Estate Planning in North Carolina

A common misconception is that you don’t need to formalize an estate plan until you are retired, or nearing retirement age. However, this is not the case. You can start estate planning as early as 18 years old.

What is an estate plan?

An estate plan is a formal, legal plan that provides instructions for what you want to happen to your assets and property after your death or incapacitation. Having a formal estate plan is the best way to ensure that your final wishes are met after your passing. It also prevents any confusion for your family members, who would otherwise need to figure out what to do with your belongings.

Assets typically covered in an estate plan include:

• Your home

• Jewelry

• Cars

• Land

• Cash

• Investments

If you do not have an estate plan at the time of your passing, your assets and property will be distributed based on state intestacy laws. This means that the State will determine how your estate is divided among family members.

When should I start planning?

There are numerous life events that may signal that it’s time to start estate planning.

These include:

• Starting a savings account

• After purchasing a home

• After getting married

• Once you begin having children

• If you get an inheritance

• After divorce

• Once you begin having grandchildren

When your family is growing, or you begin to acquire assets and property, it’s a good time to start thinking about an estate plan.

Updating your estate plan

Your estate plan can be modified throughout your life. After all, what you have at age 18 will not be what you have at age 30 or age 65. When you go through any of the life events listed above, it is a good time to modify your estate plan to account for your new circumstances.

Charlotte Family Attorneys

If you are interested in beginning the estate planning process, contact Rech Law, P.C. today. We provide compassionate counsel as you make decisions about the future.