If your estate plan only consists of a will, you are missing important legal documents that can help you plan for the unexpected. Creating a comprehensive plan is not just for the wealthy. Anyone who cares deeply about their estate and loved ones can secure their legacy with the help of our Morrisville, NC estate planning attorneys.
Your plan must account for:
- Death
- Medical emergencies
- Incapacitation
- Estate taxes
- So much more
We know that if you are reading this, you want to leave a lasting legacy behind for your loved ones.
Our team will guide you through creating and/or updating your plan to ensure that you have done everything in your power to protect your estate and have your wishes followed.
Otherwise, you may find yourself in the scenario below.
Morrisville, NC Woman Dies Without an Estate Plan
Estate planning is complex, but let’s assume that Kristen is 47 years old and a small business owner in town. She has been with her partner Jake for ten years and has a 12-year-old daughter who has never met her father.
Kristen has built up her business and plans to give it to her child one day – if she wants to take it over. While Kristen and Jake had never been married, she always told him that if something happened to her, she wanted him to be the guardian of her daughter.
After all, he has been the only father figure the child has known.
One night, Kristen had terrible chest pain and had a heart attack. She dies without a will, and Jake, who had spent a decade with her, is now fighting for custody of her daughter. However, he is fighting with the grandparents, who want custody.
Since Jake has a long history with the child, the court may name him guardian, but it may not be as simple as it would have been if Morrisville, NC estate planning attorneys helped Kristen add him as the guardian in her will.
Securing Your Legacy with an Estate Planning Attorney?
Estate plans go well beyond guardianship. We customize your estate plan to help you:
- Dictate how to divide assets
- Outline what to do if you’re incapacitated
- Reduce estate taxes on your heirs
- Create a trust – or multiple trusts
- Draft a healthcare or financial power of attorney
- Leave money to certain charities
- Plan for your long-term care needs
- Create a succession plan for your business
- So much more
A lot can happen – aside from death – that your estate plan must address. An estate planning attorney will draft a plan that protects your estate while you are alive and when you die.
Legal Documents of Every Estate Plan
Our Morrisville, NC estate planning attorneys know that every estate plan needs to match the client and the life circumstances they face. A basic estate plan must have the following elements, all of which we can help you with:
Will Creation
Your last will and testament is one of the most important parts of an estate plan and will outline:
- Distribution of your assets
- Care for pets
- Guardianship
- Executor
- So much more
Living Will
A living will is a document that outlines what medical treatment you’ll receive if you are ever incapacitated. For example, you may need to be intubated, which you don’t want, and this document will ease the burden on your family.
Power of Attorney
Your Power of Attorney will carry out your private and financial affairs. For example, the person can pay your mortgage and bills for you because your medical condition doesn’t allow you to do it yourself.
Healthcare Proxy
Similar to a Power of Attorney, a healthcare proxy allows someone to make medical decisions for you when you cannot do so yourself.
We’ll discuss your estate with you further, and we may find that you need more than just a basic plan and something a little more extensive.
Comprehensive Estate Planning
Every estate plan should have the foundational documents above. A comprehensive estate plan takes it one step further to help ensure your assets are distributed as you see fit and to address issues such as asset protection and taxes.
A comprehensive estate plan may include:
- Trust(s) to protect assets, avoid probate and set terms for how assets are distributed.
- Family LLPs allow family members to profit based on their proportion of shares.
- Charitable Planning to support the causes you are most passionate about while you are alive and after your death.
- Insurance Planning to help fund trusts, contribute to charitable causes or achieve other goals.
- LTC Planning to prepare for long-term care needs in the future while protecting your assets and ensuring you qualify for Medicaid benefits.
- Final Expenses to give your family peace of mind that your funeral and burial expenses are covered.
- Retirement Account Planning to help you prepare for the future and leverage beneficial provisions in the Secure Act.
- Buy-Sell or Succession Planning for Businesses to ensure your wishes are carried out for your business.
How to Choose the Best Estate Administration Attorney in Morrisville to Secure Your Legacy
The right attorney can help you navigate the estate planning process while ensuring your goals are met and your wishes are carried out.
There are several things to consider when choosing an attorney. The consultation is a great opportunity to get to know the legal team you may be working with and further assess whether the firm will be a good fit for your needs.
Although every family and situation are unique, it’s important to look for an attorney with:
- The right experience. An attorney who has extensive experience with estate planning will know which strategies to use to address your concerns and ensure your estate plan meets your needs.
- A client-centric approach. Your attorney should be responsive and take the time to get to know you and your goals. Firms that take a client-centric approach are often better able to meet client needs because they know their clients on a deeper level.
- A tailored service. Estate planning should never take a cookie-cutter approach. Your plan should be tailored to your individual needs and hopes for securing your legacy.
NC Planning focuses primarily on estate planning. We get to know our clients, so we can provide the best possible service and solve their problems with as little stress or friction as possible.
Whether you need comprehensive estate planning, assistance with succession planning or help with probate, estate and trust administration, our experienced legal team can help you navigate the road ahead.
How NC Planning will help you Plan for the Road Ahead
At NC Planning, we are a boutique firm committed to our clients and helping them secure their legacies. We’ll help you understand your options and find the best course of action to solve whatever planning problem you may be facing, whether it’s asset protection, estate taxes or simply ensuring your family’s financial security after you’re gone.
Let our Morrisville, NC estate planning attorneys help you plan for the road ahead and protect your legacy.
Get in touch with us today to schedule a consultation.
NC Planning operates out of four offices in NC to better serve our clients, including Cary, Raleigh, Greensboro and Wilmington.
