Many people believe estate planning is only for the wealthy, but that's a dangerous misconception. Estate law affects everyone. Understanding the basics is the first step toward protecting your assets and your loved ones. At Weaver, Bennett & Bland, P.A. in Matthews, North Carolina, we help clients navigate this process daily.
What You Should Know About Estate Law
It's More Than Just a Will
A will is a vital component, but a complete estate plan includes much more. It also involves designating a healthcare power of attorney to make medical decisions if you can't, and a durable power of attorney for financial matters. These documents ensure your wishes are followed while you are still living.
It Helps Your Family Avoid Probate
Probate is the public, court-supervised process of distributing your assets. It can be lengthy, expensive, and stressful for your grieving family. Proper estate planning, often through the use of a trust, can help your estate bypass the probate process entirely, ensuring your assets are transferred privately and efficiently.
It Protects Your Minor Children
If you have children under 18, a will is the only legal document where you can nominate a guardian to care for them. Without one, a court will make that decision for you. An estate plan also allows you to set up a trust to manage their inheritance until they are financially mature.
It Must Be Updated Regularly
Your estate plan is not a one-time event. You should review it every three to five years, or after any major life event like a marriage, divorce, a new child, or a significant change in your finances. An outdated plan can be just as problematic as having no plan at all.
Don't leave your family's future to chance. A comprehensive plan provides peace of mind. To ensure your wishes are legally protected, contact the experienced estate planning attorneys at Weaver, Bennett & Bland, P.A. in Matthews, NC, for a consultation to review or create your estate plan.