Planning for the future means considering long-term potential needs and providing for loved ones long after one’s passing. Many avoid making these plans because they are young and healthy, failing to see the importance of having a thoughtful and thorough estate plan in place. In reality, every North Carolina adult can benefit from the security provided by a will and other estate planning documents.
It may be necessary to have more than a will to have a complete estate plan. Some adults benefit from creating trusts to protect their assets and accomplish specific goals with their wealth. Powers of attorney and living wills allow one to make health care decisions that may be necessary in the future. It is also possible to appoint someone to act as a proxy in financial and medical decisions in case of incapacitation.
Estate planning can also save a North Carolina family time and money. Without a will and other documents, a family may have to navigate expensive and complex legal processes in order to settle the estate of a loved one. Planning ahead can make this process much simpler and less stressful for all involved.
An adult considering what should be in his or her estate plan may find it helpful to speak with an experienced attorney first. An assessment of the individual situation will identify what is necessary in order to have a complete plan. Starting with drafting a will, considering long-term needs and interests is a prudent step for adults of all ages and income levels.