The main reason we may be looking in our area for estate planning lawyers is to establish a last will and testament. This document functions in a variety of ways. First of all, it helps you to name your child’s guardian when you die. Second, it protects your business and allows passing the business to a co-owner or heir. The next reason, and perhaps the most important one, is that it determines who will receive your assets whether it is a member of your family or a charity.Do you want to learn more? Visit NC Planning-Business Planning Lawyer Near me.
Even If You Die Without a Will?
Before moving on, it is best to ensure you have a last will. If not, the state will have the rights to your assets and will choose who receives them. While it may vary by state, when you die, the typical channel of distribution depends on your marital status and the children.
Your parents are the first to obtain their assets online. These will then be turned over to the parents if they are dead. The assets will be split evenly between them should you have children.
This is where the distribution process can become quite complex. Ideally the surviving spouse would inherit one-third to half of your assets, and the rest would be evenly divided among the children. If no children are present, the surviving spouse will inherit everything, or may have to share the money with the deceased’s parents or siblings.
Leaving it up to the state to distribute your assets can lead to family conflict, and lawsuits filed in some extreme cases. Estate planning lawyers can assist you in creating a last will and testament that will make your death an easier transition for your loved ones.
Planning for the estate is more important than you might think
A common misconception about estate planning, however, is that the last will and testament are the only part of the plan when in fact it is a part of the plan. Estate planning attorneys can also set up a living will for you, living confidence, long-lasting attorney power and attorney power.
The Will to Live
In the event of an irreversible coma or terminal illness this document will inform your family members of your wishes. It thus establishes whether you want to withdraw certain medical treatment to allow a natural passage.
In a trust certain assets can be set aside outside the last will and testament for individuals. Then during your lifetime, these assets will be transferred over and will not have to undergo the probate process. The probate process can be long, as it requires the executor named in the will to validate the will to the court, assess the property of the deceased, and pay off the remaining debt and taxes.
Durable procuratorial power
Close to a living will, but not exactly. The continuing attorney right requires you to nominate others to make medical decisions on your behalf if you are unable to do so. That type of power, however, covers all health-care-related decisions, not just the terminal ones covered by the former.
This helps you to nominate someone to deal with all legal and business issues in case you are disabled. A person may then write checks for you and sign documents for you.