Estate planning is anticipating and arranging for the disposal of an estate. It is the process of designing who will receive your assets and also handle your responsibilities after your incapacitation or death. The main purpose is to help reduce uncertainty in the administration of the incapacitated or deceased person. A good Estate plan should consider how the estate will be run. This includes what you want to happen to the property upon the event and the financial well-being of the family. These are some of the various methods of estate planning attorney Charlotte, NC and we share some here.
Various Methods of Estate Planning
Estate planning with wills is a form of estate planning that gives the person eternal freedom to distribute the estate however they like. There is also estate planning with a trust, where you create a trust and transfer the ownership of all the property to it. A living trust is created with three parties: the creator, beneficiaries and trustees. You can determine when the assets are passed on to the beneficiary, which doesn’t have to be immediately upon death. A living trust can be revocable when you are alive but is irrevocable when one dies. The last is the power of attorney, which is the power a signor gives to the signee to manage the property on their behalf while they are alive. This is revoked upon the death of the Signor.
Conclusion
Whether your assets are large or small, our estate planning lawyers in Charlotte can help you control who manages them and determine who will inherit the property and when. When setting up your estate and the debt of your loved one, we have our estate planning attorney Charlotte, NC, who can assist the executor with probate and estimate administration.
