Welcome back! In our last blog post we talked about frequently asked questions for estate planning in Raleigh NC. Today, we are going to continue with other common inquiries. Once you have created your estate plan, you should review it every few years. If a major life change occurs, such as a divorce, a death or birth, you should review it to make sure that everyone you want, or do not want, is included.
FAQ for Estate Planning in Raleigh NC
If your financial status changes significantly or you move to another state, you will need to review it to ensure that changes in tax status or the state’s laws are made. Below, you'll find more questions that are asked frequently about other documents that can be added to your plan.
What is a trust?
A trust is a fiduciary agreement that allows a third party, or trustee, to oversee assets on the behalf of the beneficiary. The trustor is the person who creates the arrangement and appoints the trustee and the beneficiaries. Trust are created to reduce taxes, protect property and avoid probate.
What if I do not have a trust or a will?
If you do not have a will or a trust, you are ultimately leaving it up to state law to say what happens to your estate. The state has jurisdiction over an estate that does not have a will or trust, and its plan may not be the one you would choose. The state would have a say in who gets your assets according to its guidelines. Your estate may also be taxed more than it would if you had a will or trust in place, meaning that your beneficiaries will receive less than they would if you had planned ahead.
Do not miss the next installment of the most frequently asked questions regarding estate planning in Raleigh NC.
Eldreth Law Firm PC | Estate Planning in Raleigh NC
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.
As always, feel free to contact us with any questions or concerns you may have about any type of legal situation. Also contact our lawyer to schedule a consultation if you'd like to meet with us. We are here to help you with all your legal matters, whether it be estate planning, divorce, child custody, trademarking, copyrighting, or DWI issues.
If you missed other blogs in this series, be sure to visit back with those, as well, below: