What Is “Estate Planning?”
SBC Legal Services, PLLC takes pride in making sure that you have considered all available options before completing your Will, Trust, or other pertinent estate planning documents. The firm can personally tailor each client’s estate plan to fit their individual needs. From simple Wills to more involved estate plans, you will have a unique and personalized experience!
Estate planning allows an attorney to assist you in the transfer of your assets at death and/or during lifetime to the person(s) you desire to benefit, while minimizing taxes and other costs. This process permits your attorney to formulate a plan to carry out your wishes and address any concerns, while drafting the necessary documents to ensure that your assets are properly titled, and the necessary beneficiaries receive the desired property.
A well-conceived estate plan should accomplish the following objectives:
1. Place property in the proper hands to ensure it is used for its desired purpose;
2. Protect your assets against losses from poor management and to prevent the potential dissipation of that property by certain beneficiaries;
3. Avoid potential estate, inheritance, and income taxes; and
4. Insulate beneficiaries against creditor claims
Contact us today if you are interested in learning more about how proper estate planning can benefit you!
Frequently Asked Questions
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Estate planning is a crucial step for individuals who own assets, regardless of their value. As your estate grows and your family expands, it's important to make necessary adjustments to your estate plan. In situations where beneficiaries have been designated for bank accounts, such assets may not require inclusion in the estate plan.
However, financial accounts without beneficiaries or joint ownership must be factored into the estate plan. This also applies to personal belongings, including vehicles. In the absence of a Will, or if you die intestate, your assets will be subjected to probate, regardless of their value.
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An estate plan refers to a customized set of legal documents that cater to one's financial position and personal preferences. Collaborating with an attorney who will take the time to understand your unique situation is vital to ensure that no essential detail is left out. SBC Legal Services believes a comprehensive estate plan consists of the following:
-Last Will and Testament
-Advanced Directive (Living Will)
-Guardianship Provisions for Minors
-Durable Power of Attorney
-Healthcare Power of Attorney
-Revocable Trust
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Not having an estate plan, or crafting one without the assistance of an estate planning attorney through online forms and other DIY channels, can result in a multitude of complications for you and your loved ones. If you pass away without an estate plan, a North Carolina court will appoint an executor to your estate and a guardian for your children, and your assets will be distributed according to state statute, irrespective of your wishes. By failing to consult an estate planning attorney, you risk encountering the following issues:
-Designating only one beneficiary for your assets, without naming a contingent beneficiary to inherit the assets in the event that the primary beneficiary predeceases you.
-Overlooking the appointment of power of attorneys or healthcare representatives, which could lead to your family petitioning the court for conservatorship in the event that you become incapacitated.
-Neglecting to provide instructions for your final arrangements, such as funeral or burial details.
-Forgetting to name a guardian for your children or failing to provide instructions on how the guardian should spend the assets to take care of your children or benefit them in other ways.
-Crafting an estate plan that is too specific to your current assets, which could become outdated by the time of your death.
-Neglecting to update your estate plan, resulting in outdated provisions when you pass away.
Reach out today to schedule your complimentary consultation!