Welcome back. We are here today to begin talking about estate planning in Raleigh NC for beginners. Let’s get started by answering the question “What is an estate?” You might be wondering what's included in an estate plan and we will list out all the things you should include over the next few blogs.
Estate Planning in Raleigh NC
An estate, simply, is everything you own. Everyone has an estate, as mentioned above, even if it is not large. An estate can include the following:
- Your home
- Other property, whether buildings or land
- Collectibles or antiques
- Family heirlooms
- Other personal possessions
- Bank accounts, including checking and savings accounts
- Investment accounts
- Retirement accounts
- Insurance policies
When creating an estate plan, it is important to outline who will get the items you want designated to certain people. When naming heirs for insurance policies and investment accounts, make sure the beneficiaries listed on those actual documents match what is listed in your will. If the person named in your will is different from the person on the account or policy, it will go to the person named on the account or policy.
If you do not name who you want to receive items from your estate, then the state will decide. It is generally based on an order of succession, starting with your surviving spouse, then children, then other family members.
We hope this information helps you with the creation of your estate plan. Be sure to visit back with us soon for more blogs about estate planning in Raleigh NC for beginners!
Klish and Eldreth | Estate Planning in Raleigh NC
Remember, 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 attorney, today.