Estate Planning
Have you ever paused to think about what would happen to your estate and loved ones when you die? Obviously, you’ll want the right people to inherit it and not lose it to huge taxes, legal fees, and other avoidable expenses. That’s where estate planning comes in.
What is Estate Planning?
Estate planning is the process of deciding who will inherit your assets when you die. This process ensures that the right people (those who you want) will inherit your property. It also ensures that, even after inheriting the assets, they will not lose them to taxes, legal costs, and other related expenses.
But that’s not the only reason people opt for estate planning; having an estate plan is the best way to prevent family disputes over your estate when you’re no longer alive. The truth is that even the closest family members might have disagreements over property ownership when you die. The disagreement could end up in expensive and heated court battles, which you could prevent with a proper estate plan.
Remember that estate planning isn’t only designed to guide your loved ones when you die. A good estate plan can also help fulfill your wishes when you become incapacitated.
What Does Estate Planning Include?
The term ‘estate plan’ describes a wide range of components. Examples include:
Wills and Trusts
Contrary to popular misconception, Wills and Trusts are not only reserved for the rich. Having a will is important even if you don’t have many assets. As the name suggests, a Will helps ensure that your assets are distributed as per your wishes (will). On the other hand, a Trust holds assets for one or more beneficiaries. This option comes with numerous advantages, including but not limited to the following;
Avoiding probate court
Providing much-needed privacy
Providing legal protection for your loved one
Reducing or eliminating taxes
Providing long-term planning and care for beneficiaries
Power of Attorney
A power of attorney is an individual you appoint to handle affairs pertaining to your property, medical needs, finances, and more when you can no longer do so. This document gives the appointed individual the power to make decisions on your behalf under certain circumstances.
There are four main types of power of attorney:
Durable power of attorney: This is the most common type of POA. It involves appointing someone to make decisions on your behalf when you become incapacitated.
Springing power of attorney: This type of POA becomes effective only when a specified condition is met. For example, unlike a traditional power of attorney that’s usually effective immediately after being signed by both parties, a springing POA may become effective only when you become incapacitated. In other words, it ‘springs’ into action when that particular condition is met.
General power of attorney: This POA gives the agent authority to act for you in all situations allowed by local laws. This includes but is not limited to health, business, legal, and financial issues.
Financial power of attorney: As the name suggests, this POA gives the agent the authority to make financial decisions on your behalf when certain conditions are met. Examples of these decisions include paying bills on your behalf, filing taxes, selling your estate, managing your retirement accounts, etc.
How Can an Estate Planning Attorney Help?
Estate planning goes beyond naming the people you want to make decisions on your behalf when you’re incapacitated or those who will inherit your assets when you die. For this reason, it is important to have an estate planning attorney walk you through the process, ensuring everything is done within the confines of the law and with your best interests at heart.
An experienced estate planning attorney can:
Help You Avoid Probate
The probate process is usually time-consuming, frustrating, expensive, and inconvenient. To prevent this, a seasoned estate planning attorney can help create the perfect estate plan to protect your property and your loved ones. This ensures that your loved ones have access to your property as soon as possible and also helps avoid unnecessary legal battles.
Avoid Hefty Estate Taxes
When you die without an estate plan, or a proper one, for that matter, you may lose huge chunks of your property to taxes and other expenses. An estate planning lawyer can help establish a plan that protects your estate from heavy taxes, ensuring your beneficiaries receive the inheritance they deserve.
Explain Your Options
Let’s face it — not every estate plan will work for you. That is why there are different types of estate planning. After reviewing your unique circumstances, the attorney will help you understand what would work best for you.
Make Necessary Changes
People change, and circumstances do as well. Your appointed beneficiary or agent might not be the same person you want to trust with your estate a few years later. When such a time comes, you need someone to help you make the necessary changes to your estate plan, ensuring your loved one’s interests are protected. That’s also one of the things an attorney can help you with.
Why Estate Planning of the Carolinas?
Estate Planning of the Carolinas is the go-to law firm for individuals and families looking for a qualified estate planning attorney in the Carolinas. Here’s why we’re different:
Virtual Estate Planning
You don’t need an in-person appointment to speak with one of our seasoned estate planning lawyers. Rather, we make the whole process easy and convenient. With our virtual estate planning, you can plan your loved one’s future right from the comfort of your home or office.
No Hidden Fees
Unlike many estate planning firms and attorneys that charge hourly, which is expensive, we offer transparent, flat-fee pricing. This means that if you choose to work with us, you’ll know what you’re getting yourself into in terms of pricing.
24/7 Availability
We are available 24 hours a day and 7 days a week to serve your best interests. All you have to do is schedule a free consultation with us. One of our experienced legal representatives will reach out to you to discuss your options regarding estate planning.
