If you have a will, you can make sure that people you do not want to benefit will not. If it is left up to the court, then state law can determine who gets your assets. If you are divorced but do not have a will, there is a chance your ex-spouse could inherit your estate. Below, our lawyer in Raleigh NC talks more about making a will.
Wills | Lawyer in Raleigh NC
Having a will means you get to name the executor of your estate. This is the person in charge of settling your finances. He or she will take an inventory of assets, settle debts, pay taxes, and make sure the rest is properly distributed to your heirs. You can name who you deem suitable for this role. You may want to talk with him or he beforehand to make sure the person is up for the job. If you do not name someone, the court will choose someone.
Taxes | Lawyer in Raleigh NC
Taxes are a part of life, and they are a part of death, too. Estate taxes can take sizable chunks out of what you leave behind, but you may be able to minimize the damage with a will that sets up trusts funds for individuals rather than giving them property or funds directly. You can also minimize the taxes you’ll pay by planning to give gifts under the federal estate tax, which allows someone to give up to $14,000 to another person without being taxed.
Now that you know why making a will is important, don’t forget that once you create one, you’ll need to update it when major life changes occur. If you get married, re-marry, have children, or if someone named in your will dies, you will want to update it to reflect the new circumstances.
Tomorrow is not promised, so you want to ensure that you have the final say in the things you worked for during your lifetime. Not having a will can add unnecessary stress on your family during an already difficult time.
Eldreth Law Firm | Lawyer in Raleigh 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 lawyer in Raleigh 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 Raleigh 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.