June 2018 Archives

Creating an estate plan that family members will understand

Some people in North Carolina may have a will, but in some situations, a will may not be enough. There may be other elements to the estate plan as well such as powers of attorney and trusts. However, what the estate plan may not include is information that lets heirs know why certain decisions about the estate plan were made. Clarifying this may mean heirs are less likely to argue over or challenge the plan.

Using estate planners

North Carolina residents may find it beneficial to consult a professional estate planner when making arrangements for how their estate is to be handled after their death. Consulting a team of professionals when developing an estate plan can help ensure that there is an easier transition of the ownership of assets when a person dies. The team can consist of an estate planning attorney, a financial advisor and a CPA or accountant.

Using pour-over wills

A North Carolina resident can use a pour-over will as a backup mechanism to ensure that assets are passed to a trust after death. With a pour-over will, an estate owner is essentially designating their trust as the main beneficiary of any assets that are not already under the ownership of the trust or being passed directly to living beneficiaries in other ways.

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