- Durable General Power of Attorney?
- Healthcare Power of Attorney?
- Advanced Directive?
Do you even know what all the above items are? What they do and why they are important to you? Additionally, have you considered the following?
- Who are your beneficiary designations for your life insurance policies and retirement accounts?
- Do you need a Trust?
- What is a Trust?
- And who will be the trustee of your trust and manage and protect assets placed within the trust to help avoid the probate process?
If you answered no to any of the above, you might want to consider speaking with an attorney about Estate Planning and how it can help you.
A very smart man once said, “By failing to prepare you are preparing to fail.” That man was Benjamin Franklin. And while we are sure he was not talking about estate planning when he said this, we can very easily assume that he would apply it to it if he was around today. Take note that:
- A recent study performed by LexisNexis found that over one-half of American adults do not have a will or other estate plan in place.
- A poll conducted by Gallup found that sixty-eight percent of those aged 65 and older have a will in place; however, only 14% of those younger than age thirty have estate plans in place.
This data is troubling because proper estate planning is of utmost importance for individuals of all ages. So, what exactly is estate planning and why is it important?
Proper estate planning:
- Ensures that you alone determine what will happen to your assets after passing.
- Determines who will manage your affairs, access accounts, and make financial and medical decisions for you if you are no longer able to due to unforeseen circumstances.
- Does not need to be postponed until late in life and should begin as soon as possible.
- Will keep your assets from passing according to the North Carolina intestate succession statute.
Accordingly, it is just as important for young adults with minor children as it is for older individuals. Further, many things change over time, whether it is a family growing, the acquisition and disposition of property, a recent move to a new state, or any number of significant changes that may occur. Each change in a person’s life is an opportunity to review existing estate documents to determine if an update is required. Even in the absence of change, documents should be reviewed at least every two or three years.
Estate Plan Packages:
- LLC Formation………………………… $750
- Basic Formation Includes drafting of Articles of Organization, Operating Agreement, and Procurement of EIN
- *Includes Registration Fees with NC Secretary of State
- Real Estate Transfer Deed………… $150
- Conveyances to LLC/Revocable Living Trust
- *Includes Additional Electronic Recording