We spend a lot of time here talking about estate planning. We discuss why it's so important and how everyone should have a plan in place. We also talk about the various factors that make up an estate plan. However, we never really talk about how to create one. Over the next several blog posts our estate lawyers in Cary NC will take time to do just that; how to create an estate plan.
Creating an Estate Plan | Estate Lawyers in Cary NC
The first step in creating an estate plan is to consider assets that will be left to beneficiaries. The property and belongings you own will be left to whomever you choose. They will receive your assets upon your death. You can choose how they are distributed, to whom and when.
Also within the will, you should name an executor. This individual will be in charge of and responsible for distributing assets, paying bills and closing up the estate.
It is important to create and sign a will. Passing on without one will leave your assets in probate. This means leaving your loved ones in a position that might cost them more time and money than you intended.
You might also choose to use a revocable living trust. This is also a way to distribute your assets to beneficiaries. However, a living trust will keep the assets from probate. A will should still be considered, as well. To talk more about this information, consider speaking with our lawyer.
Minor children should be taken into consideration when planning for your stay, as well. Sometimes, creating a trust is a great way to keep their best interest in mind. In this case, you will need to name a trustee. This person will follow instructions and manage the assets that have been left for your children.
Are you considering starting your estate plan? If so congratulations. Estate planning is an important part of life but some people choose to ignore. However, at some point we will all pass on and our belongings will need to be distributed to our loved ones. Contact our estate lawyers in Cary NC to learn how to properly do this.
Eldreth Law Firm PC
Remember, estate planning is important. It’s a way to ensure your loved ones are cared for after you’ve passed. It’s also a way to distribute your belongings to specific loved ones as well. It’s important that one not pass without this document. Doing so can result in a court case that will leave your loved ones stuck in probate court. This could be not only time consuming but expensive as well.
Regardless of whether you're married, single, wealthy, childless or a parent, it's important for all adults to have an estate plan and the proper documents in place at the beginning of each year. If you're ready to begin planning your estate contact our estate lawyers in Cary NC, today.