No one likes to think about death, but it is something that every North Carolina has to face at some point in life. If you want to make sure that your loved ones are well taken care of after you’re gone, it is important to start estate planning as soon as possible. That requires you to have certain essentials.
A will is a legal document that lays out how you want your estate distributed after you die. If you do not have a will, the state may determine what happens to all of your property and possessions. It is important to make sure that your will is up to date, especially if you have gotten married or had children since you created it.
A trust is one of the most important estate planning essentials because it can help to avoid the probate process and ensure that your loved ones receive their inheritance quickly and easily. There are different types of trusts, including revocable, irrevocable, living and testamentary trusts. You can also create special needs trust to protect assets for a loved one with disabilities.
Power of attorney
A power of attorney gives someone else the legal authority to make decisions on your behalf. It is important to have a durable power of attorney in place should you become incapacitated due to illness or injury. You can also give another person a limited power of attorney so that they can take care of certain tasks, such as selling your home on your behalf, if you are out of the country.
It is important to have adequate life insurance coverage so that you will be able to provide for loved ones after you die. You can choose from different types of policies, including term, whole life and universal life insurance.
If you haven’t started estate planning, now is the time. These essentials will help you get started, so make sure you research each one to find how they apply to you.