Estate Planning 101: Do You Need an Estate Plan in Carolina?

I Don’t Have Big Estate – Do I Really Need Estate Planning?

Absolutely. One of the most common mistakes people make is assuming that their estate is too small to require any type of estate planning. The truth is, it doesn’t matter how large or small your net worth is, it is vital to have an estate plan.

What is an Estate Plan?

An estate plan determines what happens to you if you become incapacitated and what happens at your death.  Actually, you already have an estate plan, whether you know it or not. Deciding to have a will or not, how you title your assets, naming beneficiaries (or not) on life insurance or IRAs are all part of your estate plan.  The question for you is, do you want to control and understand any or all of this?

Your personal circumstances and your goals determine how simple or complex your plan will be. A typical estate plan usually contains a will, a power of attorney, health care power of attorney, and a living will.  Some estate plans may include trusts, too.

You should also ask your estate planning attorney how jointly owned assets and beneficiary type assets should be arranged to coordinate with the rest of your estate plan.

I’m Young, Why Do I Need a Will?

Most individuals start to think about making a will as they age. However, every adult, no matter how young, needs to have a will, especially if there are children or any type of property or assets. If you die without a will, the state of North Carolina will decide what to do with your estate.

 North Carolina has several laws that govern estate division if someone dies without a will. Those laws probably will not reflect your wishes. For example, if you are married and do not have any children, your parents will receive half of your personal property and real estate. This could leave your spouse in a very difficult financial position. Or, if you are unmarried and have no living biological relatives, North Carolina becomes the beneficiary of your assets.

If you don’t have a will, please call an estate planning attorney who can work with you to create a valid will to ensure your family and your assets are protected. During the conversation, inquire about designating someone as your power of attorney in case of your incapacitation.

This blog is connected with the Conrad Trosch & Kemmy, P.A. law firm of Charlotte, North Carolina. Our law firm practices in several areas of law.  The material presented here is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. Viewing this blog or contacting Conrad Trosch & Kemmy, P.A. via email or phone does not create an attorney-client relationship. You may contact us by calling (704) 553-8221 or by visiting our website at www.ctklawyers.com.