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.
In the first place, making an estate plan isn’t only about dividing a person’s belongings after death. Powers of attorney are critical documents to have in place in case of an unexpected incapacity that could take place after an accident or other emergency. Legal and financial powers of attorney can name a trusted individual to manage business matters or even just pay the bills while a person is unable to do so. In addition, an advance directive or living will can specify the kind of actions to be taken in case of incapacity as well as naming a health care proxy to make critical decisions at that difficult time.
In addition, many people have loved ones that may be close to them but who are not recognized under state intestacy laws, which generally benefit close relatives first. By making even a simple will, people can help to ensure that their assets go to the people they want to receive them. They can also help to avoid future fights or squabbles over the future of those belongings.
Many people can benefit from making a plan for the future. An estate planning attorney could help people to draft key documents like wills, revocable trusts and powers of attorney that reflect their vision for their assets and decision-making needs.