Devising a thoughtful estate plan in North Carolina allows someone to transfer assets to those they feel deserving, including relatives, charities, and others. The process could involve more planning than the average person realizes, but deliberate steps taken at the right time might make things easier for relatives and surviving beneficiaries.
Writing a will stands as a top priority among people engaged in estate planning. A will must go through probate, which could be costly for beneficiaries. However, a will might reduce in-fighting and other problems among survivors had the testator died without such a document.
Now, a trust could serve as an alternative to a will for those interested in gaining more control over the decision-making process even after passing away. Sometimes, those receiving the assets might need more time to understand the responsibilities. So, the directives in a trust could work to their benefit. Also, a trust may help transfer certain assets outside of probate.
An estate planner may consider responsibilities outside of financial ones. Sometimes, matters related to health weigh on the mind. For example, the planner might be dealing with health issues and have concerns about end-of-life care. Others may worry about sudden illnesses and accidents and the effects on surviving family members. Establishing personal directives in a living will or assigning a healthcare proxy representative could be the right decision.
Estate planning in North Carolina might involve choosing someone as a personal representative while they are alive. Naming someone as power of attorney allows a trusted agent to handle responsibilities and a variety of matters. Things could work easier for relatives and others when a responsible person ensures the planner’s affairs are in order.
Estate planning may make things easier for survivors. Following some fundamental steps might result in a workable and comprehensive plan.