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Estate Planning Process in Cary

Everyone has unique financial concerns, so the plan for what should be done with your estate when you pass away needs to be tailored to your specific needs and desires. However, there are a few common issues that must be addressed while drafting an estate plan.

Before engaging in the estate planning process in Cary, it is a good idea to talk to an estate lawyer about what you want your plan to look like and what issues and assets it should cover. With guidance from qualified legal counsel, you should have a much easier time identifying and pursuing the best course of action for your interests and those of your family members and loved ones.

Key Estate Planning Terms and Options

Wills are the centerpiece of any comprehensive estate plan, so they are usually the first document that should be drafted before finalizing anything. Anyone who goes through the estate planning process in Cary should draft a last will and testament that names which beneficiaries will receive various assets, who will take on guardianship of children, and who will act as the estate representative to execute on the will’s orders.

A testator may also want to draft a document called a living will that dictates what end-of-life medical treatment they should receive if they suffer an incapacitating injury or medical condition. The estate planning process can also include granting another individual health care or durable powers of attorney, respectively allowing the nominated party to make medical, day-to-day estate, or business decisions on an incapacitated testator’s behalf.

Other matters that could be addressed during the estate planning process include the establishment of revocable or irrevocable trusts, designation of probate and non-probate assets, and the creation and implementation of a HIPAA release form. A legal team that is dedicated to making the estate planning process could help an individual testator determine what documents and measures should be included in their customized plan.

What Should be Expected During an Initial Meeting with an Attorney?

The first step to the estate planning process in Cary is scheduling an initial meeting with a qualified trust and estates professional to discuss the testator’s current financial situation, what they expect it will be in the future, and what goals they have for their estate plan. To make the most of this first meeting, you should come prepared with as much information about your current assets, property, and financial holdings as reasonably possible.

After this meeting, our legal team could help draft numerous documents that comprise an estate plan and ensure they are valid and enforceable under state law. They could also provide advice about how an estate plan should be structured to serve a testator’s best interests. For example, they could explain how to minimize tax obligations, handle complex matters like business succession, and plan ahead for modifications that may need to be made to an estate plan due to a divorce or other life-altering circumstances.

Working with a Cary Attorney During the Estate Planning Process

Making end-of-life plans can be an uncomfortable process, but it is an essential to make it a priority for the benefit of your loved ones. Even if you think you have relatively few assets, determining in advance how they should be distributed after your death can be crucial to saving your surviving family members and loved ones time, money, and stress.

The estate planning process in Cary can be difficult to go through alone, so retaining an estate planning lawyer’s help should be your top priority before getting started. To schedule a confidential consultation about the options available to you, call today.