A proper and comprehensive estate plan is a key part of protecting the future of your heirs. In an estate plan, you can lay out your wishes for who will receive your personal assets or how you want your business to continue operations. Although many people know about writing Wills, there are many other documents and strategies that can be used in the estate planning process.
If you want to secure your family’s financial future and establish your legacy, reach out to a Wake Forest estate planning lawyer at our firm. One of our knowledgeable attorneys could explain the various estate planning tools and help choose the one that is best for you.
An estate plan serves many purposes. The most common and traditional form of estate planning, the Will, only goes into effect after you pass away. However, other strategies can transfer property and provide medical or financial instructions before the end of your life. In essence, an estate plan can take effect as soon as the signatures go on the paper.
Importantly, an estate planning lawyer can help avoid the state’s intestacy laws, which instruct a probate court on what to do if a person dies without an estate plan. According to North Carolina General Statute § 29-14, a surviving spouse receives the full estate if a person dies without children. However, if the decedent has children and a spouse, the spouse will receive half the estate while the children receive the other half.
Leaving estate distribution up to intestacy laws can cause legal chaos, especially concerning a family home or business. A skilled attorney can help Wake Forest residents create effective estate plans that achieve their desired legal effect.
There are many different ways of achieving your goals through an estate plan. An experienced local attorney could explain your available options and help determine which estate planning documents fit your needs.
The traditional form of estate planning is the Will, which describes what you want to happen to your property and assets after you pass. While a Will is an important part of many people’s estate plans, it is not the only option available.
A common alternative to a Will is a Trust. A Trust places property under the care of another person who has a duty to distribute it at a set time. This time may occur before or after your death. A Trust can help to avoid tax issues with gifting property, as well as the complex probate process.
Estate planning could also help in scenarios where you become unable to make your own decisions. A Living Trust, Guardianship, or Power of Attorney can grant other people the power to make medical or financial decisions on your behalf.
No matter what stage of life you are in, a dedicated estate planning lawyer in your area could help you identify your goals for the future and craft legal documents that reflect these wishes.
Creating an estate plan is an essential part of protecting you and your family’s future. Without an estate plan, your assets could be subject to a forced sale and years of animosity among family members.
Modern estate laws allow for various types of documents, including Wills, Trusts, and Powers of Attorney. To establish your wishes for the future and learn more about the options available to you, speak with a Wake Forest estate planning lawyer at our firm. Contact us today to schedule an initial strategy meeting.