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Include these 3 components in a simple estate plan

On Behalf of | Oct 28, 2021 | Estate Planning

Some North Carolina residents put off making estate plans because they worry about the cost or time commitment involved. However, doing so may mean more work and less money for your loved ones in the long run, and the decision not to create an estate plan may, too, have medical implications. The good news is, your estate plan does not need to cost you a lot of money and time to be effective.

According to Bankrate, you may be able to accomplish some of the most pressing estate planning objectives by creating a plan that contains the following three components.

A will

A will helps ensure that your assets wind up where you want them. There are certain steps you need to take to validate your will in North Carolina, but none of them are especially complex.

An advance medical directive

An advanced health care directive lets you say what you want to happen if your health takes a turn for the worse and you become unable to vocalize your thoughts. You may use an advance directive to address whether you want resuscitation, to donate organs and so on.

A power of attorney

A power of attorney is a legal document granting someone the ability to make financial decisions and access your bank or other accounts. Giving someone power of attorney reduces the chances of debts going unpaid after your passing, which could otherwise eat up some of what you plan to leave behind.

A simple, three-component estate plan is advisable, regardless of your assets or family size. Contact our firm to learn more about creating one for yourself.