Welcome back. Today our lawyer in Raleigh NC is going to talk more about estate planning for single individuals without children.
Remember, in our last article, we talked about many assume they won't need an estate plan or will when they do not have children. That's not the case, however. Even if you do not have children to take care of, you should want some say in what happens to your assets. You may have nieces or nephews you close friends that you want to receive part of your estate.
You may not have any family, and may want to leave your assets to a charity or an organization that you want to support. If you have an estate plan, you can outline how much goes where. But an estate plan does not only determine how your assets are distributed, it can also outline how decisions are made on your behalf should you become ill and not able to make them on your own.
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.
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.
We hope this information inspires you to start estate planning now, if you haven't already. Contact our lawyer in Raleigh NC, today to begin. Also be sure to visit back with our previous blog for more information if you missed it!
Eldreth and Eldreth | Laywer in Raleigh NC
When planning your estate, you may want to consider which assets are subject to probate and which are not so that you can make the best decisions in how you designate heirs. If you need additional help, reach out to our attorney in Raleigh NC to ensure that you are creating the best plan for your situation.
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact us to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our lawyer is here to help you with all your legal matters, whether it be entertainment law, trademarking, copyrighting, or DWI issues.