A carefully planned estate is very important to ensure that your assets transfer per your request. Without a Will, your probate assets pass according to state law, which may likely result in assets not passing according to your wishes. Dying without a Will often results in conflicts among heirs as well as unnecessary delays and expenses. A properly planned estate directs the distribution of your assets, contemplates estate and income tax planning, and eliminates uncertainties and potential estate disputes.
Estate planning is a comprehensive process which may include:
- Last Will and Testament
- Revocable Trusts and Irrevocable Trusts
- Powers of Attorney
- Health Care Powers of Attorney and Living Wills
- Life Insurance
- Succession Planning
Last Will and Testament
In addition to directing the disposition of your estate assets, a Last Will and Testament appoints one or more Executors and alternate Executors to properly administer your estate according to your written directives. If you have minor children or family members with special needs who require a Guardian, then it is particularly important to have a Will that designates Guardians and alternate Guardians for minor children.
Revocable Trust and Irrevocable Trusts
Certain types of Wills can be combined with different types of Trusts to provide asset protection and privacy. Trusts are excellent tools to manage assets for beneficiaries and avoid probate. Estate planning includes tax efficient transfers of wealth that reduce probate expenses and legal fees.
Powers Of Attorney
A Power of Attorney authorizes your Attorney-in-Fact to take care of business and financial affairs on your behalf at any time.
Health Care Powers of Attorney and Living Wills
Health Care Powers of Attorney authorizes your Health Care Agent to make medical decisions for you if you are completely unable to express your own Health Care wishes. The Living Will is the document used to declare your personal affirmative declaration as to whether you desire a natural death.
Health Insurance Portability and Accountability Act Release
The HIPAA Release gives the person(s) you designate the power to obtain your medical information on your behalf. It is imperative that your Health Care Agent be given this authority to obtain your medical information so they can make informed decisions on your behalf.
Advanced Estate Planning
Our experienced Estate Planning attorneys at Danica Little Law, PLLC can assist you in areas such as Life Insurance Trusts, Charitable Planning, Business Succession Planning and Asset Protection.
Our experienced North Carolina and South Carolina Estate Planning attorneys at Danica Little Law, PLLC serve clients in Charlotte, Southpark, Ballantyne, Waxhaw, Huntersville, Lake Norman, Mooresville, Concord, Gastonia, Belmont and other areas in Mecklenburg County, Union County, Cabarrus County, Iredell County, Gaston County, and in North Carolina and South Carolina. Estate Planning Lawyer Danica Little is a North Carolina Board Certified Specialist in Estate Planning and Probate Law which is a designation held by less than 1% of all North Carolina attorneys.