Estate Planning Lawyers
Our Asheville law firm can help you and your family plan for your future with comprehensive estate planning services. Estate planning is about protecting yourself and your beneficiaries in various circumstances or death. In the United States, every person possesses an estate, regardless of assets or age. Legally, an estate is defined as the sum of your assets and a set of instructions. Estate planning is essential to organize assets, taxes, and your beneficiary structure, as well as, ensure the instructions for your death or medical circumstance are followed.
Professional counsel at Goosmann Rose Colvard & Cramer, P.A., can aid in the drafting of estate planning documents, including a will and power of attorney, and confirm your financial and personal plans in writing. There can be legal challenges associated with estate planning, which makes working with experienced and knowledgeable estate attorneys crucial to the estate being organized properly. Our WNC lawyers understand estate planning can be a difficult or controversial subject for you and your family, which is why we treat every client with sensitivity, courtesy, and compassion. Each client will receive custom legal solutions tailored to your specific needs. Whether you are beginning to plan for the future or already know your plan and need suppoting documents to accomplish it, our North Carolina estate lawyers can help. Contact us today to learn more about estate planning and schedule an initial consultation at EstatePlan@grcclaw.com!
Components Of An Estate Plan
There are several components of a comprehensive estate plan, each essential to preparing your affairs. No two plans are exactly alike but every individual should have a Will, utilize a Trust, declare a power of attorney, and plan for their financial assets to further organize their future. Our estate lawyers will use these legal instruments to legally bind your decisions regarding your beneficiaries, assets, medical and death arrangements, and more.
Wills
There are several types of wills that each serves a unique purpose and are highly customizable. There are degrees of complexity to wills depending on the person's family, assets, and tax objectives. A living will is an estate planning document that can help your family understand how to make decisions in case of an emergency or medical crisis. A "Living Will" is not a formal Will and should accompany a Last Will And Testament. A Last Will And Testament is a formal written document stating a person's decisions on certain matters including, the distribution of finances and property, and their personal wishes. A verified Will can help beneficiaries avoid the state probate process and interpersonal conflict. There are variations of wills that can designate everything to an established trust or include beneficiaries to be excluded such as friends, stepchildren, or charities. Wills are capable of enforcing various legal decisions including guardianship of a minor child, as well as trustee or executor appointments.
Trusts
A Trust is a legal entity that holds assets, typically for inheritance purposes. Trusts provide security for a family or grantor's assets and can simplify the distribution of assets and offer tax benefits for the beneficiaries, who are equitable owners of the trust contents. A trustee will be named to manage the trust and can be a beneficiary or a third party. They are excellent tools for people of all economic backgrounds to protect their children and family members in the event of their death. The provisions of a Trust can be customized and modified by the creator throughout their life. There are many custom solutions for Trusts that can hold the money until a certain age, allow money or property for specific things or people, or distribute assets slowly over a set period of time.
Power Of Attorney
Power of Attorney is an important legal document that empowers a responsible party, usually a family member, to make decisions for a person, such as financial and medical decisions. If a person becomes incapacitated or elects for their power of attorney to make a decision, the predetermined power of attorney will do so. There are various types of power of attorney documents that accomplish different goals. Choosing a trustworthy power of attorney can help protect you and your assets if you are unable to do so.
Asset Plan
An asset protection plan is an estate planning tool allowing a person to plan for what happens to their assets after their death. This can help prevent beneficiaries from being financially irresponsible and can help keep some assets away from creditors. Assets plans are essential safeguards for physical and digital assets that work with other components of estate planning to further carry out a person's wishes.
Health Directives
A healthcare directive, often otherwise called a living will, is a form of notice and guidance for your medical care, enabling your intentions to be known if at any time you are unable to convey the same due to illness or injury. The directive will detail your desires for health care and specifically what you want or do not want doctors do in life prolonging measures, such as artificial nutrition and hydration and other procedures. A healthcare directive/living will could also include instructions for pain management and general comfort and care that you would desire at the end stage of your life. In addition, you will typically also want a health care power of attorney, which will designate the person you would like to make your medical decisions if or when you are unable, and it is common for there to also be backup person(s) named in case your primary health care agent is unable to fulfill your medical decision duties or declines for any reasons. Lastly, a HIPAA Authorization is often recommended as it enables the person(s) you designate to speak with medical providers and share and receive medical information about you/your medical circumstances. The terms "HIPAA" refers to a Federal law governing the privacy of medical information (the Health Insurance Portability and Accountability Act of 1996) and can prevent medical providers from releasing information about your condition to your loved one(s) when that HIPPA authorization is in place.
Importance Of Estate Planning
Without an estate plan in place, your family and loved ones may be burdened with the responsibility of organizing and dividing your financial and personal affairs, and they may be susceptible to conflicts and tax burdens. All persons should have some extent of estate planning completed, regardless of the assets they have to pass on. If a person does not plan for their estate, the courts will decide who gets assets, which can cost your beneficiaries time and money and cause damage to their relationships. Proper planning can also aid your beneficiaries significantly when it comes to estate taxes and inheritance taxes. After all, the more of your assets that goes toward providing for your loved ones instead of the government, the better. Contact our high-experienced and personable estate attorneys in Asheville, NC today to schedule an initial consultation for comprehensive, customized estate planning solutions!
