There are so many things one needs to plan for in life. In some cases, estate planning may never even cross your mind. Some people also believe that estate planning is a tool and opportunity reserved for people with tons of money and assets–but “normal people” need estate planning, too.
No matter the sum of your assets, how much money you have in the bank, or how many cars you own, estate planning is crucial to ensure your assets are distributed how you wish after you pass away.
An estate is defined as: the total property; real and personal, owned by an individual prior to distribution through a trust or will. Real property involves, as you may have guessed, real estate such as your home or any land that you own. Personal property involves tangible material assets such as cars, furniture, the total in your bank account, any stocks or savings bonds you have, the money in your pension, and similar benefits.
Why Does Everyone Need Estate Planning?
Everyone should consider estate planning, because unfortunately, everyone will pass away at some point, and there needs to be a plan in place for the material and immaterial assets that remain. It can be hard to think about, but it’s a much easier process to take care of proactively. When someone passes away, their estate can go into probate, a lengthy process that makes sure all the assets are as defined and their value is appropriately calculated. Taking care of this process ahead of time can save you time and energy, and ensure that your property and assets are seamlessly transitioned to your loved ones.
Creating an estate plan with the help of a trusted Raleigh estate planning lawyer can help you make the most out of your estate plan. Our lawyers will help guide you through common questions or concerns to ensure you have the right estate plan in place. If the time comes that you ever want to modify your plan in any way, we can also help you make the adjustments you need moving forward. Our Raleigh estate planning lawyers from Thomas Walters will strive to address any questions you have and help you protect your family and estate as best as possible.
How Easy Is It To Create An Estate Plan?
When it comes to creating an estate plan, many people don’t know where to begin. But planning your estate only seems hard. Without the help of a legal advocate, it’s not easy for the average person to understand the full scope of what the process requires.
The best course of action is to turn to a trusted Raleigh lawyer, schedule a free consultation and ask as many questions as you need. Hiring a Raleigh estate planning lawyer from Thomas Walters law firm can help you meet any estate planning challenge with confidence. If there’s one thing to know about estate plans, it’s that they aren’t universal. Every person, and every family, has unique needs, and it’s important to have your estate plan address all your concerns. As your trusted estate planning partner. Our lawyers will make sure you take the right approach, and that you take advantage of every opportunity possible while planning your estate.
What Are The Elements Of An Estate Plan?
A Last Will And Testament: A last will and testament outlines how the remaining assets should be distributed after your death. It also designates guardians for children or incapacitated adults, which can make it easier on those individuals.
Trusts: A trust can be used to manage assets during your lifetime and after you pass away. This ensures that they are legally protected during the course of your lifetime as well as after you die. You can decide who should benefit from trusts during your lifetime and how they will be distributed at death. Trusts can also provide other benefits such as reducing certain taxes and helping loved one’s become eligible for government programs.
Powers Of Attorney: Powers of attorney give someone else the legal authority to manage property on your behalf when you’re unable to do so due to illness or incapacity. These documents go into effect as soon as they are accepted and ensure that your best interests and assets are protected at all times.
Schedule A Free Estate Planning Consultation With Thomas Walters Today
It may seem like a lot to learn, but an estate planning lawyer will strive to make sure you understand all that you need to create a sound estate. Everyone needs an estate plan at some point. Schedule a free consultation with Thomas Walters to get started.