Providing skilled guidance and advice on wills and estates
Preparing for a time when you are no longer around to care for them is one of the most loving acts you can do for your family. Your estate is everything you own. An estate plan will ensure your possessions are distributed according to your wishes. Estate planning is not just for the middle-aged or senior citizens. All adults, regardless of age, should have an up-to-date estate plan in case the unexpected happens. Future plans become even more critical when you are the parent or guardian of minor children. Your estate plan will ensure your children grow up as you would have wanted.
For almost 30 years, Jeff Williams-Tracy has helped individuals and families create plans that can in make life’s most difficult transitions a little easier. Jeff is an attorney based in Charlotte, North Carolina, with an office near the city’s uptown.
Contact
➤ LOCATION
831 E. Morehead St. Suite 255
Charlotte, NC 28202
☎ CONTACT
jswt@fletchertydings.com
(704) 401-0007
About Jeff
Jeff Williams-Tracy is an attorney in North Carolina providing counsel in wills and estate administration and associated needs.
Areas of Practice
Wills & trusts
A will is a document that speaks for you upon your death. A will typically addresses the disposition of remains, the disposition of property, names a personal representative to handle your affairs, and if there are children, names a custodian and a trustee for the children. The custodian is the guardian of the children. The trustee oversees the assets the children will inherit.
Durable Powers of attorney
A durable power of attorney grants authority to a person of trust to handle your financial affairs in the event of a catastrophe that prevents you from handling your affairs. Often an immediate family member serves as an attorney-in-fact. Having a durable power of attorney may avoid a complicated and expensive incompetency proceeding.
estate administration
Estate administration is the process of transferring assets to heirs and beneficiaries. To do this, Jeff will identify all of the assets and liabilities and report an inventory to the Clerk of Court. After claims are paid, the remaining assets are distributed to beneficiaries or heirs.
Surplus Proceeds
Ancillary to estates are surplus proceeds proceedings. Surplus proceeds may be paid to the clerk when a person defaults on mortgage payments. The lender will likely foreclose on the property. When a foreclosure sale results in surplus proceeds – money over and above what’s needed to pay off all the liens on the property – these excess funds may belong to an estate’s heirs or beneficiaries. The mortgage holder or substitute trustee will not determine the owner of the surplus proceeds. Instead the surplus funds are paid to the Clerk of Court and eventually go to the state if not claimed. Jeff petitions the court on behalf of clients to secure those funds for the rightful owners.
healthcare powers of attorney
A healthcare power of attorney authorizes a designated third-party loved one to make healthcare decisions for you if you are not able to make those decisions for yourself. Such documents can also include a living will, which is a written statement detailing your last wishes for medical treatment.
Probate vs Non-Probate assets
There is much confusion about the probate court process. Jeff helps clients plan the disposition of different types of assets that are part of their portfolio. Probate assets are part of a decedent’s estate. Non-probate assets - like life insurance, retirement accounts, and survivorship accounts - pass outside of an estate. As part of your estate plan, Jeff will guide you to check the ownership of your property and accounts to make sure that property passes efficiently.
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