As we mentioned in our previous blog post, a will outlines exactly what you want to happen when you pass away. It covers what happens to your assets, how your spouse will be taken care of, and what happens to your children. If you do not have a will in place and die or become incapacitated, then the court decides what happens and it may not be what you would have chosen.
Making a Will | Estate Lawyers in Cary NC
You worked hard to provide for your family while you were alive,and you do not want it to end when you are no longer here. If you have assets to leave behind, having a will can outline how those assets will be distributed. Otherwise, the courts will decide. Even if you do not have a large estate, you can still designate what you want people to have. For instance, if you wanted a certain family heirloom to go to your daughter, you can state that in your will. Otherwise the courts decide who ends up with your assets, and they may go to someone you would not have wished.
A will allows you to take of your children financially in the manner you want. For instance, you can create a trust they will only be able to access when they are of a certain age, or when they complete a major life event such as graduating from college or getting married. You can even name a trusted friend to take care of the accounts until they are of age if there is not another parent to do so, if you do not want to burden him or her with that responsibility.
Stay tuned for the next post on reasons why you should create a will, when our estate lawyers in Cary NC will talk about the legal and tax consequences of not having one.
Eldreth and Eldreth | Estate Lawyers in Cary 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 estate lawyers in Cary NC to ensure that you are creating the best plan for your situation.
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. In addition to estate planning, our lawyer is here to help you with all your small business needs, trademarking, copyrighting, or DWI issues.