Death is a natural part of life, but it can leave surviving family members steeped in confusion and legal chaos in the absence of a will. Creating a plan allows you to live the rest of your life knowing that your loved ones will be cared for when you are gone.
A will is one of the most important documents you can prepare, and with the help of our knowledgeable estate planning team, drafting it can be a stress-relieving process. Contact a Raleigh wills lawyer to help protect your future wishes for your estate and secure a financial plan for your family.
There are several things that a person will need to consider and prepare before drafting a will. It is important to understand each of the types of property that can be included in deciding who will inherit what assets.
Real property is someone’s land or real estate. While it is possible for real property to be transferred in a will, there can be other considerations that prevent this from happening. For example, real property could be held jointly with a spouse that still has rights to the property. In other cases, it makes more sense in terms of taxes to hold the property in trust rather than include it in the will. A skilled wills lawyer can help Raleigh residents determine how best to transfer their real property for their specific situation.
Personal property is anything that an individual owns that is not real property. This can include items like family heirlooms and favorite possessions. Assets are the contents of their bank accounts and investments. When creating a Will, the preparer will want to be specific in designating which of their loved ones get what personal property and assets. An observant attorney can help a person drafting their will to make sure nothing goes overlooked.
Wills are necessary in estate planning for several reasons. When someone is preparing for the end of their life, the last thing they want is for their loved ones to be burdened by having to handle taxes on their estate. When drafted correctly with the help of a qualified legal professional, a will can minimize taxes and relieve the surviving family of additional financial strain in the wake of their loved one’s death. A wills lawyer can help navigate specific estate tax laws in Raleigh and take the burden off of the family.
Wills also help surviving family members avoid the laws of intestate succession. “Intestate” means that someone has died without a will, and the allocation of their property and assets is governed by complex rules outlined in North Carolina General Statutes, Chapter 29. In this scenario, the court will appoint someone to execute the process of estate administration. To ensure that important decisions around one’s property are not left up to the courts, it is important to speak with a dedicated wills attorney early in the estate planning process.
It may be tempting to put off creating or updating your will, but it only takes a few minutes to schedule a free consultation with an experienced local attorney. One phone call with our dedicated legal team can help you understand the process and give you confidence going forward with your will.
Let a Raleigh wills lawyer lessen the stress of end-of-life planning. Call today to secure your vision for the future of your loved ones.