Estate Planning for Beginners: What Is an Estate?

Everyone has an estate, even if they don’t own a home or a car. It does not matter if you are young or old, well-off or just starting out, having an estate plan can help your loved ones know what to do with your assets when you die. You do not have to own several properties and numerous investment accounts in order to create an estate plan. No matter how large or small, an estate plan can ensure that your assets will go where you want them to go upon your passing.

In this series of posts, our estate lawyer in Raleigh is going to look at the basics of estate planning from defining an estate to how to get started to determining if you need a lawyer. Estate planning does not have to be scary or hard. We are here to help and hope to offer you guidance on how to create a plan that works for your situation and that will provide for your loved ones when you are gone.

What is an Estate Plan? | Estate Lawyer in Raleigh

Planning how your estate is distributed is not only about the things you own. If you have children, you can name a guardian for them in your will as well as someone to take care of their finances until they are old enough to manage them. If you care for someone with special needs, you can name who will take over your duties upon your death.

You can also outline how your health will be managed should you become incapacitated. Your estate plan can include a healthcare directive naming someone your healthcare power of attorney so that he or she can make your medical decisions if you are not able to do so.

Now that we know what an estate is, our estate lawyer will take a look at things you should include in your estate plan. Stay tuned for the next post in this series:

Estate planning is important. It’s a way to ensure your loved ones are cared for after you’ve passed. It’s also a way to distribute your belongings to specific loved ones as well. It’s important that one not pass without this document. Doing so can result in a court case that will leave your loved ones stuck in probate court. This could be not only time consuming but expensive as well.

Regardless of whether you’re married, single, wealthy, childless or a parent, it’s important for all adults to have an estate plan and the proper documents in place at the beginning of each year. If you’re ready to begin planning your estate contact our lawyer, today.

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