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What Does It Mean to “Pierce the Corporate Veil?”

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As a business owner, one of the key considerations in selecting a specific business entity is how much liability you are willing to take on. Corporations are viewed as individuals under liability laws, which generally means that you, the business owner, are not personally liable for the debts or legal obligations of your business. 

Nonetheless, exceptions apply. In some situations, a business owner can be held personally liable for business debts or other obligations that would ordinarily fall within the business’ responsibilities. Through a process known in legalese as “piercing the corporate veil,” a creditor or individual may sue the business owner personally for the transgressions of the business. This would expose your personal assets, like your home, your vehicle, and your bank accounts to a civil judgment. 

So, how is the corporate veil pierced and what can you do to protect yourself and your business?  Here, we discuss the basics you need to know about the liability shield known as the corporate veil and how to strengthen it to protect yourself and your assets from personal liability. 

What is the “corporate veil?”

The “corporate veil” is a term used to refer to the liability shield established when a corporate entity is created. By operating as a corporation rather than a sole proprietorship, the business owner is generally shielded from personal liability for actions or debts of the business. Should a creditor or individual harmed by the business file suit for the debt or injury, only the business and business assets would be at risk. The business owner and his or her personal assets are protected from liability. 

In other words, the corporate veil separates the business and the business owner, ensuring both are treated as separate legal entities.      

How is the corporate veil pierced?

If the court determines there is an insufficient separation between the business and business owner for the two entities to be treated independently, a creditor or individual can file a legal action to “pierce” the corporate veil, that is, sue the business owner personally for one of the business’ transgressions. Upon piercing the corporate veil, the legal protections previously afforded to the business owner through the creation of the entity disappears, exposing his or her personal property to a civil judgment.

To pierce the corporate veil, the creditor or injured party must prove that the business was not functioning as a separate entity and that the lines between the business and its owner were blurred. This is often called the “alter ego” theory; that is, the business was operating as an alter ego of the business owner himself. In these cases, creditors can attempt to hold the business owner responsible for the debt or injury. In North Carolina, the creditor or injured party seeking to hold the business owner liable by piercing the corporate veil must prove that the business owner had so much control over the business that the business did not have a “separate mind, will, or existence of its own.”

As in most states, North Carolina law generally does not favor the practice of piercing the corporate veil and trumping the liability protection afforded to business owners. Therefore, the individual seeking to hold the business owner personally liable must allege and prove serious misconduct to overcome the liability protection. 

Courts examine several factors in discerning whether a company truly has established an independent existence from its owners. Some of these factors include:

  • Whether the company was adequately capitalized;
  • Whether the company’s directors, shareholders, officers, members, or managers compiled with corporate formalities in running the business;
  • Whether the company was solvent; 
  • Whether the company was fragmented into multiple “shell” entities;
  • Whether the individual owner at issue siphoned funds from the company to pay his or her personal expenses or debts; and
  • Whether the company maintained proper corporate records.

Can I avoid personal liability?

The simplest way to maintain the protection of your liability shield is to make sure that your business operates in a fair, honest, and accurate manner following applicable rules and complying with business standards. 

Your attorney can advise you on how to do so. However, generally, business owners seeking to maintain substantial liability protection tend to do the following:

  • They do not commingle finances. They keep business accounts and personal accounts separate. They do not use corporate accounts or other business funds to pay personal expenses. 
  • They follow the rules. Corporations must create and comply with bylaws, pay corporate taxes, and satisfy meeting requirements. There are strict formalities that corporations must follow, and LLCs are advised to comply with the same requirements. 
  • They maintain proper records. Business decisions and meetings should be documented, and the records should be kept for at least seven years. Businesses that maintain a strong liability shield ensure minutes are recorded for significant meetings such as board meetings and shareholder meetings. All their records are accurate, consistent, and stored in a secure location.
  • The adequately fund the business. You need money to start a business. Whether you use your own money, have investors, or obtain a business loan, you must have adequate funds to purchase the equipment and inventory you need to open the business and maintain operations. 
  • They properly convey their business status. Whether you are a corporation or LLC, make sure that your business status is apparent, and you do not present yourself as a sole proprietor. Invoices, contracts, business cards, and other business-related documents should address the business as an entity separate and apart from you and your assets.

An experienced business attorney can assist you with structuring your business and managing business transactions to protect you from personal liability. Whether you need assistance getting your business started or have questions about your liability based on current practices, our team has the knowledge and advice you need to operate a successful business with a strong veil to shield you from personal liability.

Top Estate Planning FAQs Answered

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Whether you are young and in perfect health or aging with health concerns, estate planning is necessary. An estate plan allows you to decide who will manage your estate after you die or if you become incapacitated. Through an estate plan, you not only name the person responsible for making sure your wishes are honored, but an effective estate plan also details your preferences for everything from healthcare to finances and property distribution.

Estate planning can be complex and involves a lot of difficult decisions, so it is important to recruit an appropriate team of professionals to help you navigate the best options for your circumstances. An estate planning attorney and financial advisor or accountant are vital members of your estate planning team.  

How important is an estate plan? What components do you need? We address these and other frequently asked estate planning questions in the paragraphs that follow.

Do I need a will? What happens if I die without one?

Yes! If you care how your property is distributed, who will care for your minor children when you are unable to do so yourself, or if you just want to make sure your loved ones have the financial means to get by after you are gone, you need a will. A will allows you to transfer assets to beneficiaries, select guardians for minor children, and choose an executor to manage your estate upon your death. 

If you do not have a will, your assets will pass through the state-sanctioned intestacy scheme. This means state law will determine how your estate is distributed. Unfortunately, this means everything from your personal property to your children goes to whomever the state law determines is appropriate regardless of what you may desire. 

What are the benefits of proper estate planning?

Having an estate plan does more than just offer peace of mind that your assets will be distributed per your wishes. The taxes associated with settling an estate can be costly. An effective estate plan can reduce or eliminate estate taxes. Additionally, your estate plan can be used to protect your property now, upon your death, and long after you are gone in the event of post-mortem litigation against your estate or divorce.

A clear estate plan provides the guidance your loved ones need when you become incapacitated or die. Difficult decisions about life-sustaining measures or arguments about who should get a beloved family heirloom only add stress to an already emotional time. Proper estate planning removes the burden of settling your estate from your family.

What are the elements of an effective estate plan? 

Every estate plan looks different and varies in complexity based on the needs and assets of the individual. However, while there are many components of an effective estate plan, four main elements are found in all effective estate plans: the will, living will or advance directive, a power of attorney, and a trust.

  • Your will protects your estate from the complications of probate or intestate distributions. 
  • A living will or advance directive is also necessary because it allows you to make decisions about your medical care in the event you become incapacitated, terminally ill, or otherwise unable to communicate your desires. Your feelings about being placed on life support or receiving other life-sustaining medical interventions will not matter if you do not have an advance directive. Medical providers will make these decisions for you or your family will face the difficult burden of deciding what to do. 
  • A power of attorney allows you to name the individual responsible for making decisions when you are unable to do so for yourself. 
  • A trust protects the specific distribution of your assets, such as ensuring your child receives the benefits of your assets regularly throughout their life, all at once upon a certain life event like marriage, or other stipulations. Whether or not you need a trust depends on the size of your estate and/or the necessity for oversight in ensuring your heirs properly manage your assets upon your death such as minor children or elderly parents in need of long-term care. However, everyone needs a living will or advance directive and a power of attorney, regardless of the size of your estate or family situation.

How often do I need to update my will?

Generally, you should review your will and all components of your estate plan at least every three years to five years. However, any significant life event should also trigger a review of your estate plan. This includes events like marriage, divorce, a new child, or even a change in jobs or income. Failure to review and update your estate plan timely can lead to problems when intended heirs being unavailable, or due to other administrative flaws.

When is the best time to plan my estate?

Now. There is no such thing as creating an estate plan too early, but if you are waiting for some life event to do so, like a specific birth date or terminal diagnosis, that event could come after it is too late. You must be of sound mind to create a valid estate plan. 

How can an estate planning attorney help me?

The laws regarding estate planning are intricate and complicated, full of technicalities and nuances that make drafting an effective estate plan tricky. Can you write your own will and it be valid? Sure. However, a simple typographical error or missing signature could not only nullify the document’s validity, it could change the entire meaning of your document to directly contradict your intentions. 

An experienced attorney is not only skilled at applying the law to make sure your documents hold up in court should someone decide to challenge them, but can also make suggestions to address matters you might not otherwise think to plan for. 

At Wilson Ratledge, we assist our clients in setting up estate plans that give them the peace of mind in knowing that their assets and loved ones will be adequately protected. Contact one of our experienced North Carolina estate planning attorneys today at 919-787-7711 or via our contact form below.

What North Carolina Companies Need to Know About the GDPR

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Since it became effective on May 25, 2018, the General Data Protection Regulation, or GDPR, has bound U.S. companies in matters of privacy and data security. Specifically, the regulation requires companies to take certain measures to protect personal data when clients or customers hail from the European Union. You might be wondering why a North Carolina company needs to know anything about an EU law. It turns out that the regulation applies not just to EU companies, but also to those outside of the EU. 

Here, we provide a brief overview of the GDPR, discuss how North Carolina companies can collect consumer data while still complying with the regulation, and note the potential consequences of violating the regulation. Finally, we will briefly discuss how an attorney specializing in data privacy can help your company comply with the GDPR. 

What Is the GDPR?

The GDPR is a regulation that controls the collection and use of personal data of EU users. It was enacted to prevent the misuse of personal data and give EU citizens and those living in the EU control over how their data is used. 

The GDPR defines personal data as information belonging to an identifiable person (i.e., not anonymous) that a company collects from EU users. Personal data includes (but is not limited to) information such as:

  • Name
  • Age
  • Email address
  • Physical address 
  • Identification number
  • Telephone number 
  • Financial information
  • IP address 
  • Gender, race, political, or religious information 

Does My North Carolina Company Have to Comply With the GDPR?

The short answer is that, yes, most North Carolina businesses have to comply with the GDPR. While the GDPR is a European regulation, it applies to any company that offers goods or services to EU users or that collects data from EU users. 

It is important to note that “EU users” are not just EU citizens. The definition includes all individuals who are physically located in the EU and any EU citizens, no matter their location. This means that if your company sells physical products online, sells services online, or otherwise collects information from customers on the web, it will need to comply with the GDPR, as it is likely that EU users will visit the company website and enter their information. 

No matter the type of company or the size, if you gather any personal data at all, the GDPR applies. This means that if you collect consumer information on your website via a lead magnet or opt-in (where you collect a user’s name and email address), for example, you must comply with the GDPR. 

How to Comply 

There are a few steps companies that collect personal data can take to stay compliant with the GDPR. 

While each company is different and should certainly consult an attorney to ensure that its specific practices are GDPR-compliant, at a minimum, companies should consider the following measures:

  1. Obtain users’ consent: If you plan to collect and keep personal data, you must specifically request the data from the user. Translate this request into clear, concise language so that website visitors understand their data is being collected. 
  • Provide users access to their own personal data: You must provide a user access to your company’s records of their personal data that you collected and stored. This must be free of charge and include an explanation of how the company uses the data. 
  • Delete personal information when requested: If a user requests that his or her personal data be deleted, you must do so. Users can ask this of a company at any time, and you are obligated to respect those wishes.
  • Provide notice of a data breach: If a data breach occurs, you have 72 hours to report the breach to a reporting agency and to any customers who were potentially impacted.

Steps to Take to Keep Consumer Data Safe

While the GDPR may at first sound overwhelming, there are practical steps companies can take to keep consumer data safe. 

If your company is large and collects substantial amounts of personal data, consider hiring a person to fill this role. It would be this person’s responsibility to learn the requirements of data collection and use so that any user requests (such as deleting personal information) and breaches can be dealt with by this person. Clearly inform users on your website who is responsible for GDPR compliance and direct them to this person for any requests, questions, or concerns. 

Second, spend time developing an online presence that takes into account the requirements of the GDPR. The more time you spend up-front, the fewer issues you will have in the future. This will likely include placing clear language on your website, developing easily accessible policies, and providing users with information on how they can contact the company and inquire about their data use. 

Consequences of Non-Compliance

The potential penalties for non-compliance with the GDPR are staggering. Depending on the nature of the non-compliance (such as how long the violation lasted, what types of personal data was involved, and what steps were taken to fix the issue), businesses can face fines of the greater of $20 million or four percent of the company’s annual revenue. 

While it is unclear how EU regulators would collect fines from a North Carolina business with no ties to the EU (other than EU customers or website visitors), business owners should be aware of these potential monetary consequences and do all they can to comply with the GDPR.

How a Data Privacy Attorney Can Help Your Company 

An attorney specializing in data privacy issues can assist your company with developing privacy policies, reviewing your online security processes, and more, to ensure you comply with the GDPR. 

Whether you are a one-person startup or a fast-growing North Carolina business, contact our data privacy attorneys today to learn how we can assist you. At Wilson Ratledge, our attorneys regularly advise our clients on issues of data privacy and keeping consumer information secure. For questions or assistance, reach out to us by calling 919-787-7711 or via our contact form below. 

Tips for Making Remote Pitches to Potential Startup Investors

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Seemingly out of nowhere, the COVID-19 pandemic swept across the world and sent most of us to our homes to work, full-time, where many of us still find ourselves today. If you are a startup founder in need of investors, you might be wondering how you will find funding if you can no longer meet with potential investors face-to-face. Luckily, as fast as the world changed and shifted to working from home, the world has adapted, and remote pitching has become commonplace among startups and investors.

While many of the tactics you used for in-person pitches remain the same for remote pitches, there are some tips that you should know to make the most out of your remote pitches. Read on for our top tips that will give you the best chance of success when pitching a potential investor.

Prepare Well in Advance

Prepare for the call well in advance by educating yourself on the potential investors.

First, you should know exactly to whom you are pitching. Are there specific types of startups in which they invest? What are their specific industries of focus? How much capital do they generally invest? Consider factors that will give you insight into whether you might be a good fit for them and to show you where you might have a weakness that you will need to overcome to receive their backing.

Second, once you have prepared your presentation materials, share the deck with the investors ahead of time. Ask them to take a look and let you know if there are any specific topics for which they would like more information or how they would prefer you focus the presentation. If you involve them in advance and tailor the presentation to what they are looking for, they will be more likely to be engaged during your pitch.

Lastly, set a clear agenda for the pitch. This way, you will have enough time to cover everything you need to cover during the remote meeting.

Prepare Questions and Ask for Questions

During your pitch, you should ask questions to make sure the potential investors are a good fit for your company. While you might think an influx of cash to your company is a good thing, you want to be sure that the investor is aligned with your vision for the company, too. Prepare a few questions to ask during the remote pitch to determine whether the investor will truly add value to your company – beyond the initial influx of capital.

Likewise, investors will probably have many questions for you, the founder. In addition to asking for questions at the end of the presentation, if you share your deck with the investors well in advance, you can encourage them to send you questions ahead of time so you can either cover those questions during the presentation or be prepared to answer them at the end.

Check (and Double Check) Your Technology and Practice Your Pitch

The last thing you want during a remote pitch is for something to go wrong with your technology. While you can never be 100% certain that your technology will not fail you during a remote call, by preparing well and checking all of your technology ahead of time, you will cut the chances of error down considerably.

Some things to look out for include:

  • Ask to use your own conferencing platform, as opposed to the investor’s, so that you know you are comfortable with it.
  • Do a few test pitches to make sure you can share your screen, click through your deck, and use all of the functions correctly.
  • Check your wifi’s speed and bandwidth to make sure it can support a video call.
  • Set up your desk to minimize distractions and make sure your space looks professional and neat.
  • Position your camera and computer so that your shoulders-up are showing to simulate an in-person meeting.

Know Your Story and Articulate It Well in Your Slides

The story you tell about your company’s mission, as outlined in your pitch deck, will be the most important part of your presentation. If you cannot capture the investor’s attention with your story, you are unlikely to land the funding.

Once you sketch the story you want to convey, take the time to set it out in a compelling way in your pitch deck. You want each slide to elicit a certain response from the audience (your potential investor), so make sure each slide does just that. This is even more important in remote settings, as it is harder to capture an audience through a screen. Do not be afraid to make your visuals catchy and eye-popping, so long as they tell the story you want to tell. You want to be someone that investors remember, not just another face they saw across the screen.

Post-Call Best Practices

End your remote pitch with a clear call to action so that everyone understands what the next steps will be. Do not be shy to ask for what you want – if it is funding you are pitching the investors about, ask for it. They may offer you just that, or they may need more time to make a decision.

After the call, follow-up with a short email summarizing the key points and takeaways from the pitch. If there were any questions you were not able to fully answer during the call, answer those. Otherwise, thank the investors for their time and let them know you look forward to continuing the dialogue and that you are available to answer any additional questions they might have.

Remote Pitching May Be Different, But it Does Not Have to Be Difficult.

There is no one right way to do a remote pitch, but, hopefully, with these tips you will be better equipped to face the unique challenges startup founders face when facing potential investors across a screen instead of across a room.

At Wilson Ratledge, our attorneys regularly assist our clients in preparing pitches to investors and securing their initial rounds of funding. For questions, or to set up a consultation with one of our experienced North Carolina business planning attorneys, call 919-787-7711 or reach out via our contact form below.

Eminent Domain Laws in the State of North Carolina

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Eminent domain is the power of the government to take a person’s private property and convert it into public use under the Fifth Amendment.

North Carolina law permits the right of eminent domain, which is the government’s power to seize or “take” your private property for public use.

The North Carolina Supreme Court has defined “taking” under the power of eminent domain as “entering upon private property for more than a momentary period, and, under warrant or color of legal authority, devoting it to a public use, or otherwise informally appropriating or injuriously affecting it in such a way as substantially to oust the owner and deprive him of all beneficial enjoyment thereof.”

The Supreme Court also explained that the test of public use is not the advantage or great benefit to the public. Rather, an appropriate “public use must be for the general public, not a use by (or for) particular individuals.

Under eminent domain, the government may only exercise a taking power if it provides the property owner with “just compensation.” But exactly what constitutes “just compensation” may not be the ousted property owner’s idea of what would be a fair, reasonable, and accurate reflection of your property’s value.

Here, we will explain how the eminent domain process works, what courts have deemed “just” compensation, and the importance of understanding your rights as a North Carolina property owner.

How Does Eminent Domain Work?

First and foremost, the government cannot simply pull the rug out from underneath unsuspecting property owners: it must give the property owner appropriate notice of its intent to take the property under eminent domain. Further, the government must provide an offer of just compensation based on the fair market value of the property. The offer will include a summary of value, but the property owner can request a full appraisal instead.

Typically, in North Carolina, the state Department of Transportation (NCDOT) will attempt to negotiate the value of your land. A right of way agent, or “ROW agent” is the DOT’s representative who handles the case. The agent gets the DOT’s property appraisal and is in charge of negotiating with the landowner and his or her attorney. The ROW agent will make an offer to the property owner for the property based on the DOT’s own appraisal.

Like any other person who wants to buy a property, the ROW agent’s objective is to take the property for the least amount of money—regardless of whether that’s truly “just compensation.”

Because it’s their full-time job, the ROW agent has done this many more times than the average property owner has. He or she will know things about the process that the average citizen may never learn. As the “little guy” going up against the government, you need your own advocate with years of eminent domain experience and vast knowledge of this process.

Part of this analysis is to hire an independent appraiser to value your property. With this information, you and your attorney can determine if the State’s offer is fair. If not, you can reject the offer and try to negotiate a better one. Finally, if you reach an impasse, you can fight the DOT’s offer in court.

If there’s no settlement, the government will typically take your property by instituting legal action. The government will file a lawsuit and deposit the amount it believes to be just compensation with the court. The laws of eminent domain permit the landowner to withdraw the deposit without giving up any rights to seek additional compensation (provided your attorney files the appropriate motion with the court).

Of course, it’s best to rely on an experienced North Carolina eminent domain attorney to address the issues surrounding the filing a motion to withdraw the deposit, the deadlines for filing a response, preserving your property rights, engaging possible property valuation experts, and developing a legal strategy to bring about the best possible outcome in your case.

Can I Stop the Government from Taking My Property?

You can fight to stop the eminent domain process if the proposed taking fails to satisfy the requirements of a public purpose. If the test is met, the government can’t be stopped from taking your property, but again, you can try to get the best possible price for your property.

North Carolina courts usually order the property owner and the government seeking to take the property to participate in a mediated settlement conference. In this meeting, a neutral third-party will try to bring about a reasonable and agreeable price of settlement. However, the mediator doesn’t have the power to force either party to settle the dispute.

If there is no agreement, a 12-person jury will decide the amount of money to which you’re entitled from the government for the taking of your property.

Contact Our Experienced Real Property Attorneys     

There are many complex issues that you must address in the eminent domain process to make certain that you get the highest possible price for your property. This isn’t a do-it-yourself matter like filling in the blanks on a standard form, so don’t try to negotiate with the government on your own.

When it comes to protecting your property, understanding the laws surrounding eminent domain procedure is vital. Even more important is having an advocate on your side who can inform you of your rights as a property owner and help you staunchly protect them.

At Wilson Ratledge, our attorneys regularly advise our clients on the condemnation process in our State and work to ensure that they are positioned to gain the compensation to which the law entitles them. For questions or assistance, one of our experienced North Carolina real property attorneys at 919-787-7711 or via our contact form below. We look forward to serving you.

What is the Probate Process, and Can I Avoid It?

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In the conventional wisdom, the probate process does not tend to carry a positive association: it is known for being costly, time-consuming, and stressful. As a result, many people who have experienced the probate process following the death of a loved one want to avoid it in the future and might feel motivated to help other family members avoid it through intentional estate planning.

However, there is quite a bit of confusion that still surrounds the probate process. What exactly does probate mean? How does the process work? Is it generally good for families who want to see their deceased family members’ wishes honored? If not, is it possible to avoid the process? If so, how?

Here, we discuss the probate process, explaining what it is, how it works, and what you can do now to protect your estate – or your loved ones’ estates – in the long term.

What is Probate?

When a person dies, everything he owns, from the cash in his wallet to the money he invested, is considered a part of his estate. Probate is the legal process of settling this estate by paying off the decedent’s debts and distributing his assets.

The probate process is designed to effectively manage estates in cases in which the decedents failed to provide specific directives. It can be lengthy, often taking more than twelve months to complete. From court costs to attorneys’ fees, it can be expensive. And for those who wish to keep their family affairs private, it’s important to know that matters of probate are public record: once an estate is probated, anyone can access information about it, including who inherited the decedent’s property. As such, for many family members mourning a loss, the probate process can make an already emotional and trying event more challenging.

How Does Probate Work?

Upon a person’s death, a personal representative will be designated to manage the estate. This person may have been named in the decedent’s will. If the decedent did not designate anyone, another qualified individual – dictated by State law – will be appointed. The personal representative will submit an application to the court along with a preliminary inventory of the estate, a certified copy of the deceased’s death certificate, and a copy of the will (if applicable). The personal representative will pay a fee to open the estate and must take an oath to carry out certain responsibilities to settle the estate.

During the probate process, the personal representative will fulfill several duties, including the following (among others):

  • Filing an inventory all of the decedent’s assets;
  • Paying any of the estate’s outstanding debts;
  • Providing notice to known creditors;
  • Filing taxes for the decedent;
  • Setting up a bank account to pay for any expenses incurred by the estate, such as debts and funeral costs;
  • Selling assets to cover debts if needed;
  • Distributing assets to known heirs; and
  • Preparing a final accounting to close the estate.

Not all assets are subject to probate. If the decedent named a beneficiary for an asset in a will or by some other instrument, generally, that asset will not pass through probate.

Additionally, North Carolina law specifically designates certain items that do not pass through probate, for instance, life insurance proceeds with a named beneficiary, securities held in transfer-on-death accounts, and jointly-owned property (when the joint owner still lives), among others.

If I Want to Avoid the Probate Process, Can I Set up My Estate Plan to Do So?

Proactively setting up an estate plan to avoid probate can lighten the burden that the process often imposes. Here are a few ways to do so.

Name a beneficiary for your accounts. The most straightforward way to avoid probate is to ensure there is a named beneficiary on all of your – or your loved ones’ – accounts. This should include all retirement accounts, brokerage accounts, bank accounts, and insurance policies, as well as Payable on Death (POD) or Transferable on Death (TOD) accounts. Failure to name a specific beneficiary will result in accounts being probated upon the account holder’s death.

Protect your assets. Naming a beneficiary through a POD or TOD clause will only protect accounts, not personal effects. Living trusts are a tool that can be used to keep any asset out of probate. Bank accounts, real estate, or other personal property like a vehicle can be placed in a living trust. Ownership of the property will be transferred to you as trustee and upon your death, your successor will take control of the trust and distribute the property as dictated by the terms of the trust without going through probate.

Consider a joint tenancy. This option frequently applies to married couples, business partners, or other individuals who share ownership rights in property. Property held in joint tenancy does not pass through probate. Instead, the surviving owner automatically takes full ownership of the shared property.

Designate an heir and keep your assets simple. Estates limited to $20,000 in personal property can be settled through a simplified process that does not require formal probate. Additionally, a surviving spouse stands to inherit all the decedent’s assets and the estate’s value is $30,000 or less, the estate can be settled without probate. If the surviving spouse is the only heir, a simplified probate process known as “summary administration” will apply in place of traditional probate.

Contact Our Experienced Estate Planning Attorneys     

When it comes to securing your assets – or protecting your loved ones’ assets – an estate plan can eliminate much of the burden, cost, and uncertainty that can come from relying on the administrative process. At Wilson Ratledge, our attorneys regularly assist our clients in preparing estate plans that ensure their desires and wishes will be met. For assistance setting up your estate plan, contact one of our experienced North Carolina estate planning attorneys at 919-787-7711 or via our contact form below. We look forward to serving you.