Are you a North Carolinian who’s asking yourself the question, “Do I need an estate plan?” The answer is probably yes! An estate plan is a great way to make sure that your family is taken care of when the time comes. In this article, we’ll look at exactly why an estate plan is important in North Carolina, and what it consists of.
Why an Estate Plan is Important in North Carolina
An estate plan is an important part of preparing for the future. It helps provide for loved ones in the event of your death or incapacity, as well as helping protect your assets during life. In North Carolina, estate planning can include:
1. Wills and Trusts: North Carolina allows you to draft wills and trusts to detail how you would like your assets to be divided after your death. This helps ensure that your wishes are followed.
2. Financial Power of Attorney: Assigning a financial power of attorney allows you to designate someone to manage your finances in the event that you are unable to do so for any reason.
3. Healthcare Power of Attorney: Designating a healthcare power of attorney allows you to appoint someone to make healthcare decisions on your behalf should you become unable to do so.
4. Living Will: A living will is a document that outlines the types of medical treatments you would like to receive or decline should you become incapacitated.
Wills and Trusts, What’s the Difference?
What is a will?
A will is a written document that designates how a person’s assets will be distributed after their death. It will also designate an executor to carry out the wishes of the deceased. A will can be changed or updated as long as the person is mentally capable and able to write the new document. It is important to note that when a person dies, their will must go through the probate process. This process can be expensive and time-consuming.
What is a trust?
A trust is a legal agreement between the person placing property into trust (grantor) and the trustee who oversees the trust. It will specify how the assets are handled and culminates in the transfer of assets to the named beneficiaries.
A trust is set up while the grantor is alive. It may be revocable or irrevocable, depending on the wishes of the grantor. An irrevocable trust cannot be changed or revoked once it has been created. The main advantage of a trust over a will is that it does not need to go through the probate process. This allows assets to immediately be transferred to the beneficiary, which saves time and money.
Why Choose Landon Dunn, P.A. for Estate Planning in North Carolina?
At Landon Dunn, P.A., we understand the importance of estate planning. Landon Dunn is an experienced attorney who is committed to helping families ensure that their wishes are followed, and their assets are securely protected.
We understand that estate planning can be a complex process, and work with our clients to ensure they understand the legal language and implications. We will work diligently to provide you with the best possible outcome, and fight for your best interests.
Your Initial Estate Planning Meeting with Landon Dunn
At your first meeting, our goal is to get to know you, answer your questions, and assess your individual needs. We’ll discuss:
- How to properly manage your investments
- Legal instruments such as wills, trusts, and powers of attorney.
- The different ways you can transfer property and manage assets
- Other estate planning documents such as living wills, healthcare proxies, and guardianships
- Tax implications of transferring property
- How to protect family members in the event of illness or death
We’ll also introduce you to our team and help you determine if our firm is the right one for you.
We hope this article has helped you to understand why an estate plan is important in North Carolina. At the end of the day, everyone should have at least some aspect of estate planning accomplished in the event of sickness or death. Whether simply setting up a last will and testament or planning for probate and setting up a trust, Landon A. Dunn is the person you want on your team for making these tough decisions. If you wish to discuss your estate plan in more detail, we are here to help. Contact us today for more information or to discuss your individual needs.