Reviewing The Most Important Estate Planning Documents In NC


Reviewing The Most Important Estate Planning Documents In NC

Nobody wants to worry about their death, but there are eventualities in life that you cannot ignore. It is often wrongly assumed that only the rich and elite need estate planning. No matter how much you own, you need to have an estate plan in place, not just to ensure that your heirs get what they deserve but also to honor your wishes. An experienced NC estate lawyer can guide you through the process. Below is an overview of the most important estate planning documents.

Wills

A will – also called the last will and testament – comes into play after you die. You can use your will to determine who gets your assets or how your estate is divided between the beneficiaries of your choice. You will also select an Executor, who will ensure that the will is adhered to and will also ensure all debts are paid. You can also use the will to name guardians for minor children.

Trusts

One of the best ways to avoid the probate process associated with a will is to create a trust. You can transfer some or all of your assets to a trust, for which you can use choose trustees. When you meet an estate planning lawyer, you can discuss your estate and all other relevant concerns, and they can recommend whether you would benefit from a trust.

Advance Directives

You can also use your estate plan to decide certain things in specific circumstances. There are different types of advance directives, and the first one is a living will. A Living Will allows you to decide about the care you want when you are sick or unable to make decisions. For instance, you can decide that you don’t want to go on life support under any circumstances.

You can also have a Medical power of attorney, which will allow you to choose someone who can make medical decisions on your behalf in case you cannot do so. You can also have a Durable financial power of attorney, which gives your chosen agent the to make financial decisions in case you are incapacitated or cannot make decisions.

Should You Hire An Estate lawyer?

The short answer is yes. Hiring an estate lawyer allows you to plan for all contingencies and find ways to save on your estate taxes. You can also focus on the key concerns about the estate and can avoid the common mistakes that can otherwise lead to chaos.