Estate plan basics
An estate plan is a plan to be used in the event of your death. It basically consists of everything you own. This includes bank accounts, homes, automobiles and your personal belongings. Any insurance policies are also included.
There are many details that are specific under an estate plan. Your wording can make the difference in how your estate is handled. An estate planning lawyer can help you create a plan to ease your mind.
What estate plans cover
An estate plan covers different topics that are important to you and your family. One such topic is to appoint a guardian for your children. This means the person you choose will be able to make decisions on your children’s behalf for things like financial or health decisions. Inheritance protection is also included to protect the children’s inheritance from individuals like creditors.
An estate plan also covers disability, legacy, tax and insurance planning. You will be able to dictate what will happen to you in the event you become permanently disabled. You also will be able to figure taxes and know what will come out of your estate to cover these when the time comes.
Another great feature of having an estate plan in place is deciding who will take care of your pets after you are gone. Your pets are family, and you want to ensure that someone you trust will take care of them.
North Carolina laws on estate plans
In the state of North Carolina, it is best to have an estate plan in place before you die. If not, intestate laws fall into place. This means your assets will automatically be passed to your heirs regardless of who you wish to receive them.
For instance, any minor children who are to receive assets or money will be controlled by the court system until they are 18 years old unless you have an appointed guardian for them. In other words, the courts determine how the money is spent and where your children will reside after you are gone.
If you have a spouse and no children, the spouse receives everything. If there is no spouse but there are children, the children receive everything. If there are both, the assets will be divided.
Let an estate planning lawyer help you
It is best to have an experienced estate planning lawyer sit down and work out the details of your estate. It’s never to early to get your plan in place because you never know what tomorrow holds. Give us a call, and we will create a plan specifically for you and your family.