When a person dies, they must leave all their assets, money, and property behind. Because of this unfortunate circumstance, many families get tangled up in figuring out who should get what. To avoid these disputes, it is best to have a plan that tells all your loved ones how your assets should be handled.
There are steps to take to ensure that all personal assets are taken care of in the event of death or incapacity. Knowing which assets need to be planned for and what options are available to complete the plan can be overwhelming tasks. A qualified estate planning attorney can help you take the steps necessary to set up your estate plan.
1. Create and Implement Legal Documents (Wills and Trust)
Making sure your loved ones are taken care of, even after you’re gone, is essential. However, making plans to leave money or property to your children or spouse is not always a simple task. There are many legal documents, such as wills and trusts, which help ensure your wishes are carried out in the event of death. Working with an estate planning attorney is important in ensuring that everything is done properly.
2. Establish Powers of Attorney and Medical Powers of Attorney
Estate planning is not just for the aging population. It is also probable for young adults to become disabled, either temporarily or permanently. If you are thinking about the future and have decided to have a say in your future healthcare, GPS Law Group estate planning lawyers can help.
3. Reduce Estate Taxes and Fees
Estate attorneys and related experts can provide the information and legal guidance you need to reduce your estate taxes and fees. Estate planning attorneys typically use many methods to reduce the taxes and fees of an estate. These usually include tax-reducing entities, using trusts that hold tangible assets, and various gifting techniques. The attorney will usually create a distribution scheme for the rest of the estate upon the second spouse’s death.
4. Avoid The Probate Court Process.
Estate planning attorneys can help families avoid the probate court process if something happens to their loved one. Without a will or power of attorney in place, probate courts will become involved in the estate, and there may be costs and delays in family members’ access to the property and assets in their loved one’s estate.
5. Updates and Modify the Estate Plan
An estate planning attorney is a valuable and necessary resource for preparing and updating an estate plan. This is because changes in the law and finances necessitate periodic review and modification of an estate plan to account for these changes.
Contact Our Office Today!
Plan for your family by creating an estate plan. An estate plan will protect your family and your legacy. Suppose you’re looking to hire an estate planning attorney in Charlotte, Gastonia, Concord, Huntersville, and surrounding communities in Mecklenburg County, Rowan County, Cabarrus County, Iredell County, and Gaston County, North Carolina, call the GPS Law Group. We will gladly give you a free consultation. To learn more about estate planning, please call us at 704-549-1950.