As a young family in Cleveland County, North Carolina, life is full of joyful milestones—welcoming a new baby, buying your first home in Shelby, or planning family outings to nearby Kings Mountain State Park. Amid these exciting times, estate planning might seem like a distant concern reserved for older generations. At The Schweppe Law Firm, P.A., we are happy to offer some estate planning steps for young families.

Estate planning is a crucial step to protect your loved ones, especially when children are involved. Without a plan, North Carolina’s intestacy laws could dictate how your assets are distributed, potentially leading to family disputes or court interventions that overlook your wishes. For young parents, estate planning ensures your family’s and children’s future.

Planning An Estate Effectively

Only 24% of Americans have a will. The importance of estate planning cannot be understated, especially for young families. When you hire an estate planning lawyer, you can protect your children by designating a guardian and prevent court decisions that may not align with your wishes. You can ensure assets go to intended beneficiaries, avoiding North Carolina’s intestacy laws that could lead to disputes. Planning provides peace of mind by preparing for unexpected events like accidents or illness.

There are steps you can take to start your planning now. These include:

• Hire a local estate planning attorney from The Schweppe Law Firm, P.A:. We have the experience of handling estate planning cases for clients just like you in Shelby and the surrounding area. We can walk you through the process with ease.
• Schedule a consultation: Book an initial meeting with a The Schweppe Law Firm, P.A. estate planning attorney to discuss your family’s needs, including guardianship and financial planning for young children. At this meeting, you can discuss an expected timeline and what it may cost.
• Inventory your assets: Disclose all your assets to your estate planning lawyer, including bank accounts, real estate, retirement funds, and life insurance policies. Identify which assets can pass through beneficiary designations, such as life insurance, to avoid the probate process. In Cleveland County, probate cases are heard in the Superior Court located at the Cleveland County Courthouse at 100 Justice Place, Shelby, NC.
• Designate beneficiaries and executors: Update accounts like retirement plans to transfer assets directly if you can, avoiding any delay in distribution.
• Consider tax implications: You should consider if and how you want to handle the taxation of your assets after your death. Options exist that may provide opportunities to mitigate tax burdens, but these should be discussed with an attorney to determine the optimal course of action.
• Draft essential documents: An attorney who focuses on estate planning can ensure your paperwork follows NC estate planning laws so that nothing gets held up or rejected. Documents you may want to include in your estate plan might be:
  • Last will and testament: Specifies how assets are distributed and names guardians for minor children.
  • Revocable living trust: Manages significant assets, may help to bypass probate, and provides for children’s needs, like education.
  • Powers of attorney: Appoints a health care agent and financial representative to act if you’re incapacitated.

It is important to review these steps and documents periodically, especially when major life events occur, such as births, marriages, divorces, and deaths. Having a Shelby estate planning attorney on board from the very beginning of your planning process is beneficial and can help ensure that any subsequent changes that need to be made proceed smoothly.

FAQs About Estate Planning Steps for Young Families in NC

What Is the 5 By 5 Rule in Estate Planning?

The 5 by 5 rule in estate planning allows for a beneficiary to access assets, usually from an irrevocable trust. This rule states that a trust may be withdrawn annually, either amounting to $5,000 or 5% of the trust’s value. This allows some flexibility for beneficiaries to make withdrawals while keeping a structured disbursement method.

What Should a Client with Young Children Be Considering in Estate Planning?

There are several critical considerations that need to be made for young children in estate planning. It is important to identify guardians for underage children upon the death or incapacitation of the testator. Most estate plans are designed to ensure the financial support and well-being of their children. This can be achieved through the establishment of trusts and certain forms of funds.

What Are the 7 Steps in Preparing a Will?

The 7 important steps in preparing a will begin with enumerating your assets. Next, appropriate documents should be gathered for the drafting of the will. After that, key individuals and their roles in an estate should be articulated. Once this is done, a will must be legally drafted and signed according to whether it is a holographic or testator will. Finally, a will should be kept up to date.

What Are the 5 Levels of Estate Planning?

The 5 levels of estate planning include fact-finding, where pertinent information is presented to a lawyer. This is followed by considerations of power of attorney and guardianship. Next, establishing wills and trusts and addressing tax considerations should be done. Lastly, a will should be prepared that contains your wishes in a clear and structured document.

Why Hire an Estate Planning Lawyer from The Schweppe Law Firm, P.A.?

The Schweppe Law Firm, P.A., has been serving the people of Shelby and Cleveland County for decades, providing legal services across a broad range of fields. Our attorneys have experience dealing with a variety of estate planning cases, and take pride in the personalized attention given to each situation. We understand North Carolina’s estate planning laws and are well-versed in the local court system and its processes. When clients contract our services, they can rest assured they are in good hands.

With a record of success, our attorneys have deep roots in North Carolina and understand that each client is unique. If you are seeking to hire an estate planning attorney, we are prepared to offer our skilled counsel in creating the optimal estate plan for you and your family. Family households make up almost 50% of North Carolina’s population. While it may be unpleasant, planning an estate is an important part of securing the future well-being of a family. To hire an estate planning lawyer, contact us today.