Estate Lawyer in Cary NC: 7 Estate Planning Tips You Shouldn't Ignore
Welcome back! If you've been following along, we've covered estate planning in a variety of ways, including why you should hire an estate lawyer in Cary NC to help you along the way. In this post, we are going to highlight a few key factors that you shouldn't ignore as you're planning your estate.
Document Document Document
Documentation is a key component to any estate planning session, but one area you should specifically not ignore is documentation around your medical care preferences, should you become disabled before your passing. These include but are not limited to long-term care, DNR (do not resuscitate) orders, and treatment preferences.
Guardianship | Estate Lawyer in Cary
If you have young children or even children who have yet to reach legal age, the estate planning process is an ideal time to consider who you want to raise your children should you unexpectedly pass away. A guardian is necessary for any children that are under the age of 18. Rather than put this responsibility into the hands of the court, make sure you name a guardian for your children.
While we're discussing guardianship, make sure that you also think about naming an inheritance manager.
Financial Assistance
Beyond young children, make sure that you also consider any family members with special needs. Whether that be an elderly relative that you've been supporting or a disabled sibling, be sure that you address their financial needs and provide for them without negatively impacting other financial assistance they may be receiving.
On a similar note, arranging guidelines for loved ones, who might need forthcoming security from creditors or divorce, may be a good idea as part of the estate planning process. Keep in mind the possibility that loved ones may need some financial guidance, to keep from overspending. This is frequently done for children who are of legal age, but may require a little assistance with regard to their spending habits.
Insurance Policies
During the estate planning process, your Estate Lawyer in Cary NC can help you coordinate an insurance policy for your loved ones, in the event of your death. Disability insurance may also be needed if you cannot work due to injury or sickness. Long-term care insurance can be of great benefit, as well. It can help pay for your medical needs, should you experience a prolonged injury or ailment.
Business Transfers
Keep in mind that a business you own might need to be transferred to a trusted family member or friend. Even if you are just planning a retirement, the transferal arrangements might be helpful.
Reduce Court Costs, Taxes and Other Avoidable Legal Fees
You may want to think about trying to reduce court costs, taxes, or any other avoidable legal fees that might come up during the disbursal of your estate.
Estate Planning is an Ongoing Process
Your estate planning should be ongoing. It’s a good idea to update, as time goes on. It is OK to re-organize the plan. Life is unpredictable. Your estate plan may change, along with life. Your estate lawyer in Cary NC is here to help ease that change.
Eldreth & Eldreth PC, estate lawyer in Cary NC, are available to help you plan your estate. Don’t wait around until it’s too late. An estate plan is something everyone may need. If you don’t have one, call Eldreth & Eldreth today for an attorney in Cary NC. They will help you get on the right track, soon.
