Estate planning can ensure that your family and the assets you worked for will be protected when you are no longer here. It may seem like a daunting task to sit down and create an estate plan, but it does not have to be. In this two-part series, we are answering common questions surrounding this important step in planning for the future.
FAQ | Estate Planning Attorney in Cary NC
In the other parts of this series, our estate planning attorney in Cary NC covered basics of estate planning, trusts, and wills. Now let’s answer a few more questions about timelines, probate and whether or not you need to work with an attorney.
- Does having a living trust mean that everything will be taken care of when I die?
There will always be a few things that could arise even with a living trust in place. It’s often called “Estate Administration.” There could be a federal return that needs to be filed, or a payment of an estate tax, especially if your estate is worth more than 1.5 million. It is common for there to be loose ends that need to be tied up, but a well thought out estate plan could help your family avoid having too many issues occur.
- How much time will it take to settle a living trust versus a will?
An estate with a living trust that is worth more than 1.5 million will take 10-12 months to settle. If a will is used and the estate is subject to probate, it can take 15-20 months. If your estate is smaller, a living trust can be settled in 4-8 weeks. Keep in mind that the timeframes are dependent on the state in which the will or living trust is administered.
An estate planning attorney in Cary NC can help you formulate a plan that includes all of your objectives as well as inform you of laws that apply to you. Each state has its own laws regarding estate planning so it is important to be aware of them so that you can plan for any applicable taxes or other requirements.
If you missed other blogs in this series, be sure to visit back with those, as well, below:
- FAQ for Estate Planning Part One
- FAQ for Estate Planning Part Two
- FAQ for Estate Planning Part Three
- FAQ for Estate Planning Part Four
Klish and Eldreth, PLLC | Estate Planning Attorney in Cary NC
Are you thinking of estate planning now, so that when the time comes, your affairs are in order and have representatives that will take care of them for you, should you pass in an untimely death or become incapacitated? If so, it might be time to contact our estate planning attorney in Cary NC.
Contacting an estate planning attorney in Cary NC to help with estate planning will help you ensure that you include everything that’s needed for estate plans. Wills, trusts, power of attorney, and other things are important to include if they’re needed. Don't hesitate to call to make an appointment, now.