Estate Planning in North Carolina
A common misconception is that you don’t need to formalize an estate plan until you are retired, or nearing retirement age. However, this is not the case. You can start estate planning as early as 18 years old.
What is an estate plan?
An estate plan is a formal, legal plan that provides instructions for what you want to happen to your assets and property after your death or incapacitation. Having a formal estate plan is the best way to ensure that your final wishes are met after your passing. It also prevents any confusion for your family members, who would otherwise need to figure out what to do with your belongings.
Assets typically covered in an estate plan include:
If you do not have an estate plan at the time of your passing, your assets and property will be distributed based on state intestacy laws. This means that the State will determine how your estate is divided among family members.
When should I start planning?
There are numerous life events that may signal that it’s time to start estate planning.
Starting a savings account
After purchasing a home
After getting married
Once you begin having children
If you get an inheritance
Once you begin having grandchildren
When your family is growing, or you begin to acquire assets and property, it’s a good time to start thinking about an estate plan.
Updating your estate plan
Your estate plan can be modified throughout your life. After all, what you have at age 18 will not be what you have at age 30 or age 65. When you go through any of the life events listed above, it is a good time to modify your estate plan to account for your new circumstances.
Charlotte Family Attorneys
If you are interested in beginning the estate planning process, contact Rech Law, P.C. today. We provide compassionate counsel as you make decisions about the future.To learn more about estate planning call us for a consultation at (704) 659-0007, or click here.