Helping Clients Plan for Their Family’s Future, Today

No one ever knows what the future holds, not really. We can make our plans, but family law issues like divorce may arise, new children may enter the picture, an untimely death may occur, and another circumstance, both fortunate and unfortunate, may transpire. Making plans for the future without certain estate planning legal documents being in place can be a risky proposition. Perhaps you are looking after your legacy, or maybe you are young parents concerned about the future of your children. Maybe you are concerned about your twilight years and whether you’ll be able to afford nursing home care and other elder law matters. Whatever your estate matter, you should consider drafting a valid estate plan to look after your beneficiaries, protect your assets, perform diligent Medicaid planning, and more. You may wonder whether estate planning is right for you and your family. If you wish to create a healthcare plan that determines your medical care if you are ever incapacitated, minimize taxes, name beneficiaries, and look after your property, such as your primary residence, you need to consider the benefits of estate plans. When drafted by an experienced North Carolina estate planning attorney, such as those found at our law firm, you can rest assured knowing that your family is prepared for life’s uncertainties, both good and bad.

Why is Estate Planning Important?

In a recent survey conducted by Gallup polls, it was found that barely half of all American adults have a last will and testament, and even fewer have other estate planning documents. Without a legally valid estate plan, there may be disagreements and even litigation about inheritance, guardianship, and other matters in the event of your death. Even beyond the concept of your death, there are still other reasons to have a thorough estate plan. Estate plans provide you with greater levels of asset protection, allowing you to better safeguard your investments, avoid estate taxes, and manage your wealth. With the right type of estate plan, you can also retain control over your personal property and assets. Without a valid estate plan, however, there may be disputes between family members over who shall inherit certain property. Estate plans that involve a healthcare proxy also offer protection if you are ever incapacitated due to illness or injury. With an advance health care directive, you can name a family member to have the authority to manage your legal, financial, and medical care on your behalf.

What Are Essential Estate Planning Documents?

Several estate plan documents may be essential for your estate planning needs. However, not every estate plan requires every document. Speak to our law firm for legal assistance in drafting your estate plan. The common estate planning tools include the following: • A last will and testament. With wills, you can name beneficiaries who will inherit your estate in the event of your death. • Power of attorney. There are several different types of powers of attorney, but they are all built around the idea of entrusting a loved one or legal decision-maker with the authority to make difficult calls regarding your assets if you are ever incapacitated. • Living wills. A living will can provide advanced healthcare directives for your medical needs in case of emergencies. • An asset protection plan. A well-drafted asset protection plan can protect and safeguard your personal property according to your wishes. • Trust. A carefully created trust involves a legal entity that can hold any of your estate’s assets for tax benefits and inheritance purposes. A trust can also be efficient for property distribution when someone dies.

What is the Role of the Estate Administrator?

Have you been named executor or administrator of an estate? Perhaps you’ve been named the trustee? In either case, it is highly recommended that you retain professional legal representation when executing and administering the estate. As the administrator, you are tasked with upholding the decedent’s wishes while also remaining compliant with both state and federal laws. This is a big responsibility, one that should not be taken lightly. Our law office handles probate administration and other estate matters for executors and administrators who need legal assistance. Contact our law firm for a free case review.

What Happens if You Do Not Have a Will in North Carolina?

If you die without a will in North Carolina, it is considered passing away intestate. Dying without a will puts your estate at the mercy of North Carolina’s intestacy laws, meaning that you will lose direct control over where your assets are distributed and to whom. State laws will determine who gets what. It is highly recommended that you draft a will with the help of estate planning lawyers to look after your spouse and other family members in the event of your death.

When to Begin Estate Planning?

It’s never too soon to begin estate planning, but there is such a thing as too late. If you wait too long, you have no idea what changes may be in store or when you will ultimately depart this mortal plane. By drafting an estate plan now, you ensure that each beneficiary gets what you intend and that your assets secure a certain level of protection from creditors and disputes. Ideally, everyone over the age of 18 should begin thinking about estate planning and what should happen to their assets if they die or are left incapacitated. If you’re wondering, ‘When should I start?’ The answer is now.

Schedule a Free Case Evaluation with an Experienced Estate Planning Lawyer Today

The experienced legal team of Chad Brown Law has extensive experience representing clients concerned about asset protection, estate administration, and other estate matters. To learn more about our legal services, we encourage prospective new clients to contact our law offices to schedule a free initial consultation today. To schedule your free estate planning consultation, don’t hesitate to get in touch with us today at 336-962-5373.