Talking about estate planning can be hard for families in North Carolina, but it is important to do so before a health crisis occurs. Parents can start early, discussing their values and how to manage money with their children when they are young.
College students in North Carolina and around the country may feel that they have little need to worry about estate planning, but this type of thinking can cause real problems in an emergency situation. While young people are unlikely to have accumulated enough assets to concern themselves with wills or trusts, other estate planning tools like health care authorizations and powers of attorney could be extremely valuable even to those who still have decades of life ahead of them.
Like many other North Carolina residents, you may have worked on creating an estate plan once you married, and you may have decided to feature your spouse prominently in those future plans. At Daughtry, Woodard, Lawrence & Starling, we understand that your estate plan may require updating once you and your spouse decide to go your separate ways, and we have assisted many clients as they navigate this and many other divorce-related issues.
When you hear your parents discussing their estate plan, you may not immediately think about beginning to coordinate your own plan for the future. In fact, you are not alone because many people in North Carolina associate an estate plan with people who are retiring or who make a considerable amount of money.
Those in Smithfield who have yet to tackle their estate planning are not alone; a number of American adults seem to be hesitant to begin the process of planning how their end-of-life are to be handled. Indeed, study data shared by the American Association of Retired Persons shows that as much as 60 percent of American adults do not have a will. Many may not know this, but the state has laws which detail how one's assets are to be dispersed if they die intestate (without a will). Understanding exactly what the state's intestate succession guidelines are may help one see what limitations their lack of estate planning may impose as to who can benefit from their assets.
If you are in your second or subsequent marriage and you and your spouse have decided that now is the time to firm up your estate plans, you will want to learn as much as you can about a range of tools that might be appropriate for your situation. For blended families in North Carolina, a simple will may not be the recommended approach to an estate plan as it may not be able to accommodate all the complexities involved in the varying familial relationships.
As a young North Carolina resident, you may not think you need a will if you do not yet have children or significant financial assets. However, there are many important benefits to estate planning, no matter how old you are. Taking the time to create an estate plan makes it possible for you to have more control over your medical care, digital assets and other property.
When people are beginning to plan their estate in North Carolina, they are one step closer to a more productive, efficient and relaxed future from a financial standpoint. However, their efforts should not stop once an estate plan has been put in place. With active measures to maintain its legitimacy and optimize its productivity, people can use frequent assessment to make sure their plan stays as current and valid as possible.