5 things Raleigh families forget about estate planning

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By Sivaprasad Kotta, Kotta Financial Services | June 10, 2026

Beneficiary designations override your will. Your 401(k), life insurance, and IRA go to whoever is named as beneficiary — regardless of what your will says. According to the American Bar Association, outdated beneficiaries are the #1 estate planning mistake.
Joint accounts don't solve everything. Adding a child to your bank account gives them immediate access but also exposes the account to their creditors and divorces.
Powers of attorney expire at death. A financial POA lets someone act for you while you're alive but incapacitated. It stops working the moment you die. You need both a POA and a will.
NC has no estate tax, but federal still applies. North Carolina eliminated its estate tax in 2013. But the federal estate tax applies to estates over $13.61 million (2024). Life insurance death benefits count toward this total.
Digital assets need a plan. Cryptocurrency, online accounts, digital photos, domain names. If nobody has your passwords, these assets can be lost permanently.

Kotta Financial Services provides will and trust guidance for Raleigh families. Phone: (919) 645-8723 | Free consultation