Cornelius Estate Planning Lawyer

Cornelius Estate Planning Attorney

A solid estate plan can give you peace of mind in knowing your loved ones’ future is secure. From wills to trusts and powers of attorney, creating a detailed plan means you’re prepared for the unlikely and the inevitable. A skilled Cornelius estate planning lawyer from Thomas & Webber has the knowledge, resources, and experience to help you with your estate planning, whether that means starting a new estate plan or updating an existing one.

Understanding Estate Planning

An estate plan allows you to specify how you would like the most important parts of your life to be managed when you can’t handle them yourself. In many cases, an estate planning lawyer handles most of the process, but they may work in collaboration with other professionals on medical, financial, or other elements of the estate.

The Probate Process

You may believe that estate plans are only for seniors, but estate planning is the most effective way to make sure your legacy and loved ones are protected in the future, regardless of your age. Without an estate plan, your heirs will have to navigate a more complicated probate process, which is the legal process in which the court supervises the administration of a person’s estate. This includes their assets like property and bank accounts, as well as their debts.

When there is no will, the court will appoint an administrator, typically a spouse or other close relative, to distribute assets, pay debts and taxes, and perform other required tasks. If there is no close relative the court deems suitable, the court can name a public administrator instead. If the deceased has dependents, the court will determine who is granted custody and guardianship.

The deceased’s estate will be distributed according to intestate laws if no will exists. This leaves more potential for conflict and disagreement among the heirs and ineffective distribution of assets, which can add stress and confusion during an already difficult time.

All of these decisions can and should be outlined in an estate plan. This makes the process much simpler for the executor and ensures that you have control over how your affairs are handled, especially if your wishes differ greatly from the way the state would likely divide your assets.

Asset Protection

Another important element of estate planning is protecting your assets. There are many ways to minimize the tax burden and other financial risks for the estate. For instance, many people choose to create trusts or utilize rules regarding protected retirement accounts and the IRS’s annual gift tax exclusion rule. These tools each have specific guidelines and restrictions, so it’s important to hire an estate planning attorney to help you decide which will work for you.

Starting Your Estate Planning

You should begin your estate plan by hiring an experienced estate planning attorney in Cornelius who can guide you through the complex planning process and laws.

Your lawyer can:

• Answer your questions about estate planning and asset protection
• Help you set goals and determine the needs of your estate
• Review your real estate investments, properties, and other assets
• Develop an asset protection plan
• Create a durable power of attorney to name someone who can manage your legal and financial affairs
• Make a last will and testament to outline how to handle your asset distribution, taxes, debts, and guardianship of any dependents
• Establish trusts, if needed, to protect assets from creditors, taxes, and abuse
• Help identify key people in your estate, such as beneficiaries, executors, trustees, and guardians
• Make sure all the important aspects of your affairs are covered in the plan
• Ensure the estate plan and all relevant documents comply with legal requirements
• Create a healthcare power of attorney authorizing someone to make medical decisions on your behalf
• Make a living will to specify your wishes regarding medical treatments
• Update the estate plan and relevant documents when you experience important life events, or there are significant changes to the law

Estate Planning FAQs

Q: Why Is Estate Planning So Expensive?

A: Basic estate planning is not as expensive as many people believe it is, and the cost depends on the size and complexity of the estate. Planning for large estates with many diverse assets like property, investments, and businesses can require more time and multiple professionals working in collaboration to make sure all legal and financial details are accounted for.

Q: How Much Does an Heir Search Cost?

A: The cost of an heir search depends on how large and complicated the estate is and how much time the lawyer has to spend on locating the missing heir. Some charge flat fees, while others charge by the hour. The most effective way to save money on an heir search is to keep your estate plan up to date. Make sure you discuss fees and payment when you meet with your estate planning lawyer.

Q: What Is Normal Compensation for an Executor of a Will?

A: There is no set amount of compensation for an executor of a will in North Carolina, as what is required of them can vary greatly depending on the size, complexity, and needs of the estate. However, North Carolina law requires that the court approve the executor’s fee and that the fee not exceed 5% of the total value of the estate.

Contact Thomas & Webber Today

At Thomas & Webber, our experienced legal team knows that a smart estate plan can minimize complicated legal problems and ensure your assets are distributed as smoothly as possible. However, with various options and complex laws, it can be incredibly overwhelming to determine which options are right for your circumstances. To discuss your estate planning needs and goals, contact our office right away to set up a consultation.