May 11, 2018
by Raleigh Lawyer
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Planning for Incapacitation, Part One

Most people typically start estate planning with the idea in mind that they are only going to document where their assets should go after they pass. They might also add guardianship for children as well as a few other things regarding possessions. However, planning for incapacitation is also important.

Planning for Incapacitation | Lawyer Raleigh NC

Incapacitation means you are unable to make decisions for yourself or able to communicate with others. This means health care decisions and finances will need to be taken care of by someone else, even though you are still alive. You are mentally and/or physically unable to make sound decisions. Also, the ability to make sound decisions can become an issue when it comes to managing end-of-life care and the finances surrounding it. You may need to appoint someone to carry out wishes that you’ve previously made.

In order to make sure you have planned for incapacitation properly, consider the information that you will find here and in our next blog post. We will talk about trusts, powers of attorney, and joint ownership. If you have any questions please feel free to contact our lawyer in Raleigh NC.

A living trust could be an option for you to manage incapacitation. Sometimes, living trusts are difficult to understand. However, within the document you should include the following:

  • A successor trustee should be named. This is someone that you trust to manage your assets in the event that you cannot so.
  • The person you appoint as a successor trustee should have your best interests in mind and be aware of your wishes before you become incapacitated.
  • All assets should be documented within the living trust. These assets will be owned by the trust during the time when you are incapacitated.

To learn more about how you can plan for incapacitation visit back with our next blog post. Also, remember to contact our lawyer in Raleigh NC with any questions you may have regarding this matter or estate planning in general.

Klish and Eldreth | Lawyer in Raleigh NC

Our lawyer in Raleigh NC is here to help you with all your small business needs. Whether you’re starting a new venture or making changes to an existing company, we can help with legal situations. Contact us to make an appointment!

As always, feel free to contact us with any questions or concerns you may have about estate planning. Also, contact our lawyer in Raleigh NC to schedule a consultation if you have yet to start estate planning. It’s never too early to make plans for your wishes upon death. In addition, our lawyer is here to help you with all your legal matters, whether it be estate planning, divorce, child custody, trademarking, copyrighting, or DWI issues.

May 9, 2018
by Raleigh Lawyer
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More Questions to Ask Yourself When Writing a Will

Welcome back. We are here to talk further about how you can begin estate planning in Cary NC by asking yourself a few questions. Though they might be difficult to answer, these questions will help you consider all options when it comes to writing a will. If you missed our previous blog, take a look at it before moving on.

Questions to Ask Yourself When Estate Planning in Cary NC

Do you have any chronic health problems? This is something that many people do not consider when planning their estate. However, sometimes attorneys will consider life expectancy to help you with your plans. If you have chronic health issues this may change things.

Have you met face-to-face with a lawyer? If you haven’t, now is the time to consider doing so. There are so many things within the estate plan that need to be discussed and documented. It’s difficult to do this alone. Lawyers will ask all the right questions so that you’re able to document information that is necessary. If you haven’t already, consider making an appointment to talk with our estate lawyers now.

Have you thoroughly documented your wishes for the future in your will? This might seem like an unlikely question since we are talking about this very thing. However, sometimes, after reading over your documented information and wishes, you may find that you haven’t fully determined what your wishes are and how they should be carried out. If this is the case for you, be sure to take time to reconsider everything that is currently in your will and what needs to be added. As we mentioned in our previous blog post, working with a lawyer can help you with this. It helps you think outside the box and consider all options when it comes to estate planning in Cary NC.

Hiring a lawyer to help you with estate planning in Cary NC and to help write your will could save you time and the frustration of trying to figure out how to manage unusual situations. Our lawyers can help you write a will that is valid and free of errors. Even more, if there are any issues, they can help you correct them.

Sometimes, understanding the terminology used in estate planning is difficult. It’s also something that can easily be misinterpreted if you are unsure of the meaning. If there is vague or misused language, it can cause confusion among your family and may mean your wishes will not be carried out as you had planned. Our lawyers can help with this.

Once your will is in place, it is good practice to review it once a year to see if updates need to be made. Major life events, such as a birth or death, marriage or divorce, or an adoption or guardianship can affect how you want your assets to be distributed.

Writing a will can be a daunting task, so if you need help call Klish and Eldreth. We have an estate lawyer on staff who can guide you through the process. Call us to make an appointment today!

May 5, 2018
by Raleigh Lawyer
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Questions to Ask Yourself When Writing a Will

Sometimes, estate planning leads us to consider issues that might happen in the future. Often, thinking about these problems can be difficult. However, no matter how sad it makes you, it’s important to make arrangements. Below, you’ll find several questions to ask yourself when you began estate planning.

Questions to Ask Yourself When Writing a Will | Estate Lawyers Cary NC

Do you have estranged children from a previous relationship? Even if you don’t speak with your descendants, it’s important to include them in your will in some fashion or another. Even if it means excluding them. This will be a difficult situation for your estranged child as well as your current spouse. Although these things aren’t something you normally think about when planning your estate, it’s a good idea to consider them.

This may also be the case for other descendants like half-siblings, stepchildren, and other family members. Consider all descendants when it comes to planning your estate.

If both you and your spouse or significant other passes, who will raise your kids? Unfortunately, this can happen. If you don’t name a guardian for your children, in the event of an untimely death for you and your spouse or significant other, the court may decide who should raise your child. It is ultimately determined by who is deemed to be in the best interest of your child. You may plan to have your siblings and their spouse raise your children in this case but if you do not document it properly within your will the court might choose someone else.

Do you have pets that will need to be taken care of after you pass? We love our pets. In some cases, our dogs or cats are our children. That means you should have a plan for what happens to your animals after you pass. You may have a friend or loved one that would take on caring for your animals. Be sure to plan for this in your will.

Have you made end-of-life treatment plans? This can be very difficult to think about. However, there may come a time that this type of plan will be needed. Be sure to consider various types of circumstances and how the situation may be resolved. Think about quality of life and how you would like for things to be carried out if you are incapacitated. It’s also important to choose a health care power of attorney who will carry out your wishes for you.

If you are interested in learning more, be sure to check back with our future blog post. We will have more questions that you can ask yourself when writing a will. Also, be sure to contact our estate lawyers in Cary NC if you have any inquiries or need to make an appointment. We are here to help.

Klish and Eldreth | Estate Lawyers in Cary NC

When planning your estate, you may want to consider which assets are subject to probate and which are not so that you can make the best decisions in how you designate heirs. If you need additional help, reach out to our estate lawyers in Cary NC to ensure that you are creating the best plan for your situation.

As always, please contact us with any questions or concerns you may have concerning legal issues. Also, contact our estate lawyer in Cary NC to schedule a consultation if you have yet to start estate planning. If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. In addition to estate planning, our lawyer is here to help you with all your small business needs, trademarking, copyrighting, or DWI issues.

 

May 3, 2018
by Raleigh Lawyer
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The Importance of Midyear Estate Planning

Why is midyear estate planning in Raleigh NC important? Sometimes, our new year starts off with a bang. We may get a new job, open a business, get married or divorced, have a child or have another type of life change. Even when you aren’t planning on a change in your life, things can happen unexpectedly. You may buy or sell a home or purchase rental property. You could decide to buy a vacation home, new car or both. All of these things should be recorded in your estate plan. If these changes aren’t updated in your will, the court could deem your estate plan and ballad in the event of an untimely death. Believe it or not, these seemingly normal changes are more important than you realize. If you pass without updating your will to include vacation homes, new cars or boat, new businesses opened or business sold, you could be leaving your loved ones at a disadvantage.

Importance Of Midyear Estate Planning in Raleigh NC

When things are not added or updated your will it becomes invalid. That means your estate may have to go through probate in order to distribute your assets properly. Even if your spouse or children know exactly what your wishes are, it’s still should be fully documented within your estate plan. That way, probate won’t be an issue. Even if you think probate court won’t be that big of a deal for your family, you may want to reconsider that. It can be a link the process that cost a great deal of money. There’s no reason you should have to put your family through this. Instead, update your estate plan as things change. Of course, we can understand why you wouldn’t want to update every single time you have a change. However, taking a look at your overall estate plan at least once a year can’t be beneficial. In many cases, taking a look at it once every six months can be a better solution. Just as we’ve been talking about in this article, life can change in an instant. New Year’s are full of great and wonderful things.

Taking time in June or July to assess your situation and make changes where necessary can be a great way to stay on top of your updates. You can work with your lawyer to do this. One of the best to make sure you’re doing everything you need to in order to keep your estate plan updated is to make an appointment with your lawyer once every six months. That way, you can sit down with them and talk about everything you need to go over. You’ll be able to get there and put on changes that need to be made, as well as brainstorm your changes and updates. At times, there may be possessions that you’ve purchased that you have thought about adding into your estate plan, your lawyer can help you brainstorm and come up with things that should be updated.

We hope this information helps you when it comes to midyear estate planning. Remember, you never know what the new year holds. Be sure to stay on top of your updates five meeting with them while you’re at least once every six months so that you’re able to plan for your future and keep your family from having to deal with probate in the event that you pass without updating your will.

If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our attorney is here to help you get your estate planning in Raleigh NC in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our estate planning attorney to get started estate planning, today.

Klish and Eldreth | Estate Planning Raleigh NC

As always, feel free to contact us with any questions or concerns you may have about estate planning. Also, contact our attorney to schedule a consultation if you have yet to start estate planning. It’s never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, small business, trademarking, copyrighting, or DWI issues.

April 29, 2018
by Raleigh Lawyer
Comments Off on More Estate Planning Terms to Know

More Estate Planning Terms to Know

Welcome back! Our estate planning attorney in Raleigh NC is back with more terms you should become familiar with in order to better understand the ins and outs of estate planning. If you missed our previous blog post, check back there for more terms.

Terms to Know When Working with an Estate Planning Attorney in Raleigh NC

  • Property – Anything subject to ownership.
  • Probate Tax – A tax imposed on property passed to someone else per instructions outlined in the deceased’s will.
  • Probate – A court-supervised process of proving that a will is valid and then distributing the assets under the terms outlined in it in accordance of the state laws.
  • Private Trust Company – Also known as a family trust company, this entity is formed by a family to serve as a trust for the estates and trusts of extended family members.
  • Principal – The property in a trust that generates income and is used to benefit the trust’s beneficiaries according to the terms of the trust.
  • Power of Attorney – A document that gives a person the authority to act on the behalf of another person, making legal and financial decisions for them. It terminates when the person dies unless it is noted as “durable.”
  • Power of Appointment – Power given to a beneficiary under the terms of a trust that allows the individual to make decisions about the property.
  • Operation of Law – The process by which assets are passed on when someone dies based on state laws or titling arrangements rather than under the terms in the will.
  • No-Contest Clause – A provision that overturns the original will or trust’s instructions if someone sues for more money, causing them to lose any inheritance rights he or she can have had. The clause is permissible in certain states.
  • Marital Trust – A trust that holds property for the surviving spouse in an AB trust. It is designed to qualify for the marital deduction so that the surviving spouse does not have to pay taxes on the estate.
  • Marital Deduction – A federal estate and gift tax deduction that is unlimited, allowing for assets to be passed between spouses without being subject to taxes.
  • Living Trust – A trust created by an individual to keep their assets protected. Typically it is a revocable trust.
  • Life Estate – Ownership of property that lasts as long as the life beneficiary is alive.
  • Life Beneficiary – Someone who receives benefits from a trust or other arrangement for the rest of the individual life.
  • Joint Tenancy – When two or more people own property together.
  • Irrevocable Trust – A trust that cannot be overturned or modified by a grantor.
  • Inventory – A list of all the assets of a decedent or trust.
  • Insurance Trust – A trust created to have life insurance on a person or persons that is not included in the gross estate at the time of the individual death.

Remember, if you missed our last blog, be sure to check back here for more terms to get familiar with. Also, feel free to contact our estate planning attorney in Raleigh NC any time you have questions or concerns about your will or other estate planning needs.

Estate Planning Attorney in Raleigh NC

You can work with an estate planning attorney in Cary NC to plan and to have someone appointed to take care of your estate when the time comes. This can ensure that you are protected and that your wishes will be carried out even when you are no longer able to express them. If you’re ready to start planning today, contact our estate planning attorney in Raleigh NC. We are here to help you.