Estate Planning

What are the Most Important Components of Every Estate Plan?

First and foremost, determining what the objectives are, and implementing a plan that meets those objectives in a way that conforms to the laws of the tax code and treasury regulations is important when planning any estate. To accomplish this, our approach is to sit down to listen. The first question we ask is, “Tell us about your family and what you want it to look like in five, ten, or twenty years?” Determining those objectives early on is essential in crafting the estate plan around those objectives.

Often, clients come in with expectations of how an initial meeting is going to go. They know something about estate planning documents, and they may have heard that they need a will. However, after having an understanding of their needs and desires, we may determine they need an entirely different document.

Do I Need an Estate Planning Attorney?

Do It Yourself, or “DIY” services have evolved over the years and may work for certain circumstances, but they are still not adequate in most situations. Sometimes clients have objectives they think can be adopted in a fairly easy manner, but there are consequences of certain “do it yourself” types of estate planning that can be detrimental.

All too often we encounter many Do It Yourself estate plans, such as wills and trusts, that are not adequately drafted. They may be ambiguous, contain contradictory terms, or are not executed under the proper formalities required in North Carolina. Sadly these mistakes are found too late after the person passes away and loved ones are left to sort out the details.

With estate planning, if the plan needs to be more complex than leaving everything to a spouse, then to an adult child, you should contact an attorney to help you navigate the process.

How Early Should You Start Estate Planning?

In a perfect world, everyone over the age of 18 should think about the disposition of their assets at the time of death or incapacity. Even though most 18-year-old adults do not have assets to pass on, there are additional factors that should be considered surrounding estate planning.

If you start accumulating wealth of any substantial size, such as a balance in a 401(k) plan or IRA, or the purchase of a home where you are or expect to experience growth in the home’s equity, then it’s a good time to start thinking about estate planning. The initial planning may not be very complex at all. However, it may become more complex over time as assets are acquired, changes in family situations occur, or if the nature of assets changes.

If you’re questioning “when should I do this?” You should have an estate plan when you start developing sufficient assets, or you have family members or individuals you’re responsible for—dependents who would benefit or suffer the consequences of good or bad estate planning.

For more information on Estate Planning Law in North Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling us for a confidential consultation at (704) 248-6325, or completing our online form.

If you or your loved one has questions about creating an estate plan, or need an existing plan reviewed and revised, our attorneys at North Carolina Estate Planning and Fiduciary Law are well-equipped to help you navigate through the complexities of estate planning to help you make informed decisions about what type of plan aligns with your best interest. To schedule a confidential consultation with one of our experienced estate planning attorneys, call us at (704) 248-6325 or complete our online form.