Issues with Estate Planning in Cary

Creating an estate plan to accomplish your end of life goals is often an important first step in gaining peace of mind. However, in beginning this process, there are potential legal issues that could arise depending on your unique situation. For example, you may need to consider different factors depending on whether you were previously married, have a blended family, or wish to name a beneficiary with special needs.

To ensure that your estate plan is tailored to your circumstances, you will want to work with a diligent estate planning lawyer. Legal guidance is key in successfully navigating various issues with estate planning in Cary.

The Necessity of an Estate Plan

Before you sit down with an experienced attorney to discuss the complexities of your end of life goals, it is crucial to understand why an estate plan is necessary in the first place. Most importantly, an estate plan allows you to control exactly how your estate is distributed in the event of death or disability.

These plans can help you rest easy knowing that your family will be taken care of in unforeseen circumstances. Additionally, effective estate plans created with legal assistance often help Cary residents avoid probate fees and other complex processes.

Probate vs. Non-Probate Assets

Assets can be passed on in several different ways and are classified by two major categories: probate and non-probate. Probate assets are those that are owned by an individual in their name alone at the date of their death. This property becomes part of the estate after the owner passes away and is subject to the court’s jurisdiction.

On the other hand, non-probate assets are distributed to a named beneficiary upon the grantor’s death. These assets pass outside of the court’s jurisdiction and are not controlled by a last will and testament.

Complications of Assets in a Mixed Family

Having children from previous relationships can impact the estate planning process and distribution of assets. Typically, each spouse will wish to safeguard a portion of their wealth for their children. The best option for doing so is to create a revocable trust plan with credit shelter or bypass provisions. A well-practiced lawyer could further explain this estate planning option and help Cary residents work through any problems that may arise.

Potential Beneficiaries with Special Needs

Another possible issue with Cary trusts arises when considering beneficiaries with special needs. In terms of estate planning, special needs beneficiaries are those who must maintain public benefits like SSI and Medicaid. This distinction is essential because beneficiaries who are participating in these programs must have at or below $2,000 in assets.

Special Needs Planning is a strategy that allows an individual to still provide for a beneficiary with special needs without disqualifying them for public benefits. Assets would transfer to the individual’s Special Needs Trust to be held for their benefit in a way that would not violate the SSI and Medicaid regulations. Cary residents who wish to pass on their inheritance to special needs beneficiaries should get skilled legal guidance on the proper estate planning for avoiding problems with public benefit programs.

Let an Attorney Advise You on Issues with Estate Planning in Cary

Many common issues with estate planning in Cary can be successfully navigated with help from a seasoned legal team. A well-practiced attorney could help you identify and resolve potential problems, ensuring that your end of life goals will be accomplished.

Estate planning is rarely a simple process, and many different factors can create legal complexities. Contact an attorney as soon as possible to secure a beneficial plan for you and your loved ones.

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