What is Probate?
When you hear someone mention “probate” they are referring to the process that occurs to an individual’s belongings after they die. As the probate process can be time-consuming and costly, effective estate planning can allow some, if not all, of the decedent’s estate to circumvent the probate process.
Why would I need documents other than a Will?
Many people are under the impression that a Will is the only document they need when planning for end of life issues. While a Will is certainly a crucial part of a well-executed estate plan, it is rare that it is the only document needed. Other legal instruments that may be needed include:
- Revocable Living Trusts
- Special Needs Trusts
- Guardianship papers
- Durable Power of Attorney
- Healthcare Power of Attorney
- Charitable Lead Trusts
- Charitable Remainder Trusts
When you make an appointment with attorney Jeff Bloomfield, he can help you decide which of these documents apply to your particular situation.
How are tax planning and estate planning related?
One of the main purposes of estate planning is to figure out a way to enjoy your hard-earned assets now while leaving the remainder to those you love without paying an exorbitant tax. Therefore, the two types of planning go hand in hand and it is ill-advised to conduct estate planning without considering federal and state tax implications.
Isn’t estate planning only for the wealthy?
It is a common misconception that estate planning is only for the wealthy. In our opinion, everyone should plan ahead for what may happen. This is the only way to make certain your wishes regarding your end-of-life care are honored, as well as ensuring that your loved ones are cared for in the way you desire.
What’s the difference between an attorney-prepared estate plan and one I can do online?
We always recommend working with an experienced North Carolina estate planning lawyer. Online services, though they may seem convienent, offer one-size-fits-all solutions, and cannot account for the uniqueness of your needs, wishes, and assets. At Carolina Estate Planning you can have complete confidence that your estate plan will maximize what you leave to others, sparing your family the aggravation and expense of overseeing a poorly-drafted and vague estate plan.
How often should I review my estate plan?
Your estate plan should be reviewed at any time you have a major life event happen, such as having a baby or retirement. Other than that, it is beneficial to have your attorney review your plan with you every 2-3 years. Laws may change and it would be in your best interest to ensure your plan still accomplishes your goals.
Contact Jeff to Get Started on Your Estate Plan Today.
I encourage you to contact me, Attorney Jeff Bloomfield, with any questions or concerns you may have, my telephone number is 336-221-4457. I take pride in my ability to help individuals craft a plan to ensure their most vulnerable loved ones are cared for after they are gone.