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Estate planning isn’t exactly what goes through your head daily. We would rather spend our time thinking about family vacations or what activities the kids have this weekend. While it is essential to enjoy life while you can, it is also crucial to plan for what happens when you are gone. You deserve to know that the assets that you worked so hard to get are correctly distributed.
However, there is a common misconception that the everyday citizen should not worry about estate planning. The conversation around this subject suggests that it is only for rich people or many assets. This could not be farther from the truth. Every person can benefit from the estate planning process. Rech Law, P.C. can tell you exactly how an estate plan can help you in the state of North Carolina.
1. Protect Your Beneficiaries
As mentioned before, it is a common misconception that only the rich should estate plan. Over the years, it has become more common for middle-class families to embark on the estate planning process for asset division. For example, you may have investments in properties that earn money for the family, and you want to make sure that it goes to your heirs. If you don’t finalize this decision with an estate plan, it may not go to the intended beneficiaries.
Without an estate plan, the courts will decide who gets what in terms of property and assets. Depending on how much there is to distribute, this process can be long and arduous. Not to mention that the assets don’t always end up in the right hands. If you have specific wishes and want certain individuals to receive certain assets, ensure your estate plan is in place and prepared.
2. Protect Your Children
Many attorneys suggest that the appropriate time to start estate planning is when you have children. The reason for this is that a will is a significant component of the estate planning process. If something happens to you or both you and your spouse, you can dictate who you want to care for your children. Furthermore, within estate planning, you can ensure that your children are set up for success with appropriate assets for the future.
Without the will and estate plan, the courts would have to decide for themselves who will care for your children. This is a difficult situation for children to process, so make sure to put them first and create a will that ensures their safety and future happiness.
3. Protect Yourself
If something happens to you and you become incapacitated, an estate plan can guide how you want your assets handled. Within this component of estate planning, you can name both a financial and health care power of attorney. These individuals can make financial and health care decisions on your behalf, ensuring that your specific requests are followed.
One of the best aspects of estate planning is that you can always contact your attorney and have documents updated. For example, if you wish to name someone else in charge of your medical needs, you can edit the records accordingly.
4. Protect the Whole Family
Without an estate plan, a family war can occur when it comes time to divide assets. Certain siblings may feel as though they have a right to more inheritance than others, making it difficult to reach an agreement. Furthermore, these situations frequently end up in court, creating a long process for all involved. Not only is this expensive, but it also causes emotional stress for the family.
By creating an estate plan, you can quell family arguments before they even begin. Your attorney can also assist in developing individual plans for all involved, so each person feels as though they are thought of in the estate planning process. Perhaps one child is more financially stable than the others and does not necessarily require additional support.
Don’t Wait, Plan Now in North Carolina
With knowing the benefits of estate planning, don’t wait any longer and get started today! Attorneys like ours at Rech Law, P.C. can assist you in starting the process and will continue to support you as you update your estate plan.
Call our team today to ensure your estate plan is prepared to save your family the trouble (704) 659-0007.