1. A will is your instruction regarding the distribution of your property at the time of your death. Without a will, all decisions about your property, and the identity of the person who handles your property, will be decided according to state law, which may or may not coincide with your wishes. It can be more expensivve, it can be more cumbersome, and it may not be what you wish.

2. A will instructs the distribution of your property, but it does other things as well. It names your executor, the person who will manage your estate. It may set up trusts or instruct the distribution of property going to a minor child. It may name the guardian of the person for your minor child. It may name the person who should handle your minor child's inheritance. It may instruct that your executor need not be bonded. It may grant your executor power to do other things you want done. It is really your chance to make decisions about your property, and, in some cases, other end of life decisions.

3. No. A will only handles probate property.

4. It is easier to answer what is non probate property. Non probate property is anything that you pass by operation of law of by contract. Life insurance, 401(k), most pensions, SEPP accounts, TOD (transferred on death) or POD (paid over on death) property, joint ownership with rights of survivorship and tenants in the entirety property. Generally, if you had to name a beneficiary when you obtained the property, it is nonprobate. It is essential that you understand how yor property is titled.

5. Yes, for several reasons. First of all, you need to make sure that all of your property is provided for. Property will only go into the trust if you placed it in the trust. This is usually done by changing the title to match your trust. AT the time of your death you may own property that has not been placed in the trust and you need to provide for that. Typically, you will hvae what is called a pourover will. Whatever goes into the will, pours over into the trust. There is some property that is not appropriate to be placed in the trust like vehicles or household goods.

6. Yes and No. Generally, when most people are talking about trusts, they are talking about revocable trust. Proeprty placed in a revocable trust will not go through probate so there is no probate costs. However, your entire taxable estate includes property in a revocable trust.

7. The fair market value of everything that you have ownership of at your death, including all of your bank accounts, life insurance, pensions, and other porbate and nonprobate assets. If you are a co-owner with another person there is a presumption that you own fifty per cent and that is included in your taxable estate. Your executor can rebut that presumption if he has evidence to the contrary.

8. The terms are technically not identical but in practice it is the tax that the estate pays on property that has been transferred at the time of death. The current tax law allows the transfer of 1.5 million dollars before there is any estate or inheritance tax liability.

9. If your child or any other family member for whom you wish to provide, is receiving benefits due to a disability, you may cause them to be disqualified if they received property through your estate. You need to have a plan to avoid the disqualification. One of the most common plans is to use a special needs trust to provide funds for specific purposes. If the trust is drafted correctly, your child should be able to maintain benefits adn enjoy the proceeds of your estate.

10. North Carolina allows a trust to be created to benefit pet(s). You can name a trustee to handle money for the care and maintenance of your pet(s).