Create Peace of Mind in the New Year
January is a popular time to make new resolutions for the upcoming year. The beginning of the year is also a great time to protect your family by reviewing your estate plan with an attorney. If you don’t have a plan, make an appointment to discuss your wishes for your lifetime care and the legacy you will leave behind.
As with other resolutions like getting more exercise, feeling less stressed, creating more family time, don’t make excuses. Your estate plan is an important part of your life and important for the protection of your family after you’re gone. Here are three common excuses why people don’t review and update their estate plans with an attorney and why you really should:
Excuse #1: I don’t have enough assets to create an estate plan. Regardless of the size of your estate, as a minimum, you should have a will. If you moved to North Carolina from another state, you should meet with a North Carolina licensed attorney to ensure that your will is valid and self-proving for probate purposes. You will also need to address Health Care Powers of Attorney and Advance Directives Regarding a Natural Death that deal with health care matters and Durable Powers of Attorney that deal with financial management. These are very important parts of your plan that address events prior to your death which involve one’s inability to make decision regarding heath care, life support and financial matters.
Excuse #2: I’m all set because I already have an estate plan. Life changes happen, and they affect your current and future needs. You might have gained additional assets, need to account for newborn or grown children and grandchildren, you may have to update your plan to take care of someone with special needs, or the named persons who serve as your legal representative may have predeceased you or are no longer able to fulfill their roles. For these reasons, it is recommended that you review your estate plan with your attorney every 3-5 years.
Excuse #3: My loved ones already know my wishes. When the time comes, you can’t assume family members will carry out your intended wishes regarding your health care, the termination or continuation of life support or the distribution of your property. Proper planning takes the stress off your loved ones in a time of grief. Your wishes should be clearly written and properly executed.
Contact the estate planning attorneys at Weaver | Budd today to schedule a consultation regarding your estate plan. Call (704) 841-0760.
F. Lee Weaver is an estate planning, estate administration, and corporate law attorney at Weaver | Budd, Attorneys at Law. Contact Lee at Weaver | Budd at (704) 841-0760. The information contained in this article is general in nature and not to be taken as legal advice, nor to establish an attorney-client relationship between the reader and F. Lee Weaver or the law firm of Weaver| Budd.