Commonly referred to as ‘Estate Planning,’ the practice of legally securing your interests after you have passed or become incapacitated is one of the most
important things an individual can do to protect their families. A Will or Trust can be as simple or as complex as your individual desires require and knowing
that your family is taken care of will provide you peace of mind. It’s easy to think you have plenty of time; in fact, about 55 percent of Americans do not have a
Will in place.
Did you know that without a Will, the State determines how to distribute your assets? Don’t leave these important decisions to the state of North Carolina.
A Will and/or Trust can ensure your desires to take care of your family after your passing will be guaranteed.
Estate Planning is not limited to just your assets. There are many different ways you can ensure your desires and beliefs are followed even
if you are no longer capable of expressing them. If you are at a point where you may no longer be able to communicate, or your mental faculties
have become limited, certain legal documents can be activated to protect your interests.
The following is a list of the many areas of Estate Planning representation we offer:
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Wills
Wills
A will is a written document that gives instructions on leaving your assets to those that you wish to leave them to. In your will, you specifically
name individuals and list what you want them to have. Without one, your possessions, money, land, and other things can be left to someone you didn’t approve of.
Most people underestimate the worth of their estate and overestimate the ability of others to handle it. It can be troublesome for others to deal with. Aside from the
financial aspect of a will, choosing how you’d like to be buried can be spelled out specifically.
Estate Administration
Estate Administration
Estate administration — also known as probate — is the process of settling the legal and financial affairs of someone who has died.
Although some smaller estates can be administered without the assistance of an attorney, more complex cases require a lawyer’s involvement.
When you’re dealing with probate, it’s important to remember that it is a complex and time-consuming process.
You’ll have to petition the probate court to get started, satisfy the court’s requirements, and even then, there is still a long road ahead.
It can be difficult to pull together all the assets and property of an estate, to value the assets, and to settle the estate’s debts.
Living Wills
Living Wills
Just as everyone should have a will; one should also have a living will. Assigning a family member or friend to power of attorney,
in case one must be bound to healthcare, indefinitely, is also important. A living will consist of a written statement concerning one’s medical treatment desires,
in case they are no longer able to do so themselves. If you wish to manage your final illness or leave legal documentation on health care instructions,
then you may need a living will. If you want to allow someone to make health care decisions for you when you become unable to do so yourself, you may appoint
a healthcare power of attorney to make those decisions based on their best judgment or on the terms you’ve specifically outlined within the will.
Trusts
Trusts
A trust can be an important estate planning tool. It allows you to transfer ownership of your property to a trustee.
The trustee will gain management of the property.
This can benefit you and others, greatly. Picking a trustee is a serious decision and shouldn’t be made lightly.
Creating a trust and writing a trust document should be treated just as seriously. Not having the proper legalized
trust document can result in costly issues for others, once you are gone. Be sure to consult our estate planning attorneys to ensure
your trust and trustee are taken care of in a proper, legal way.
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Special Needs Trust
Special Needs Trust
When a loved one has a physical or mental disability, it’s important to plan for his or her future.
If the person relies on you for guidance and support, you can take steps now to make sure his or her needs are met once you are no longer around.
By planning ahead, you’ll not only help put your mind at ease; you’ll help your loved one well into the future.
Pet Trusts
Pet Trusts
A pet trust designates someone who is willing to care for the pet if the owner dies or is unable to continue caring for the pet.
You may wish to provide a secondary beneficiary in case the primary beneficiary is unable to care for your pet.
A pet trust provides the necessary funds to care for the animal. Instructions about care, including diet, veterinary care, grooming and other issues,
should be provided in the pet trust. The trust will be supervised by a trustee who will distribute the funds and make sure the trust instructions are followed.
Power of Attorney
Power of Attorney
A power of attorney is a document that consents someone else to make decisions on your behalf. The document
will outline what powers a person has and when he or she can exercise that power. It’s an important document that will
allow someone you trust to make key decisions about matters in your life.
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Healthcare Power of Attorney
Healthcare Attorney
A healthcare power of attorney designates someone you trust to handle your health care decisions. This document is related to a health care directive
and is an important part of planning for your own care. Don’t leave your well-being up to chance.
Plan ahead with a power of attorney and a health care directive to make sure you get the care you need when you need it.
Financial Power of Attorney
Financial Power of Attorney
A financial power of attorney allows someone to make decisions about your assets and investments. This power of attorney will allow someone else to handle
your financial matters when you are unable or unwilling to do so. You can limit the scope of this power when you set the document up.
Minor or Childcare Power of Attorney
Minor or Childcare Power of Attorney
Minor or Childcare Power of Attorney is a person who is permitted by a child’s parent or legal guardian to make choices for the child on their behalf.
The power of attorney form can be limited to certain decisions in one specific area, or it can cover a wider range of issues.
A minor power of attorney is generally called an “agent” or an “attorney-in-fact.”
Durable Power of Attorney
Durable Power of Attorney
A durable power simply means that a person will continue to have the power of attorney even when you’re not able to communicate.
A lawyer can help you determine what types of powers of attorney you may need.