Estate planning considerations

On Behalf of | Feb 13, 2018 | trusts

Many people in North Carolina put off estate planning, and some people pass away before they ever complete their plans. It is important for people to draft their estate plans sooner rather than later so that their families will be left with fewer burdens.

Good estate planning involves more than simply deciding how assets will be divided among family members. People should also think about other things that can make dealing with their deaths easier on their loved ones. As people draw near to the end of their lives, many want to leave money behind to charity so that they can positively impact the lives of others. This desire may be implemented by establishing charitable trusts.

People should gather together their wills, trust documents, titles and account information and keep them in a safe location. They should also make certain that they tell their family members or their lawyers where these documents can be found so that they can be easily obtained once they die. People may want to plan for their funerals and burials so that their families do not have to take care of the details and are not burdened by the expense involved.

If people want to be able to pass their assets to their loved ones outside of the probate court process, they might be able to do so with effective trust planning. Assets that are held in trust do not go through the probate process, allowing the family members to enjoy more privacy. People may want to discuss their objectives with experienced estate planning lawyers so that they might be able to create documents that may offer the greatest benefits to their loved ones while avoiding unnecessary taxes.