and assist their clients in retaining trial attorneys. This requirement ensures that both spouses and their attorneys are equally motivated to work as hard as necessary to avoid a breakdown in communication or in the settlement process.

This blog is connected with the Conrad Trosch & Kemmy, P.A. law firm of Charlotte, North Carolina. Our law firm practices in several areas of law.  The material presented here is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. Viewing this blog or contacting Conrad Trosch & Kemmy, P.A. via email or phone does not create an attorney-client relationship. You may contact us by calling (704) 553-8221 or by visiting our website at www.ctklawyers.com.

7 Reasons to Choose a Collaborative Law Divorce

As discussed last week, collaborative law requires open communication between you, your current spouse and the lawyers you retain. The long-term benefits to you and your family are one of many reasons why so many people are choosing collaborative law divorces. Here are 7 reasons to choose a collaborative law divorce.

1. Collaborative Law Divorce is Client Controlled

You are your spouse control the process and the outcome. Your destiny is in your hands rather than in those of a stranger – a judge.

2. Collaborative Law Divorce is Client Centered

You and your spouse are a vital part of the settlement team. You and your lawyer will work with your spouse and his or her lawyer to settle your case in an efficient and respectful manner that meets both parties’ needs.

3. Collaborative Law Divorce is Cooperative

Both parties are counseled and supported by their own attorneys as they work cooperatively with the other side to resolve issues.

4. Collaborative Law Divorce is Streamlined

The process requires voluntary disclosure, eliminating formal methods of obtaining information and procedural delays.

5.  Collaborative Law Divorce is Creative

You and your spouse are able to tailor the terms of your settlement to meet the needs of your family. Remember, divorce is as unique and individual as you are. What works for another family may not work for yours. Collaborative law gives you the opportunity to make sure your divorce is tailored to your own family needs.

6. Collaborative Law Means You Don’t Have to Go to Court

Everyone can focus on reaching a settlement without the recurring threat of going to court, the burden of the court’s timetable, or the lack of privacy that comes with surrendering the details of the clients’ private lives to the public record.

7. Collaborative Law is Family-Centered

Collaborative law emphasizes co-parenting and time-sharing arrangements that best meet the needs of parents and children. It means you don’t have to rely on arbitrary schedule created and imposed by a judge who doesn’t know you or your family.

8.  Collaborative Law Provides Good Guidance

In collaborative law you have the comfort of having independent legal advice from an experienced lawyer, but you also have the benefit of using neutral experts that are shared by the parties.

This blog is connected with the Conrad Trosch & Kemmy, P.A. law firm of Charlotte, North Carolina. Our law firm practices in several areas of law.  The material presented here is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. Viewing this blog or contacting Conrad Trosch & Kemmy, P.A. via email or phone does not create an attorney-client relationship. You may contact us by calling (704) 553-8221 or by visiting our website at www.ctklawyers.com.

Is Collaborative Law the Best Choice for My Divorce?

You may have heard about collaborative divorce. It is becoming a desirable choice for many couples who wish to divorce – but is it right for you?

What is Collaborative Law?

Collaborative law is an excellent alternative to having your case resolved in Court. This process resolves family law issues through settlement negotiations, but it has the advantage of removing the threat of litigation. How does collaborative law avoid costly and painful litigation? It is important to understand that, under the collaborative law process, all parties and their attorneys voluntarily exchange information and are committed to full, honest, and open disclosure of all relevant facts. Experts (accountants, counselors, or other professionals who may be deemed necessary) are jointly retained to ensure neutrality and to cut down on expenses. Therefore, if you and your spouse are able to communicate openly as you move toward divorce, collaborative law may be a good choice for you.

What is the Collaborative Process?

The primary method of progressing toward a settlement through the Collaborative Law process is the use of four way meetings attended by both parties and their attorneys. Usually each case begins with a four way meeting, at which the participants sign a Collaborative Law Agreement and identify documents that need to be exchanged. Once this Collaborative Law Agreement is signed any Court proceeding is immediately halted and everyone agrees to handle the matter out of Court.This encourages the parties to settle their case without the emotionally painful and public nature of a trial. Then, additional joint conferences are held as needed. Through the Collaborative Law Process, the parties are often able to settle their case without ever setting foot in Court. Additionally, the parties are able to be active participants in the resolution of their case. This will have untold intangible benefits for years to come.

What are the Advantages of Collaborative Law?

Collaborative divorce not only has economic advantages, but it also can spare your family the tremendous emotional distress that often accompanies litigation. It has added benefits in custody cases because it limits the strain on the parents’ relationship and allows you to more effectively co-parent with less antagonism right from the beginning.

This blog is connected with the Conrad Trosch & Kemmy, P.A. law firm of Charlotte, North Carolina. Our law firm practices in several areas of law.  The material presented here is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. Viewing this blog or contacting Conrad Trosch & Kemmy, P.A. via email or phone does not create an attorney-client relationship. You may contact us by calling (704) 553-8221 or by visiting our website at www.ctklawyers.com.

We Are Getting Divorced. Now What?

The unthinkable has happened. You and your spouse have decided to divorce. Whether it is a mutual decision or not, divorce can be a time fraught with emotion. Sadness, anger, grief, fear…all of these are normal emotions that you may feel. Unfortunately, just at a time when you may be experiencing such stress, there are many logistical questions to answer. Read more: