Cleveland County Estate Planning Lawyer

Cleveland County Estate Planning Attorney

The knowledge that one’s wishes will be fulfilled after they are gone can provide a sense of security and comfort. Planning an estate can be a complex and overwhelming process. At The Schweppe Law Firm, P.A., a Cleveland County estate planning lawyer is prepared to offer experienced counsel in making sure your voice is heard.

About The Schweppe Law Firm, P.A.

The Schweppe Law Firm, P.A., is a family practice with deep ties to our community. For years, we have represented the people of Shelby and Cleveland County through a broad range of legal matters. We are dedicated advocates for our clients and provide individual attention to each situation.

Why Estate Planning Is Important

Only 24% of Americans have a will. Estate planning is an essential part of safeguarding the financial future of your loved ones. Cleveland County has seen an annual income growth rate of almost three percent. Taking the time to plan your estate allows you to have a say in how your hard-earned assets should be used in the event of your death.

Estate planning is a practical method to deal with or simply avoid complex processes like probate, and can address complex tax issues that may come up after you are gone. In Cleveland County, probate cases are heard in the Superior Court located at the Cleveland County Courthouse at 100 Justice Place, Shelby, NC. When you work with a The Schweppe Law Firm, P.A. attorney, your estate can have legitimacy under North Carolina estate planning laws.

Considerations in Estate Planning

Estate planning is an essential part of ensuring one’s wishes are followed after their death. At its most general, an estate plan often contains:

• Wills and trusts: A will is a legal document that enumerates a person’s assets and property, and defines how they should be distributed at the time of death. Wills are extremely important documents that can help navigate the probate process after a person’s death. They often designate important roles such as beneficiaries, the will’s executor, power of attorney, guardianship, elder care, and address underage children.Trusts are arrangements that signify certain assets to be held for a beneficiary. Wills can establish trusts, or they can be made independently. Trusts are important ways to manage asset distribution, and are particularly useful when a beneficiary is underage or there is a spouse.
• Beneficiaries: While beneficiaries are often listed in wills, there are certain instances where designated beneficiaries on certain forms of wealth override a will’s contents. This often happens in cases of particular assets such as personal, brokerage, and retirement accounts. It is important when making an estate plan to address such properties to ensure that everything aligns with a person’s wishes.
• Power of attorney and guardianship: Estate planning does not only concern what may happen upon a person’s death, but also how to handle situations where one may become incapacitated or be unable to make medical decisions for themselves. In such instances, the power of attorney may be clarified in an estate plan.Like a power of attorney, guardianship addresses instances where a person may not be able to effectively make decisions on their own behalf. This often addresses instances of physical or mental deterioration. A guardian may be chosen to make legally binding decisions regarding a person’s body and property.

Why Hire The Schweppe Law Firm, P.A.?

While it is not required to hire an estate planning lawyer, doing so is often a prudent course of action. In North Carolina, an executor is responsible for seeing to a decedent’s estate according to the law. If mistakes are made, they can be held responsible. Likewise, if financial damage comes to an estate through things like misfiled or missing paperwork, an executor may be required to reimburse the damage.

At The Schweppe Law Firm, P.A., our lawyers have extensive experience with North Carolina estate planning cases. We are prepared to offer you the personalized dedication that we are known for.

FAQs About Cleveland, NC County Estate Planning Law

How Much Does Estate Planning Cost in NC?

The cost of estate planning can vary due to a number of factors. Attorneys often charge individual rates, and the work that goes into planning an estate depends on the complexity of the estate involved. Matters that can complicate an estate may include multiple beneficiaries with conflicting interests, intricate asset structures like trusts or business ownership, and varying state or international tax regulations.

What Is the 5 by 5 Rule in Estate Planning?

The 5 by 5 rule is a provision commonly associated with irrevocable trusts. This enables a beneficiary to withdraw either 5% of a trust’s value annually, or up to $5,000 – whichever is greater. This is an important provision in irrevocable trusts, because they typically are not subject to change, and allow a structured disbursement option to beneficiaries.

What Is the Difference Between an Estate Planner and an Estate Lawyer?

While on the surface, estate planners and estate lawyers may seem similar, they each have distinct roles. Estate planners focus on the organization, planning, and management of an estate. Estate lawyers, on the other hand, focus on the creation of key documents that help to organize and frame the estate. These include things like wills and trusts, to ensure the legality of a person’s wishes.

Should You Use an Attorney for Estate Planning?

Yes, it is often in your interest to hire a Cleveland family law attorney for estate planning. Besides the complexities that come with planning and executing an estate, executors of an estate are expected to comply with the law in North Carolina. This makes it not only prudent to hire a skilled Cleveland County estate planning attorney, but an advisable precaution.

Hire An Estate Planning Lawyer

Litigation resulting from a lack of estate planning is, unfortunately, common. To gain peace of mind, knowing that your wishes will be protected by the weight of the law, it is essential to hire an experienced estate planning lawyer. At The Schweppe Law Firm, P.A., our attorneys have years of experience assisting clients in organizing and planning their estates.

Contact us today to learn how we can help.