Introduction and Overview of Inter-Generational Wealth Transfer

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Introduction and Overview of Inter-Generational Wealth Transfer by Mind Map: Introduction and Overview of Inter-Generational Wealth Transfer

1. Probate

1.1. The Probate Process

1.1.1. 1. Opening of the Estate

1.1.2. 2. Personal Representative is Appointed by Statute

1.1.3. 3. Will is Proved by Testimony

1.1.4. 4. Notice is Given to Interested Parties

1.1.5. 5. If Will Is Proved, then Courts Signs an Order

1.1.5.1. Will is admitted to probate

1.1.5.2. Court issues letters testamentary to the executor or letters of administration to other PR

1.2. North Carolina Laws Governing Probate

1.2.1. N.C. Gen. Stat. § 28A-1-1 Definitions Use in the Administration of a Decedent's Estate

1.2.2. N.C. Gen. Stat. § 28A-2-1 Role of Clerk of Superior Court

1.2.3. N.C. Gen. Stat. § 28A-4-1 Order of Persons Qualified to Serve as Personal Representative

1.2.3.1. The surviving spouse of the decedent

1.2.3.2. Any devisee of the testator

1.2.3.3. Any heir of the decedent

1.2.3.4. Any next of kin, with a person who is of a closer kinship having priority

1.2.3.5. Any creditor

1.2.3.6. A person of good character who applies to be personal representative

1.2.3.7. Any other person of good character not otherwise disqualified

2. Duties Lawyers Owe Their Clients And Others

2.1. A lawyer owes a duty to the testator which continues to be owed to the testator's estate after death.