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What You Need to Know About Estate Law

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The word “estate” in legal expressions refers to all the assets and possessions of someone who has died that are subject to transfer to heirs and legatees by the court. It may also refer to all the assets or properties which a guardian controls for their ward, especially one who can’t take complete responsibility for his/her affairs.

State laws on matters concerning inheritance and estates are formed by The Uniform Probate Code. The main purpose of the code is to regulate and organize the various state laws controlling trusts, wills, and intestacy. Since its creation, more than 15 states have significantly adopted the code in its entirety.

What is Estate Law?

Estate law is a category of property law that is concerned with regulating the way a person’s estate is managed. This law includes provisions for the person’s real property, personal possessions, and assets such as copyrights and patents. It includes supervising how all their properties are handled both during their lifetime if they become disabled and after their demise.

Estate law covers a wide variety of legal matters concerning properties and finances. Therefore, you should ensure that you get legal advice if you have any concerns about issues involving estate planning law and real property.

Learn About Estate Laws

Estate law is a broad sector of property law that touches various matters and has different aspects:

  • Living Wills: this is a document that gives directives on provisions for your healthcare in case you’re too sick to decide for yourself.
  • Estates and Probates: there are laws that dictate estate planning and probate procedures in every state. Find out your state’s laws from a legal expert.
  • Estate Taxes: in some states, you may have to pay taxes on the estate and property you inherit.
  • Federal Estate and Gift Tax Laws: you should find out how federal gift tax and tax on inheritance works.

It also covers matters such as:

  • Estate Planning: this acts like directions on how estates and properties are to be distributed upon death or incapacitation.
  • Estate Administration: this refers to the process of distributing possessions. It is the job of an executor to carry out this specific function. If they died without a will, the possessions will be distributed according to the laws of the given jurisdiction.
  • Duties of The Executor: the executor is legally obligated to carry out the duties stated by the deceased per what is written in the will.
  • Debts: any debts one owes must be addressed even in the case of incapacitation or death.

What Happens if Estate Laws are Ignored?

There are some circumstances in which estate laws can be ignored or violated:

  • When there are issues with the estate documents.
  • When two parties are involved in a dispute over the estate property, regardless of what’s stated in the will.
  • When there are challenges regarding the functions and actions of the executor or beneficiaries.

If there are issues with the actual estate documents, the court may permit the parties to make adjustments to the document as long as the estate holder or administrator gives the parties a go-ahead as some laws dictates.

Contact Our Office Today!

As mentioned above, estate law covers a wide range of issues concerning property and finances. One could easily be overwhelmed without legal advice. A skilled estate lawyer at GPS Law Group will assist you with tasks relating to estate law and planning. Contact us at 704-741-9957. Our office serves Charlotte, Gastonia, Concord, Huntersville, and surrounding communities in Mecklenburg County, Rowan County, Cabarrus County, Iredell County, and Gaston County, North Carolina.