Charlotte-Mecklenburg Estate Planning Attorneys
Also serving the Lake Norman and Lincoln Co area from our Denver, NC office
Achieving Your Goals Through Well-Crafted Estate Plans
Whether you are starting a family, growing a business, going through a divorce or approaching retirement, your estate plan needs to reflect your goals. At the Knox Law Center, our lawyers understand how changes in your life affect estate planning. They are also prepared to help you through complex estate planning litigation.
Clients often call us after they have gone through a life event and ask us, “Do I need to change my will?” The answer is – that depends. If you have gone through a divorce, you probably want to change your beneficiary and power of attorney designation. If you have started a business, you may to think about succession planning and protection of your personal assets.
There are many types of documents that are part of a comprehensive estate plan:
• A will or a trust. Which is better for you depends on your needs and your assets. If you have significant assets, a trust can help you minimize or avoid estate taxes. It can also enable you to avoid probate and pass property directly to your beneficiaries. However, North Carolina probate is not as cumbersome and expensive as it is in other states. Most people do not need a trust.
• A living will. In North Carolina, a living will enables you to control what medical treatment you will receive if you are in a terminal state with no hope of recovery. If you are opposed to life-prolonging measures such as feeding tubes, a living will enable you to communicate your wishes to family members and medical providers.
• Powers of attorney. Heath care and financial powers of attorney are documents that allow you to designate a trusted person to make decisions for you if you are incapacitated and unable to communicate for yourself. These documents can be used to avoid having a guardian appointed if your loved one becomes unable to handle his or her affairs.
To talk to a lawyer about your estate planning needs, contact us today using the form below.
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