If you want to have a say in what happens to your assets when you die, you’ll need to create an estate plan. It can include a will or a living trust. Both will outline who gets your assets when you are gone. The difference is that a living trust avoids the probate process, which is when the court decides if your will is a valid document to be accepted and administered.
Wills | Estate Planning in Raleigh NC
Today we are going to talk about wills and how they an assist you in estate planning in Raleigh NC.
A will can do the following:
- Name beneficiaries for your assets, which is the main purpose of both a will and living trust.
- Name an executor of your estate.
- Explain how your taxes and debts should be paid.
- Name guardians for your children and property managers for what they inherit from you if they are under 18 years of age.
- It can be revised, and it is fairly simple to write but it requires witnesses.
If your estate exceeds the current estate tax threshold, you may want to establish a trust with provisions for taxes. You can’t reduce your taxes, but you can plan for them ahead of time.
There are a few things that you can’t do with a will or living trust, such as leave money to pets, but you can use your will to name a caretaker for them. You can create a trust for your pet so that their new owner will have funds to care for them.
You cannot leave final wishes in a living trust, but you can outline things such as funeral arrangements in a will.
If you want to leave information about your accounts and passwords for your computer devices, you can do so for the executor of your estate. But it is not recommended that you put this information in a will or trust. It should be in a separate document that can be put away with your other estate planning documents.
In order to determine if you need a will or a living trust, you will have to decide which objectives will meet the needs of you and your family.
To learn more about a trust, be sure to visit back with our next blog post. We will have additional information about what you might want to include in your estate planning in Raleigh NC there.
Being prepared for a meeting with an elder care lawyer may make the process of establishing an estate plan easier. At Eldreth and Eldreth, our elder care lawyer can help you with estate planning in Raleigh NC. Give us a call today to make an appointment.
Eldreth and Eldreth | Estate Planning in Raleigh NC
Remember, 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 estate 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.
As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and DWI issues.