When a loved one dies, people go to the funeral home for final arrangements and often talk about the wishes of the deceased. They might also talk about the assets that were left behind and what will happen to them in the wake of death. If no will is produced, people generally decide what will happen to all or most of the assets after the deceased passing away. Often this involves taking care of any debts the family left behind, and sometimes they decide to sell those assets in order to pay off creditors and ensure that the family has some money available to ensure its continued existence.
In some cases, individuals can make a will themselves, however it may be difficult to do so, especially if you don't live in North Carolina. It may be wise to have an estate plan prepared by an experienced and qualified attorney in Raleigh. The best way to do this is to contact an estate planning attorney in Raleigh immediately after you have made the decision to place your loved one to rest. He or she can assist you and your loved ones in any legal matters that may arise, and work with you to draft the best plan possible for your needs. The plan should be designed in accordance with the wishes of the deceased and include any conditions that he or she may have had for cashing out any assets. The goal is to leave your family members with as little assets as possible, so they are not burdened financially.
Because estate plans are typically very complex, it is vital that the deceased take their time in making the ultimate plan. Family members must all agree on the plan, and the attorney must have an extensive understanding of state and federal laws. He or she will collect information from everyone involved and compile it into a plan that meets the needs of everyone. Then the plan will be presented to the court for approval. An estate plan can have several beneficial effects on beneficiaries and can even provide for those left behind financially during the course of the individual's life. It is therefore important to consider what assets, if any, you wish to protect during your golden years.
A Raleigh estate plan can also work to ensure that your loved ones do not become short-changed when it comes to inheritance taxes. If you have already planned out the distribution of your properties and other assets, you might not need an attorney to help complete the plan. Your loved ones, however, should be included in the process from the start so that they can receive the benefit of any assets that you decide to add. The government taxes any inheritance, even if no one is actually receiving a check.
If your loved ones cannot retain an estate planning attorney on their own, they can work with an experienced friend or relative to help. This is helpful if they are not able to meet all of the requirements. This friend or relative can act as an attorney for the purpose of making sure that everything is done according to the plan that has been arranged. Many times there is little difference between this and hiring a lawyer, except that you will have two individuals working on the plan in place at the same time.
You can always check with the North Carolina State Board to see what the rules are for obtaining an estate plan. If you are in the process of setting up such a plan, you should begin the process as soon as possible. This is especially true if you have already reached middle age or if you are nearing the end of your life. If you think that this might be something for you to consider, you should check with an attorney today. You never know what your situation will be in the future.
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