August 31, 2016
by Raleigh Lawyer
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Estate Planning for a Childless Couple

Couples without children may not see the importance of creating an estate plan. If they don’t have to ensure the wellbeing and care of children, then it’s not a priority, right? Wrong. Everyone should have an estate plan if they want to have a say in what happens to their assets. Our wills lawyer in Cary NC is here to explain why. 

Estate Planning for Childless Couples | Wills Lawyer in Cary NC

A childless couple needs to make sure the surviving spouse and maybe even pets are cared for should one of them pass away. The couple may have nieces, nephews or special friends that they want to be heirs, but unless they designate it in a will, they will have no say.

When someone does not have a will, the court decides where everything goes according to state guidelines. Generally the next of kin is contacted, which could be someone that person would not have wanted. If no one is found, then the assets could end up going to the state.

A couple, regardless of if they have children or not, should have a plan so that they can make the decisions regarding what happens to their estate. If something were to happen to both of them, then guidelines would be outlined to ensure their wishes are carried out.

An estate plan includes a will, which will allow a couple to outline where assets should go if one or both of them die. It will also allow them to name an executor of the estate, which is a person who will handle all financial affairs, settle the estate and see that everything is carried out according to the couple’s wishes. Many times this is one of the adult children, but a childless couple will have to name another trusted adult to be the executor.

Having an estate plan with instructions who can be power of attorney is also important in the case that something happens to both people in the relationship. If both were incapacitated, who would make financial and medical decisions? In many cases, it would be adult children, but if there are none, the state could appoint next of kin or a stranger.

A power of attorney for finances would take care of bills, payments, taxes and any businesses owned by the person who is incapacitated until that person is able to do so again. If a couple of both not able to make decisions, then having a trusted person taking care of things can ensure that finances will be in order when one or both of them are able to make decisions again.

The same applies when a couple needs someone to make medical decisions on their behalf. Generally it is the spouse or children, but if both people in the relationship are unable to make decisions, and there are no children, decisions could fall into the hands of someone the couple would not have chosen. There can also be provisions that name someone once the second person in the relationship becomes incapable of making decisions, which could be due to age.

If a couple has pets that they want to be sure are taken care of when they are gone, they can outline caregivers and even provide funds with a trust for the new owner to use. If they do not designate someone to take care of their pets, their “fur babies” could end up in a shelter.

Contact our wills lawyer in Cary NC for help with any and all estate planning. We are here to ensure you have everything in place and ready, should you need it in an untimely manner.

August 30, 2016
by Raleigh Lawyer
Comments Off on Estate Planning for a Single Individual with No Children, continued

Estate Planning for a Single Individual with No Children, continued

Welcome back. Today our lawyer in Raleigh NC is going to talk more about estate planning for single individuals without children.

Remember, in our last article, we talked about many assume they won’t need an estate plan or will when they do not have children. That’s not the case, however. Even if you do not have children to take care of, you should want some say in what happens to your assets. You may have nieces or nephews you close friends that you want to receive part of your estate.

You may not have any family, and may want to leave your assets to a charity or an organization that you want to support. If you have an estate plan, you can outline how much goes where. But an estate plan does not only determine how your assets are distributed, it can also outline how decisions are made on your behalf should you become ill and not able to make them on your own.

Another type of power of attorney relates to healthcare. If you become ill and are not able to tell doctors what you want when it comes to medical care, someone will have to make those decisions for you. If no one is appointed, the state can decide. You have the ability to choose who you want to make those decisions for you by naming someone in your will. Otherwise, a family member who may not have chosen otherwise could be left with the power over what happens to you when it comes to medical care.

An estate plan can also name a personal representative or executor of your estate, which is someone who will make sure your wishes are carried out. He or she will handle the affairs of your estate, such as taking inventory, paying debts, taking care of taxes and seeing that everything is disbursed according to your instructions.

If you do not have an estate plan explaining how you want your asset to be dispersed when you pass away, then it is ultimately left up to the laws of your state. In that case, your hard earned estate could be divided up and dispersed to people you would not have chosen, or if you do not have relatives, it could end up going to the state.

We hope this information inspires you to start estate planning now, if you haven’t already. Contact our lawyer in Raleigh NC, today to begin. Also be sure to visit back with our previous blog for more information if you missed it!

Klish and Eldreth | Laywer in Raleigh 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 attorney in Raleigh NC to ensure that you are creating the best plan for your situation.

As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact us 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 entertainment law, trademarking, copyrighting, or DWI issues.

August 29, 2016
by Raleigh Lawyer
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Estate Planning for a Single Individual with No Children

As our attorney in Raleigh NC mentioned in the previous blog, even single people need estate plans. Everyone leaves something behind when they die, and those assets, even if they are small, will go to someone. If you worked for those during your life, you probably want a say in what happens to them. Having an estate plan that includes a will and possibly a living trust can give you the chance to decide where you want your assets to go.

Estate Planning for Singles With No Children | Attorney in Raleigh NC

Many people think that an estate plan is mainly created to take care of children when parents pass away, so people without children may think it is not necessary for them to have one. But that is not true. Even if you do not have children to take care of, you should want some say in what happens to your assets. You may have nieces or nephews you close friends that you want to receive part of your estate.

You may not have any family, and may want to leave your assets to a charity or an organization that you want to support. If you have an estate plan, you can outline how much goes where. But an estate plan does not only determine how your assets are distributed, it can also outline how decisions are made on your behalf should you become ill and not able to make them on your own.

If you are single and have no children, an important part of an estate plan will be a power of attorney so that you can name someone to make financial decisions on your behalf should you become incapacitated. A power of attorney for finances will let you name someone to handle things such as bank accounts, bills, taxes and your small business, if you have one. He or she should be a trustworthy person that can make good judgment calls when it comes to your money.

If you do not have an estate plan explaining how you want your asset to be dispersed when you pass away, then it is ultimately left up to the laws of your state. In that case, your hard earned estate could be divided up and dispersed to people you would not have chosen, or if you do not have relatives, it could end up going to the state.

We hope this information inspires you to start estate planning now, if you haven’t already. Contact our lawyer in Raleigh NC, today to begin. Also be sure to visit back with our next blog for more information if you missed it!

Klish and Eldreth can offer you an attorney in Raleigh NC to help with all your legal needs. From estate planning to small business law and more, we can help. Just contact us today to set up an appointment to talk with us.

August 23, 2016
by Raleigh Lawyer
Comments Off on Estate Planning For Single Individuals, continued

Estate Planning For Single Individuals, continued

Welcome back. Our estate lawyer in Cary NC is here to talk further about estate planning for singles. If you missed our previous blog, visit back for more information.

If you have close friends who are not related but have become your family, then you can designate them to be heirs. Or, if you work with a charity or believe in a cause that you want to donate to, you can plan to have them receive some of your assets. By creating an estate plan, which can include a will and a living trust, you can have control over what happens to your assets when you die.

Estate Planning For Singles | Estate Lawyers Cary NC

Also keep in mind that if you have account such as life insurance policies or retirement plans, you will need to designate a beneficiary for those as well. Regardless of what the trust or will says, the name on the policy will generally be override any other designation.

As a single person, it is also important to decide who will make decisions on your behalf should you become incapacitated. You can appoint someone to handle financial affairs and someone to make medical decisions for you. By creating a durable power of attorney in your estate plan, you can avoid having those decisions fall into the hands of someone you do not want. Depending on state laws, it could end up being a distant relative or even a stranger appointed by the courts.

If you were once married and got a divorce, do not forget to update your wills and beneficiaries on policies, or your ex-spouse could end up being on the receiving end of your assets when you die. It is important to make updates to an existing estate plan every time a major life event occurs, such as divorce, marriage, birth or death.

If you are unsure of your options as a single person, you can ask a lawyer who has experience in estate planning for guidance so that you can feel confident in knowing that your wishes will be carried out when you pass away.

Klish and Eldreth | Estate Lawyers Cary 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 estate lawyer in Cary NC, today.

August 21, 2016
by Raleigh Lawyer
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Estate Planning For Single Individuals

As a single, childless person you may think estate planning in Raleigh NC is not a necessity, but that is just not true. Anyone with an estate – no matter what the size – should plan for what happens to it when he or she dies. A single person’s estate is distributed according to their state’s laws if they do not have a will in place. That means your assets could go to someone you would not have chosen. Having an estate plan can prevent that from happening.

Singles Estate Planning in Raleigh NC

Most states disperse assets through the bloodline, meaning that your spouse and children would be first in line, However, if you are not married and do not have children, then it would go to your parents if they are still alive. If they are not alive, it would then go to siblings. If you do not have brother and sisters, then it would go to distant relatives such as aunts, uncles or cousins.

If you are estranged from your family, then you may not want them to be on the receiving end of your assets when you die. If you do not have relatives that can be found, then your assets will go to the state. Like most, you worked hard for the things you accumulated in your life, so you should have a say in what happens to them when you pass away.

We hope this information helps you understand that everyone needs an estate plan. For more information as to why, visit back with our next blog post. Also be sure to contact our lawyer with any questions you might have about this or any other estate planning matter.

Klish and Eldreth | Estate Planning in Raleigh NC

Remember, estate planning in Raleigh 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.