Monthly Archives: August 2016

Having a Business Lawyer in Lee County NC through the Life of Your Business

A business lawyer in Lee County North Carolina serves many important roles and can be a vital asset to a business.  From start to finish, a business lawyer in Lee County North Carolinacan assist in the following ways:

Business Formation 

A business lawyer can help form a separate legal entity.  He or she can advise which business form makes the most sense depending on the needs of the business owner and taking tax structures and exposure to liability into consideration.

Contract Formation

Businesses must enter into a number of contracts throughout the life of the business, including contracts for a lease or real property purchase, equipment purchases, contracts with vendors, employee contracts, confidentiality agreements and others.  A business lawyer can use his or her business knowledge to include provisions to protect the business.

Compliance

There are many local, state and federal laws that a business must comply with, including zoning laws, employment laws and tax laws.  A business lawyer can explain which laws the business must abide to keep it out of regulatory trouble.

Litigation

A business lawyer can also assist if the business becomes part of litigation.  Whether it is being sued or it needs to sue another person or entity, a business lawyer serves in an instrumental capacity, filing pleadings, collecting evidence, completing discovery requests and trying the case.

Succession Planning

A business lawyer can also help a business determine how it will pass on or terminate upon the death, disability or retirement of the business owner, if applicable.  A business lawyer can help draft a succession plan so that the family inherits the business or so that it is passed in a way that reflects the wishes of the business owner.

Protecting Fido and Fluffy with a Trusts and Estates Attorney in Broadway NC

When a person considers hiring a trusts and estates attorney in Broadway North Carolina, it is usually in contemplation as to how to help other people.  He or she may want to carefully draft a will to leave assets to a spouse or children or make a trust that will protect his or her family’s future for years to come.  However, a trusts and estates attorney in Broadway North Carolina can also be retained to provide planning regarding pets.

For many people, pets become a member of the family.  They may supplement a family that has children or sometimes take the place of children in a person’s life.  When a person is contemplating final wishes, he or she may consider what will happen to the family pet.  This is especially important if the individual is single.  However, even if the individual is fairly comfortable that the pet will be inherited by someone he or she trusts, the person may still feel better getting this information in writing and ensuring that funds are available for the pet’s use and maintenance.

North Carolina law has a specific statute that details the creation of trusts for the use of caring for a pet.  This statute states that no portion of the trust is to be used for the trustee or otherwise unless the trust explicitly states otherwise.  Additionally, the trust remains in force until the death of the last animal.  Upon termination, any remaining trust funds are transferred in accordance with the trust instructions or as part of the residuary clause of the will if there are no relevant instructions.  A trusts and estates attorney can draft specific trust instructions that the trustee can carry out.

A Real Estate Attorney in Sanford NC Explains Disclosure Requirements

A real estate attorney in Sanford North Carolina is familiar with all aspects of the buying and selling process for real estate in North Carolina.  A real estate attorney in Sanford NC can explain what disclosures are required to be made by law and can represent an affected party when these disclosures are not made.

For all real estate transfers in North Carolina, the seller is required to submit a Residential Property and Owners’ Association Disclosure Statement.  This form is used to document known conditions and material defects of the property.  The broad nature of the disclosure is meant to compel sellers to reveal to potential buyers the issues that the seller is actually aware of in the home.  This may be a bad roof, a problem with radon exposure, leaks in the basement, issues with the water supply or other issues.  By properly disclosing these defects, the seller can ensure that the buyer makes an informed decision about the property and avoids litigation in the future.

The disclosure is only related to those defects that the seller has actual, and not constructive, knowledge of.  This means that the seller has actual information about a particular condition.  The seller is under no obligation to inspect the property to reveal conditions of which he or she is not aware.  However, the buyer is free to hire a home inspector to perform a check for him or her.

If the seller does not provide this disclosure at the time required by law, the buyer can rescind the offer within three days of actually receiving the disclosure.   Additionally, North Carolina law allows the seller to hire an inspector to prepare a report on his or her behalf.

Three Signs You Will Need a Probate Attorney in Sanford NC

Many executors decide to hire a probate attorney in Sanford North Carolina to help them with the often time-consuming process of settling the estate.  A probate attorney in Sanford North Carolina is familiar with state law regarding estates and how the local probate court works.  While not every estate absolutely requires a probate lawyer, some surefire signs that you will most likely need one include:

Decedent’s Assets Were Not Transferred Outside of Probate

Probate is only concerned with those assets that the decedent’s estate owns after his or her passing.  It is possible to transfer many assets outside of the probate process.  Life insurance proceeds, funds from retirement accounts and funds from bank accounts can be transferred pursuant to a beneficiary designation form or through a payable on death designation.  Other property that is owned as joint tenants with the right of survivorship can also pass outside probate.  Assets help in a living trust also pass outside probate.

Estate Has More than $20,000 in Value

Like many other states, North Carolina has small estates laws that allow heirs to inherit without having to go through the full extent of probate.  In North Carolina, these estates have a value under $20,000.  This process allows a person to sign an affidavit and present it to the holder of the decedent’s assets, such as a bank account.  It is not for use for estates that owns property.

Family Members Don’t Get Along

If the decedent had a prior marriage with children and a current spouse, children who will not understand having different splits of the inheritance or family members who have already threatened to use, it is likely that a lawyer will need to be hired.  He or she can help safeguard the estate’s assets to the extent possible and defend against any frivolous lawsuit.