Planning your North Carolina estate by yourself may seem like a great way to save money. If you have only a few assets to your name, you may be able to get away with not hiring an attorney. But if you have a reasonably sized estate, trying to plan your estate yourself could cause a lot of issues for your family members.
Why do you need help with estate planning?
Many people don’t realize that every state has different estate laws, which can drastically impact the decisions you make during the estate planning process. For example, some states have an estate tax or an inheritance tax while others have both. Some states also have different laws for choosing a health care proxy and making other important decisions. An attorney could educate you on your state’s laws to ensure that you don’t misunderstand anything.
Additionally, estate planning isn’t just about deciding how to divide up your belongings among your loved ones. You’ll also have to decide how to deal with potential tax issues, like the state charging a hefty inheritance tax. If your estate has debts or mortgages attached to it, you’ll have to figure out how those debts should be paid off after you die. You may also want to nominate a will executor who can carry out your plans after your death.
Who can help you with an estate plan?
Overall, planning your estate can be trickier than it looks. You must get it right because when you’re gone, you won’t be able to go back and change it. That’s why you should hire an estate planning attorney, so you can get it right the first time. A lawyer could educate you about local laws, help you make smart decisions and guide you each step of the way.