Some Charlotte residents may not immediately recognize why they need an estate plan. While marriage and children prompt many to consider the future of their assets and how to distribute them, younger or single people may not see the need for a will, trusts or other estate documents. This is especially true for people who are not particularly wealthy. However, there are a number of reasons why people of all backgrounds may want to consider an estate plan to benefit themselves and those they love.
How making an estate plan can benefit people
Are you hesitating to sign a power of attorney?
If your estate plan does not include a power of attorney designation, that may be because you have some confusion about what the document is or about what it may mean for your future. Certainly, it is not easy to think that a day may come when you cannot make financial, legal or medical decisions for yourself, and signing those powers over to someone else may be a terrifying prospect.
The importance of an estate plan
People in North Carolina should strongly consider developing an estate plan, even if they do not have any children or close relatives. An estate plan can be very useful in helping people to manage their assets and prepare for the unexpected events that may occur in their life.
Balance secrecy with trust beneficiaries' right to know
Trusts provide vehicles for people in North Carolina to pass on assets to heirs. Benefactors sometimes want to keep these trusts secret, at least for a time, so that younger heirs will not grow up with the expectation of receiving a large inheritance. Concerns about young people developing a spoiled attitude or wasting their lives prompt benefactors to withhold information from their heirs. The law, however, could likely require some form of disclosure eventually.
The tools that can help organize an estate
Everyone currently living in North Carolina and everywhere else in America will die one day. Therefore, it is worth taking time now to plan for what happens to everything left behind when that happens. Basic estate plan tactics include creating a will and designating an executor. An executor can be a friend, family member or any other trusted person, and it is possible to have more than one executive.
