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Who Should Have An Estate Plan?

Many people hear the word estate and think of million-dollar homes in the expensive part of town filled with priceless art and fancy furniture. Your house, condo, car, truck, checking and savings account, and retirement investments are not thought of as being a mansion-worthy estate. But that is what they are: your estate. Another misunderstanding is that estate plans are only for the elderly or retired. Or still, that your children will remember and honor your wishes about who gets what.

Regardless of your age, if you have somethings of value that you wish given to others in the event you die, the safest thing is to give it to them now. For most people, that action plan is not practical. But either way, you need to create an estate plan.

For more information on Estate Planning in Franklin, North Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (828) 882-2295 today.

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Is An Estate Plan The Same As A Will Or Living Trust?

Wills and living trusts are part of your estate plan. A will or living trust is the legal document that directs the distribution of your assets after your death. An estate plan is the details about how what you leave behind will be managed.

Besides wills and trusts, some of the things an estate plan includes are:

  • Beneficiary designations
  • Power of attorney
  • Property transfer
  • Transfer of financial assets

Most people have at least heard stories about people never receiving their inheritance: You’ve told your daughter you are leaving your China to your granddaughter. You’ve told your son you are leaving your stamp collection to your grandson. A will or living trust directs the distribution of your assets after your death to make sure your granddaughter gets the China and your grandson gets the stamps. A will also can assign who will look after loved ones such as minor children and pets but also needy family members.

How Is An Estate Plan Different From A Will?

The goals of an estate plan are to protect what you leave behind (your legacy), safeguard your privacy, and state what health care you do or do not wish to receive.

Unfortunately, only about a third of all Americans have an estate plan. This is a majority to avoid being a part of. A North Carolina estate planning attorney can help you create a plan to honor your wishes that benefits your heirs.

If you want the state of North Carolina to decide who gets most your things and when they get them, you are all set. No plan needed.In most states, the surviving spouse inherits everything, then your children, starting with the oldest, and then any relatives. If the court is busy, these decisions can sometimes take a year or longer. If, however, you want a say in who gets what, you need an estate plan.

For more information on Estate Planning in Franklin, North Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (828) 882-2295 today.

Phone IconCall Now To Schedule A Consultation(828) 882-2295

What Might Happen If I Don’t Have An Estate Plan?

As of 2020, the good news is only estates valued at $11.7 million and $23.4 million for couples pay federal taxes. However, tomorrow’s administration may change that dollar amounts. Estate taxes also include all the costs to maintain your estate.

Without a plan, your estate goes into probate, which is the legal process that pays off your bills and gives the rest to your heirs. Probate goes smoother if you have a will or a living trust, which names your beneficiaries and executor, the person charged with overseeing what happens to your things. While property left in a will goes through probate, property left in a living trust does not. But if you don’t have an estate plan, the court will decide for you who gets what and when they get it.

For example, you promised your son he would inherit the house, but without an estate plan, the court decides to sell the house and distribute the sale profits equally to all your children.

And your estate has to pay for the costs of probate court.

How Do I Set An Estate Plan Up?

There are several steps in creating a comprehensive estate plan. The first step is to make a will.

The common sense is that a reasonable person would not perform surgery on themselves even if they were a surgeon. Thus, seeking estate planning services through an estate planning law firm is in you and your heirs' best interest.

For more information on Estate Planning in Franklin, North Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (828) 882-2295 today.

Phone IconCall Now To Schedule A Consultation(828) 882-2295

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