Planning for the future is something many North Carolina adults tend to overlook. Some skip this process because they are young and they don’t see the need for it. Others may believe that you need to be wealthy to truly benefit from estate planning. In reality, it offers benefits for everyone, regardless of age or wealth. Making an estate plan is also beneficial for loved ones and beneficiaries.
The most practical place to start with an estate plan is choosing beneficiaries and drafting a will. Beneficiary designations on certain types of accounts, such as a retirement account, ensure that assets go the right place. A will is a document that outlines who should get assets and property from an estate, and it can also name a person to act as a guardian for any minor children.
Another important step in the estate planning process is to draft clear directives. Through certain documents, an individual can name someone to make important legal and financial choices on his or her behalf. There are also documents that outline preferences regarding medical care. These can provide invaluable help to loved ones in the event they need to make important decisions due to an incapacitating illness or injury.
North Carolina adults would be wise not to delay the estate planning process unnecessarily. If someone does not have a plan in place, it is beneficial to move forward with this as soon as possible. If there is already an estate plan, it may be helpful to consider what updates and changes may be necessary due certain types of changes in life circumstances.