Huntersville Estate Planning Lawyer

Huntersville Estate Planning Attorney

Some people think estate planning is only necessary for the wealthy or elderly, but anyone can benefit from the peace of mind a well-crafted plan can provide. Estate planning laws are complex, however, and even a small mistake can create challenges for your heirs. A skilled Huntersville estate planning lawyer at Thomas & Webber can work with you to learn your needs and develop a strategy to meet them.

Estate Planning 101

At its most basic level, estate planning is a fairly simple concept: creating a plan for how you want the most important aspects of your life to be handled when you can no longer manage them yourself, whether due to death or incapacity. An attorney generally handles the bulk of estate planning but often collaborates with other professionals, including legal, medical, and financial advisors.

An estate planning lawyer can create a comprehensive strategy, so your family and business can avoid confusion and complicated legal issues. Elements of an estate plan include:

Last Will and Testament

The last will and testament is the first thing many people think of when it comes to real estate or estate planning. It is an essential document that outlines how to distribute your assets after death. A will names an executor, who is responsible for handling your debts, taxes, asset distribution, and guardianship of children or other dependents.

Standby Guardianship of Dependents

In many cases, you may also want a separate guardianship document for dependents to cover short-term or long-term guardianship and specify your wishes about custody, care, and support of your dependents if you die or become incapacitated. This is crucial for every person with dependents, as the courts must make this decision if there is not a form on file.

Trusts

A trust is a legal agreement that can help make sure your assets are protected from misuse, creditors, and taxes, depending on the needs of your estate. There are several kinds of trusts that each have their own benefits, so it is important to have an experienced attorney help you determine which are right for your circumstances and wishes.

Durable Power of Attorney

A durable power of attorney allows you to decide who will manage your affairs for you. It authorizes an agent to make legal and financial decisions on your behalf, according to your wishes outlined in the document. You may choose a loved one or a professional, and their authority can be broad or limited, depending on your needs.

Health Care Power of Attorney

While a durable power of attorney agent will manage your legal and financial assets, a health care power of attorney names the person who will manage your medical decisions if you are unable to do so. Once again, they can be a loved one or a professional, and you can choose how much authority you wish the person to have.

Living Will

A healthcare power of attorney often works in conjunction with a living will, also called an advanced directive. This document outlines the medical treatments you do or do not want to be used for your care. Unlike a power of attorney, a living will does not name a person to make those decisions for you but rather states your wishes directly. It can go into as much or as little detail as you choose.

HIPAA Release

To ensure your loved ones can follow your wishes, it is important to include a HIPAA release. This authorizes medical providers to share information about your condition and care with whoever you designate. Without it, your loved ones may not be able to access the full information needed to make informed choices for your care.

Estate Planning FAQs

Q: What Are the Possible Consequences of Not Having an Estate Plan?

A: Not having an estate plan can have financial and legal implications, and it may lead to stress and conflict among your heirs. If the court must decide how to distribute your assets, the probate process can be complicated and stressful, lead to questions about fairness, and cost more money. In addition, you may lose control over decisions about your own care and the care of your dependents.

Q: How Much Does Estate Planning Cost in North Carolina?

A: The cost of estate planning in Huntersville, North Carolina depends on the location and the complexity of the plan. For instance, plans involving many complicated investments, businesses, and other assets may be more costly. In addition, the number of professionals involved, their experience, and the time required to work on the plan will likely impact the overall cost. Be sure to ask about fees and payment the first time you meet with your estate planning attorney.

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

A: The steps in the estate planning process depend on the complexity of the estate. Those with a simple estate may only need to evaluate their assets, identify beneficiaries, create a power of attorney, and make a will. More complex estates may also benefit from business succession plans, trusts, advanced tax plans, and other elements. A qualified estate planning lawyer can make sure all necessary elements are included in your estate plan.

Start Your Estate Plan Today

The experienced legal team at Thomas & Webber is dedicated to using our skills and resources to guide you through the estate planning process. We know estate planning is different for each person, and we focus on ensuring your plan is tailored to your individual circumstances and goals. Whether you are just starting to think about estate planning or need to update your existing plan, contact us today so our trusted estate planning lawyers can help you protect your legacy.