Many people look at estate planning and the creation of a will as a process to worry about later in life. However, the process can begin when you turn 18, as long as you are of sound mind.
At Farmer & Morris Law, PLLC, our Wills and Estates Administration lawyers know time is of the essence when it comes to estate planning. Our Rutherfordton estate planning lawyer will help you navigate North Carolina law as you situate your assets, property, and more to best benefit your family.
What Is Estate Planning?
Estate planning consists of creating a plan for your assets if you become incapacitated or die. While a will is part of estate planning, estate planning covers a broader array of items than a will. A will only goes into effect after death, while estate planning takes into account items that could be relevant during life.
Some of the considerations of estate planning are:
- Who will receive your assets and property
- What will be considered part of the estate
- Preferred health care methods and treatments in the event you become disabled or incapacitated
In addition, our Rutherfordton estate planning lawyer, Hannah Davies, will offer solutions for how to ensure that the burden of your taxes, debts, and other entities isn’t placed on your loved ones.
Determining Power of Attorney
Our Rutherfordton estate planning lawyer will walk you through your options, including the different types of power of attorney. It is important to understand not just what power of attorney means but also what each type entails.
Durable Power of Attorney
Durable power of attorney for your finances will make final decisions regarding:
- Your property
- Your assets
- Your possessions
- Your charities and businesses
Durable power of attorney for your medical will make final decisions regarding:
- Treatment options and health care methods
- What treatments you will not undergo
- Doctors and other health care professionals chosen
It is vital that a power of attorney is durable, as this will ensure that if you become incapacitated, they retain all their legal powers. Medical and financial power of attorney can be the same person or different people.
Creating Your Will in Rutherfordton, NC
Creating a will is of the utmost importance. If you do not create one, then all your assets will be divided according to state law. North Carolina law will divide your assets based on a variety of factors, including:
- If you are married
- If you have children
- How many children you have
- If your parents are living or deceased
The law established by the N.C. Intestate Succession Act determines a set amount of your assets to each of these people depending on which are relevant. However, the decision will be entirely that of the state. To prevent the state from taking hold of your assets and dividing them how they see fit, you can create your will as soon as you turn 18 years old.
At that time, and assuming you are of sound mind, you can, and should, create your will. Once your will is made, you will appoint an executor. The executor can be the same person as a power of attorney, but they serve different roles. A power of attorney can make final decisions on your assets while you are still alive, but the executor of a will only gains their power after your death.
What to Put in the Will
You should consider all your property, assets, and loved ones when forming your will. Some key matters to consider are:
- What assets will be included
- Who will take over any businesses or charities you manage
- How your assets will be divided among your loved ones
- Who will care for your children
Your will will be a reflection of your life, and thus all wills will be unique to the individual creating it. If you have any questions about what to include, our Rutherfordton estate planning lawyer will be there to guide you.
Your Satisfaction Is Our Estate Planning Lawyer’s Top Priority
At Farmer & Morris Law, PLLC, we are committed to ensuring that you have a great experience while planning for the future of your family. We want you to trust us while we work with you through a very personal matter. We are committed to growing our base of satisfied clients like the ones below.
- “I hired Hannah to do power of attorneys for my husband and I. She made the whole process so easy and I definitely would hire her again for other needs!” – Anonymous
- “The first time I met Mrs. Davies was in April 2016 when I met with her to help my mother with her estate planning. I was so impressed with Mrs. Davies that I came back in January 2019 so she could help me with my estate planning. I live almost 4 hours away & had met with other attorneys but other attorneys seemed more like a car salesman & seemed more interested in my money than in helping me. Driving almost 4 hours was well worth it to meet with someone who is personable & trust-worthy. Mrs. Davies was very caring and took the time to explain things and to answer all my questions. I would whole-heartedly recommend her for any legal matters. Should I need any assistance in the future, I will definitely call Mrs. Davies.” – Ella
Contact Us to Begin the Process in Rutherford County, NC
We know that making end-of-life plans is not an easy subject for many. Farmer & Morris Law, PLLC is ready to work through the process with you and ensure that it is a comfortable one.
Get started now to ensure that your family and loved ones are properly taken care of if you become incapacitated or die. Waiting offers no benefit, so connect with our Rutherfordton estate planning lawyer today.