People often feel uncomfortable thinking of things like death and incapacitation. However, you cannot control the eventualities of life, but there’s the choice to prepare for contingencies. Estate planning, contrary to what many of us think, is for every adult. No matter how much you own, you need to have an estate plan that will help protect your interests and wealth. The best idea is to find a reliable will planning attorney in Monroe who will guide you on laws in North Carolina and offer individualized advice on all relevant aspects. Here are some reasons to have an estate plan and the documents/tools you may want to use.
Benefits of estate planning
- Control of your wealth: You can use your estate plan to decide things like who gets to your wealth after your death. If you have a blended family, there are bigger reasons to invest in estate planning.
- Protect your assets: You can work on creating a trust, which may give tax benefits. You also have a better way of managing your assets.
- Plan for incapacity: What happens to your finances when you are incapacitated? Who makes the healthcare decisions for you if you are ill? Estate planning allows you to make provisions for all that.
- Minimize conflict. The last thing you would want is your family fighting over your assets. One of the best ways to reduce conflict is to let your wishes be known through your estate plan.
Documents you can consider
Several kinds of documents or tools should be a part of your estate plan. The first is the last will & testament, which allows you to choose an executor and decide on inheritance. For some people, a trust could be a better way to manage and protect assets than a will. There are different types of trusts, and it is best to ask your lawyer about the various choices. A power of attorney allows you to appoint someone to make decisions when you are incapable of doing so. You can also have a healthcare directive, which is also known as the living will.
If all of the above seems too cumbersome for your understanding, talk to a lawyer soon. Your estate planning lawyer will also help you figure out other things like the life insurance coverage you need and how you can make arrangements for your blended family. Start today!
