March 12, 2010 by Chris Thompson
One important fact of life is that everyone dies at some time. This makes it imperative that all residents consider North Carolina estate planning if they have not already done so.
There are some people who feel that the size of their estate is so small that there is no need to plan, but planning now helps to ensure that the needs of your family will be met if you die unexpectedly.
Estate planning will involve writing of your will. Additionally, there may come a time when you are unable to make decisions about your assets. Giving someone power of attorney allows them to make these necessary decisions when you cannot. You will also want a living will that gives directions to doctors if you cannot express those directions for yourself. Some persons will also need a trust. Make sure that your plans are in line with federal and state laws.
The first step of planning is to look at what you currently have. These assets may include investments, insurance, savings and real estate. If you are a part of any business interests, these are also included. You get to decide in this planning where you want these to go when you die. You can decide who is in charge of decisions that must be made concerning the assets if you cannot. Additionally, you should decide who will make medical decisions if you are unable to make them for yourself.
The will is a legal document that tells everyone where and how your assets should be divided when you die. You can use the will to name your children’s guardians. If you die without a will, you have no say over who gets those assets you have worked a lifetime to obtain.
A trust lets you give conditions about how your assets are to be distributed if you die. The trust may mean that there is less estate or gift taxes. It can avoid probate court and protect your assets in the event of lawsuits.
North Carolina estate planning can become very complex. There are some decisions you should talk over with your attorney.
Charlotte North Carolina estate planning is not something we do for ourselves; it is one of the most caring acts you can do for your family. Unfortunately, most of us do not realize it until it is too late. Contact a Charlotte NC probate attorney today to go over your options.
