Welcome back. Today, our estate lawyer in Cary is here to discuss estate planning for those without children. Remember, in our previous blog we mentioned the following.
If you are single and have no children, an important part of an estate plan will be a power of attorney so that you can name someone to make financial decisions on your behalf should you become incapacitated. A power of attorney for finances will let you name someone to handle things such as bank accounts, bills, taxes and your small business, if you have one. He or she should be a trustworthy person that can make good judgment calls when it comes to your money.
Another type of power of attorney relates to healthcare. If you become ill and are not able to tell doctors what you want when it comes to medical care, someone will have to make those decisions for you. If no one is appointed, the state can decide. You have the ability to choose who you want to make those decisions for you by naming someone in your will. Otherwise, a family member who may not have chosen otherwise could be left with the power over what happens to you when it comes to medical care.
An estate plan can also name a personal representative or executor of your estate, which is someone who will make sure your wishes are carried out. He or she will handle the affairs of your estate, such as taking inventory, paying debts, taking care of taxes and seeing that everything is disbursed according to your instructions.
Remember, if you do not have an estate plan explaining how you want your asset to be dispersed when you pass away, then it is ultimately left up to the laws of your state. In that case, your hard earned estate could be divided up and dispersed to people you would not have chosen, or if you do not have relatives, it could end up going to the state.
Eldreth and Eldreth | Estate Lawyer in Cary
As always, please contact us with any questions or concerns you may have concerning legal issues. Also, contact our estate lawyer in Cary NC to schedule a consultation if you have yet to start estate planning. If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start.
Our lawyer is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office today to get started estate planning.
In addition to estate planning, our lawyer is here to help you with all your small business needs, trademarking, copyrighting, or DWI issues.