ESTATE PLANNING
Our North Carolina Estate Planning and Elder Law attorneys are committed to honoring the life, work, and charity of every individual.
North Carolina Estate Planning Lawyers
Estate Planning is not something that can be put off until something bad happens. It involves critical decisions that can help protect your hard-earned money, your family, and your end-of-life health care wishes. An estate plan is best crafted when your head is clear and you are not rushed to make difficult decisions.
At the Brady Cobin Law Group, PLLC, we understand the importance of thoughtful and thorough estate planning. For more than 35 years, our dedicated North Carolina Estate Planning lawyers have helped people throughout North Carolina plan for their futures and for the futures of those they love.
Whether it’s putting together a will, arranging a financial power of attorney, setting up a trust, or crafting any other plan for your estate, we can help. We pride ourselves on providing compassionate and personalized advice that is tailored to our clients’ needs and goals. No matter what your circumstances are, we’ll help build a plan that works for you.
Schedule a consultation today with a knowledgeable North Carolina Estate Planning attorney.
Essential Documents for Estate Planning
Estate Planning involves many documents that fill different roles. In preparation for developing a plan, you will need to gather prior tax returns, lists of accounts, mortgage information, business agreements, and many other types of information so that we can analyze it.
Our knowledgeable lawyers can help you locate and review the information you need. We will help you understand your assets and your estate as a whole, and our team will be there for your loved ones when the time comes to handle your final affairs.
The following documents will play an essential role in your estate plan:
Estate Planning involves many documents that fill different roles. In preparation for developing a plan, you will need to gather prior tax returns, lists of accounts, mortgage information, business agreements, and many other types of information so that we can analyze it.
Our knowledgeable lawyers can help you locate and review the information you need. We will help you understand your assets and your estate as a whole, and our team will be there for your loved ones when the time comes to handle your final affairs.
- Will
- Health care directive
- Financial and health care powers of attorney
- Authorization to access your medical information
- Trusts
Will
A will is one of the most important ways to plan for the future. It is a legal document that outlines how your estate should be divided and who receives what. A will can help avoid confusion about assets and property, and it can help avoid family disagreements. It also can help your estate avoid many of the costs involved with probate. In addition, a will allows you to name guardians for your children.
When people pass away without a will, they are dying “intestate.” This means that the person’s estate will be disposed of according to state law. In North Carolina, the estate will be divided according to whether you have a spouse, children, and other family members. The rules are complex and can end up dividing your estate in a way that you did not intend. For example, no consideration is given under state law to animosity in an heir’s relationship with the decedent.
Wills are extremely important if you pass away, but it’s important to know that they have no legal effect while you’re alive. You cannot appoint caretakers or decision-makers for yourself in your will. Be sure to have a will in place, but make sure that you also prepare other documents such as health directives.
Advance Directive
An Advance Directive, also called a “living will,” can help you direct your own care when you are incapacitated. Accidents happen and illness can set in fast. If you’re unable to tell others what you want, a directive will help you communicate your desires.
An Advance Directive will also take the burden off your loved one’s shoulders. When someone is injured or ill, family members and loved ones must make difficult decisions. If there is no living will, they’ll have to make decisions based on their own understanding, and that may not match what you want. These situations can also cause family conflict and delay your care. In a stressful situation, an Advance Directive will not only help your loved ones, it will help you.
After you prepare an Advance Directive, make sure it’s readily available to others who need it. Keep a copy on file with your physician and with those who will speak for you in the event of an emergency. Take your health into your own hands and prepare an Advance Directive today.
Power of Attorney
A Power of Attorney allows someone else to make decisions on your behalf. The document will describe the powers you choose to give to your agent and when your agent can exercise that power. It’s an important document that will allow someone you trust to make key decisions about matters in your life if you become incapacitated.
A Financial Power of Attorney allows someone to make decisions about your assets and investments. This Power of Attorney will allow someone else to handle your financial matters when you are unable or unwilling to do so. You can limit the scope of this power when you set the document up.
A Medical Power of Attorney designates someone you trust to handle your health care decisions. This document is related to an Advance Directive and is an important part of planning for your own care. Don’t leave your well-being up to chance. Plan ahead with Power of Attorney documents and an Advance Directive to make sure you get the care you need when you need it.
Authority granted through powers of attorney may end if you’re incapacitated. It’s advisable to establish a “durable” power of attorney to avoid that problem. A durable power simply means that a person will continue to have the power of attorney even when you’re not able to communicate. Your Estate Planning Lawyer can help you determine what types of powers of attorney you may need.
Authorization to Access Your Medical Information
This authorization will allow specific people to access your medical records and discuss your care with medical professionals. Medical records are tightly controlled by privacy laws, and medical personnel may only review your health records or care with people authorized by law. It’s important to give loved ones the access they need to discuss treatment or help with billing issues.
Trusts
Trusts provide a specialized way of holding and managing assets. These tools can be extremely helpful in many situations. Trusts can provide tax and probate benefits for those who create them and their beneficiaries. We tailor a variety of trusts to meet clients’ specific needs.
Revocable trusts are often used to keep assets private and out of probate. This helps simplify estate administration. Trusts can transfer assets to beneficiaries faster through standard probate procedure, and they can help secure assets from creditors.
Although trusts can be an extremely beneficial tool in estate planning, they can also be complex and difficult to structure. A knowledgeable Raleigh Estate Planning Lawyer can help you determine whether a trust makes sense for your situation.
Planning Considerations
There are many things to consider when making an estate plan. Each person’s situation is unique and will require different documents and planning.
Some of the most common estate planning questions include:
- How will taxes affect my estate?
- Will my retirement accounts be passed on?
- Can I leave charitable donations for groups that I support?
- What are the considerations for young families and guardianship?
- Will my small business continue on?
- How will taxes affect my estate?
Will my retirement accounts be passed on?
They will be, but retirement accounts are usually subject to taxation when they’re part of an estate. When funds in retirement accounts have not been taxed previously, they typically count as income when distributed. As part of the planning process, it’s important to understand the types of retirement accounts you have, who the beneficiary is, and how he or she may be affected by tax issues.
A lawyer can help you work through each type of retirement account. If it makes sense for you, a lawyer can help structure trusts and other financial vehicles to help minimize your estate’s tax liability.
Can I leave charitable donations for groups that I support?
Yes, you can leave charitable donations as part of your estate. These donations can reduce your taxes and help maximize the assets you pass on to those you love. If you’re considering a charitable donation as part of your estate, you can structure a charitable trust in advance that will allow you to continue using the assets during your life while allowing your estate to take the charitable deduction when you pass away.
What are the considerations for young families and guardianship?
Estate planning is particularly important for young families. Young parents typically haven’t accumulated much wealth, so asset and tax planning can go a long way toward taking care of surviving spouses and children. Estate planning can help maximize the resources for the care of children.
Young families can also benefit from a will. A will helps families avoid problems related to dying intestate. A will also allow parents to designate guardians for their children. No one likes to imagine leaving their children behind, but unfortunately, it can happen. A will and proper estate planning will help protect your children and ensure they have the support and resources they need to thrive.
Will my business continue on?
That depends on what you want and what plan is in place. A closely-held business should have a plan in place to provide for succession if an owner passes away or becomes incapacitated. Many “small” businesses have multiple owners, family involvement, and complex business structures. This means that there will need to be a plan for who runs the business in the future, who has options to buy the business or parts of it, and how the business assets may be divided.
If you have a small business, talk with co-owners and those who may inherit the business after you are incapacitated. These conversations will help you plan for the business’s future. A Estate Planning Lawyer can help you understand your options and draft the documents your business needs in case you’re no longer able to run it.
Our North Carolina Estate Planning Lawyers Are Here to Help
Estate planning can be complex, but it shouldn’t be intimidating. It’s an opportunity to plan for yourself and for those you love. No matter how complex your situation is, or how much planning you need to do, our respected law firm has the resources and knowledge to help. We have advised a wide range of clients across North Carolina, and we understand the unique challenges you face.
The Brady Cobin Law Group, PLLC knows how to help you plan for the future. Our law firm has decades of experience in Estate Planning, Estate Administration, Estate Litigation, and Elder Law. The sooner you take steps toward planning for your family’s future, the better off you’ll be. Contact us today to start your estate plan.