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Have you created an estate plan for the new year?

On Behalf of | Jan 27, 2022 | Estate Administration |

In North Carolina, the new year is a time for resolutions and to think about the future. It’s also a time when you should start estate planning. If you have not yet started thinking about your estate, there are certain things you should consider.

Beneficiaries

When you die, your estate will get divided among your beneficiaries. You should choose your beneficiaries carefully and make sure they are the people you want to receive your assets. If you have a spouse or children, they may not be the only people you want to inherit your estate. You may also want to leave assets to friends, charities, or other family members. Ensure you clearly state who you want to receive your assets.

Durable Power of Attorney

If you become incapacitated, you will need someone to make decisions for you. A durable power of attorney allows someone else to make decisions on your behalf. This person can handle your finances, make medical decisions, and more. You should choose someone you trust who will be able to carry out your wishes if you are unable to do so yourself.

Will

A will is an estate planning document that states how you want your estate to get divided. If you die without a will, the state will decide how to split up your assets. This may not be what you would have wanted. A will also allows you to name an executor who will handle your estate after you die. You should choose someone who you trust to carry out your wishes.

Trust

A trust is a legal document that allows you to leave assets to someone else. This can be a great option if you want to leave money or property to someone but don’t want them to have control over it while you are alive. A trust also allows you to name a trustee who will manage the trust and distribute the assets according to your wishes.

These are just a few things to consider when estate planning. The next step is to ensure you understand the steps you need to take in order to have a well-thought-out estate plan.

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