New Bern Estate Planning Attorneys Help You Plan for the Future
North Carolina estate planning law firm provides personalized assistance
You’ve worked hard to get where you are. Now you’re looking forward to a secure retirement and setting aside a legacy for your children. The estate planning lawyers at Carolina Law Group are ready to help with proven strategies for protecting your wealth. We can advise you on the most effective ways to transfer property without delay or added costs. You got where you are through prudent planning. Now is the time to add safeguards that can protect you from foreseeable problems and the inevitable challenges the future will bring.
What is estate planning?
Estate planning is the process by which you safeguard your wealth against potential losses, so you can fully enjoy your property during your lifetime, and ultimately pass on your property to the people and organizations you desire, on the terms you decide. Estate planning involves the drafting of documents, the creation of legal entities and the purchase of insurance to reduce the risk to your wealth as much as possible, while enabling the eventual transfer of your wealth by the most efficient means possible.
Estate planning documents you should consider
Essential documents for a comprehensive estate plan include:
- Last will and testament — A will allows you to name the beneficiaries to whom you want to leave property.
- Trust — Placing property in a trust allows you to enjoy the property during your lifetime and then pass that property on without the delay or expense of probate. Leaving wealth in a trust allows you to place conditions of the distributions that you can’t with a will.
- Power of attorney (POA) — This document allows you to transfer legal authority over specified matters to someone you trust, who then becomes your agent.
- Living will — Also known as an advance healthcare directive, this document allows you to set parameters for the type of life-saving interventions you find acceptable in the event that you become incapacitated. You can make decisions based on your age, health and prognosis for recovery from a serious medical emergency.
To be truly effective, an estate plan must consider every detail of your personal and professional circumstances. You should work closely with a knowledgeable attorney who takes the time to know you, to understand your goals and craft a plan that is uniquely your own.
What is power of attorney?
Power of attorney is a useful tool for older adults who want assistance managing finances or health matters. You select a trustworthy person to be your agent and execute a document that transfers authority to them, and they act in your name. You can make the POA broad or narrow, depending on your needs. In most cases, a POA terminates if you, the principal, become incapacitated. However, you can execute a durable power of attorney that will remain in force, even under those circumstances. You can also create what is called a “springing” power of attorney. This is a POA that does not become effective until a triggering event such as incapacitation occurs.
Benefits of consulting an estate planning attorney
North Carolina estate planning law is complex, and mistakes in the execution of an estate plan can leave you vulnerable to creditors, liability judgments and high taxation. You also might not be adequately prepared for a lengthy illness that requires long-term care. Working with an experienced attorney helps ensure that you get every advantage of the law and a more secure future.
Contact our New Bern lawyers to discuss your estate plan
The Carolina Law Group, led by Tommy Kellis, creates comprehensive estate plans for clients in New Bern, Morehead City and surrounding areas. Call us today at 252-636-3737 or contact us online to schedule an estate planning consultation.
