Thorough Huntersville Lawyer Handles Estate Planning
North Carolina attorney helps with wills, TRUSTS, advance directives and related issues
Careful estate planning now can give you peace of mind in the future. Lake Norman Wealth Counsel in Huntersville, North Carolina understands the sensitive nature of these discussions. We can apply our years of experience to draft documents that distribute assets the way you desire and accurately communicate your wishes regarding medical care and decision-making.
Drafting wills that form the basis of your estate plan
When people think of estate planning, wills usually come to mind first, and for good reason. A properly drafted will can help you accomplish many goals, such as distributing assets to the people and organizations you choose, selecting a person to manage the distribution of your assets (an executor/personal administrator) and nominating a guardian for minor children. Our firm drafts wills and amendments to wills (codicils) that clearly express your intent. We fully understand all the requirements for valid wills in North Carolina and will advise you throughout the process.
Living trusts can save your family time and money
Living trusts can be helpful in managing your estate while you’re alive and simplifying estate administration for your family when you’re gone. Advantages of living trusts include:
- Maintaining your privacy, because trusts do not go through probate
- The ability to choose a person to manage the trust if you become incapacitated
- Reduced estate administration costs, since a living trust is not probated
- The ability to provide for minor children by giving them a share of the estate when they reach a certain age
- The ability to structure dispositions in a way that achieves more favorable tax treatment
We can help you navigate the many nuances of establishing or modifying a living trust.
THE IMPORTANCE OF FUNDING YOUR REVOCABLE OR IRREVOCABLE TRUST
Funding, funding, funding!! Funding is the process in which you title your assets you own so that they are now owned by your Trust. It also means you properly designate the Trust to be the beneficiary of any designated beneficiary accounts like life insurance or retirement accounts.
The importance of funding your Revocable or Irrevocable Trust cannot be stressed enough! At Lake Norman Wealth Counsel, we understand this. Without properly funding your Trusts, they will not work as intended nor avoid probate.
At Lake Norman Wealth Counsel, we provide the necessary funding instructions, certificate of trusts, and custom complex beneficiary designation forms. We communicate effectively with your financial advisers, banks and other account administrators. We promise to continue to advise you on funding even after we deliver your original estate plan and trust packages so the Trusts we created for you work as intended.
ADDITIONAL INFORMATION ON THE DIFFERENCES BETWEEN WILLS, TRUSTS AND DYING WITHOUT AN ESTATE PLAN/WILL
Please read some additional information on the differences between having a Will, a Trust based Estate Plan or having no Plan at all:
Living wills let you direct your own medical care
While living trusts deal with your property, living wills deal with your future medical treatment. Also known as advance directives, living wills state what choices you would make about your medical treatment if you were able to communicate. These choices direct doctors and health care providers on whether to continue or to withhold life-sustaining measures, for example. Advance directives must comply with North Carolina law to be valid. We can provide valuable guidance to help you employ these useful tools.
Powers of attorney give designated people authority
Powers of attorney come in two forms: financial and health care. They are similar in that they both allow you to appoint a specific person to make decisions for you when you cannot. A financial power of attorney empowers a person you choose to write checks from your accounts, make decisions about selling your property and more. A health care power of attorney allows a person you choose to make all health care decisions for you, such as determining who receives your medical records and giving consent for surgery.
Learn about estate planning with a free consultation at our Huntersville office
Reach out to Lake Norman Wealth Counsel in Huntersville, North Carolina for comprehensive estate planning services. We offer a free initial consultation. Call us at 704-727-2026 or contact us online.