Estate planning is the process by which you safeguard your wealth against potential losses, so you can fully enjoy your property during your lifetime, and ultimately pass on your property to the people and organizations you desire, on the terms you decide. Estate planning involves the drafting of documents, the creation of legal entities and the purchase of insurance to reduce the risk to your wealth as much as possible, while enabling the eventual transfer of your wealth by the most efficient means possible.
Essential documents for a comprehensive estate plan include:
To be truly effective, an estate plan must consider every detail of your personal and professional circumstances. You should work closely with a knowledgeable attorney who takes the time to know you, to understand your goals and craft a plan that is uniquely your own.
Power of attorney is a useful tool for older adults who want assistance managing finances or health matters. You select a trustworthy person to be your agent and execute a document that transfers authority to them, and they act in your name. You can make the POA broad or narrow, depending on your needs. In most cases, a POA terminates if you, the principal, become incapacitated. However, you can execute a durable power of attorney that will remain in force, even under those circumstances. You can also create what is called a “springing” power of attorney. This is a POA that does not become effective until a triggering event such as incapacitation occurs.
North Carolina estate planning law is complex, and mistakes in the execution of an estate plan can leave you vulnerable to creditors, liability judgments and high taxation. You also might not be adequately prepared for a lengthy illness that requires long-term care. Working with an experienced attorney helps ensure that you get every advantage of the law and a more secure future.
Please call 252-636-3737 or contact us online to schedule a meeting at one of our offices, conveniently located in New Bern and Morehead City.
