More Tips for Estate Planning in Raleigh NC!
Welcome back! In our last post, we began talking about the beginning stages of estate planning in Raleigh NC and how important it is to create a few documents that will help your estate planning attorney during the drafting of your estate plan. Below, we will continue with a list of the documents needed. Take a look back at our previous post, if you need a quick review, before moving on.
Determine How and When Your Beneficiaries Will Obtain Your Assets
According to wills.about.com, “There are basically two ways to leave your assets to your beneficiaries - outright or in trust. Which way you choose will depend on the beneficiary's age, health, and family and financial situations.” You can rely on your estate planning attorney for help with the needs of your chosen beneficiaries, as well as, whether or not you should leave them your assets outright or through a trust. Should you choose a trust, you must determine how long the trust should be in effect, as well as what age you’d like the beneficiary to be, before they receive their inheritance. Additionally, a properly created trust may select what happens to your property when a beneficiary dies or is unable to accept their inheritance.
Choose a Fiduciary | Attorney in Raleigh NC
One of the most important parts of creating a foundational estate plan is choosing a loved one to carry out your wishes. This person will act on your behalf and in your best interests, should you become disabled, as well as when you pass. Each of the estate planning documents we have talked about in this post, and our previous one, will require you to select a fiduciary to act on your behalf either during your lifetime or after your death. Our estate planning attorney can help you choose the fiduciary by explaining the function of each fiduciary. You can then decide who will be right for the situation. In addition, a back-up fiduciary should be chosen in case one is needed for any reason.
Estate planning in Raleigh NC is an important part of life that should not be overlooked. If you are ready to start talking about getting your estate in order, contact Eldreth Law Firm, PC. Our attorney in Raleigh NC is standing by to help you with all your estate planning needs.