Having affairs in order before you die can help to ease the pain of death.  Estate planning offers a framework for family as well as friends to grieve their loss without the additional stressors.  They do not have to sort out what they feel you might have wanted or how you might have wanted the estate handled.  Estate planning concerns power of attorney, a will, health care directives and information concerning the estate and wishes of how to deal with it once you pass.

Basic Estate Planning Starts with a Will.

Writing a Will can help to prevent natural competition experienced in some families when a loved one is lost.  The idea is to make a list of your basic wishes as to how you want your property distributed and to suggest someone that you want to handle your affairs and ensure that your wishes are followed.  In general, wills outline an orderly distribution of properties and gives direction if someone dies before you.  The will can also protect assets that are passed to minors.  Usually, one does not pass personal property through the will because it is fluid in nature.  Other than property that has significant sentimental or monetary value, personal property is generally disposed of in other manners.

Minor Children Need to Be Considered in an Estate Plan.

Basic estate planning also deals with the treatment of minors.  The will should address what should happen to minor children, if you have or expect to have any at the time of your death.  While you will not have the ultimate say in what happens to the children, as that is left to the discretion of the court, you can have a say in the plan for the estate.  In many cases, it is possible for you to name the person or persons you want to be their guardian(s).  In most cases, the wishes of the deceased are followed unless there is a valid reason that the person named needs to be disqualified.

Minor children that will eventually receive money or items through the estate are protected by placing their share of the estate into a trust until they reach the set age.  When a testamentary trust is contained in a will, there is no need to spend money or time to create and fund the trust.  It is automatically created at your passing and funded with any assets that would pass to a minor child.  Matters are simplified and you are ensured that the gift is used to support the minor child.  North Carolina laws help to deal with these trusts and to ensure your wishes are carried out.

Power of Attorney and Health Care Directive Important Part of Estate Planning.

One other aspect of basic estate planning that is as important as any other has nothing to do with your estate after your passing.  It deals with your estate and you while you are alive but unable to help yourself.  The two basic documents include the healthcare directive and durable power of attorney.  These two documents come into play if you are incapacitated, in the hospital or otherwise unable to manage your affairs.  The incapacitation might be due to either physical or mental issues.  In general, they are only for the length of time you are incapacitated.  The healthcare directive also addresses basic issues of what happens to your remains after you pass.

These two documents are a necessary and should be included in every person’s basic estate plan.  They can save both aggravation and time for those who will be making the decisions in case you do suddenly become incapacitated.

Estate Planning Is a Must for Everyone.

The basic estate plan needs to be an important part of the life of every person.  It does not matter if you have a significant amount of property, money or personal possessions or very little, the basic estate plan is necessary for each individual.  Preplanning can make a major difference in the peace of mind for your family and friends during an otherwise traumatic time.  Basic estate planning forms an important key to a well-rounded life plan.  A Raleigh / Cary lawyer can ensure you make appropriate plans.