Troutman Estate Planning Lawyer

Troutman Estate Planning Attorney

It’s important to follow the proper steps and procedures when preparing for the future of your family and protecting your assets. A Troutman estate planning lawyer at Thomas & Webber holds extensive experience in estate planning, offering comprehensive legal solutions tailored to your specific situation. We help individuals and families secure their legacy, minimize their tax liabilities, and ensure a seamless transition of assets, even in complex situations like selling a home when entering an assisted living facility.

The Importance of Estate Planning

Estate planning is important for everyone, not just the wealthy. It gives you control over your financial affairs and healthcare decisions and how your real estate and other assets are managed and distributed. Without a properly structured estate plan, state laws can dictate how your assets are distributed, which may not align with your own plans. In cases where there’s no will in place, navigating probate without an estate plan can be legally and emotionally taxing for your loved ones. The lack of clear directives can also cause your loved ones to face unnecessary legal conflicts, emotional stress, and financial burdens. In fact, the average cost of settling an estate is $14,225.

Currently, only 24% of Americans have a will, a statistic that represents a decline over the years. Of this group, the majority of individuals waited until retirement to begin the process.

The skilled attorneys at Thomas & Webber can help you navigate the complexities of estate planning to ensure your intentions are upheld. Whether you need a simple will or a comprehensive trust, we can offer a customized solution that meets your needs. Our firm is conveniently located in Lake Norman, and we are eager to meet with you to discuss your estate planning needs.

The Estate Planning Process

There are several steps to follow when building your estate plan. Begin by consulting with a knowledgeable Troutman estate planning lawyer to discuss your financial situation and estate planning needs. The team at Thomas & Webber can help you outline potential strategies for your estate.

Our team then directs you through the following process:

• Developing a customized plan: We help you create a personalized plan, incorporating both wills and trusts.
• Review and execution: After a thorough review of the estate plan, we finalize and execute the necessary legal documents to make them valid.
• Ongoing maintenance and updates: Estate plans evolve over time and require ongoing maintenance. We offer periodic reviews and updates to ensure your plan remains aligned with North Carolina laws and any personal circumstances that change for you.

Estate Planning Services

The team at Thomas & Webber offers a variety of estate planning services, depending on your needs. Some common estate services include:

• Wills and trusts: A will or trust gives you the peace of mind that your assets are distributed according to your wishes. There are three types of trusts to explore:
  • Revocable living trusts: This allows you to avoid probate and maintain privacy while managing your estate.
  • Irrevocable trusts: This protects your assets from creditors and potential legal disputes.
  • Special needs trusts: This provides for loved ones with disabilities without jeopardizing their government benefits.
• Powers of attorney: Financial power of attorney involves appointing a trusted individual to manage your financial affairs in the event that you become incapacitated. A healthcare power of attorney designates a healthcare agent to make medical decisions on your behalf.
• Advance healthcare directives: A living will outlines your preference for end-of-life care, while a medical directive ensures your healthcare decisions align with your beliefs and values.

The team at Thomas & Webber holds a thorough understanding of North Carolina estate laws and a passion for helping individuals plan for their futures. We keep up to date with the latest strategies that can benefit our clients and prioritize your peace of mind when making complex legal decisions.

FAQs

Q: How Much Does an Estate Lawyer Cost?

A: The cost of hiring an estate lawyer varies based on the complexity of your case, the location, and the lawyer’s experience. Some estate lawyers charge a flat fee, while others may request a percentage of the estate, such as in the case of probate. Factors such as business ownership, multiple properties, or tax planning may increase costs.

Q: What Is the 5 by 5 Rule in Estate Planning?

A: The 5 by 5 rule is a common provision in irrevocable trusts that allows a beneficiary to withdraw the greater of $5,000 or 5% of the trust’s value each year. This offers beneficiaries access to the funds while maintaining the trust’s long-term protection, helping to balance financial security with estate tax benefits. However, withdrawing funds could reduce future trust earnings and potential wealth transfer.

Q: What Is the Difference Between an Estate Lawyer and an Estate Planner?

A: An estate lawyer is a licensed attorney who provides legal advice, drafts estate documents, and represents clients in probate court. They ensure legal compliance and asset protection. An estate planner is a financial professional who focuses on structuring an estate for tax efficiency, wealth transfer, and financial planning. They do not necessarily need to be an attorney.

Q: What Are the Seven Steps in the Estate Planning Process?

A: The estate planning process in Troutman involves seven key steps. You’ll begin by assessing your assets and debts, including any real estate holdings that may be involved in a future residential closing. Understanding property setbacks in real estate is one of the lesser-known but important considerations when evaluating your assets. Then, determine beneficiaries who will inherit your assets. Appoint an executor or power of attorney, then create all legal documents. Plan for taxes to reduce estate taxes and avoid probate. Review your insurance and retirement accounts. Finally, update your plan after major life changes.

Contact a Troutman Estate Planning Lawyer Today

Planning for the future is crucial for protecting your assets and heirs. At Thomas & Webber, our experienced estate planning lawyers are dedicated to helping you prepare for your estate plans. Whether you need assistance creating a will, establishing a trust, or navigating the probate process, our team offers a personalized legal approach tailored to your needs.

Our team works to simplify the estate planning process to reduce your stress and secure your legacy. Contact us today to schedule a consultation to discuss your estate planning goals.