Plan for Your Family’s Future with Help from Charlotte Estate Planning Attorneys
While many people think of estate planning as a luxury reserved only for the very wealthy, anyone can—and should—draft a will and preserve their family’s assets. Because this area of law can be so confusing, the Charlotte estate planning attorneys at Smith Horton Law advise everyone to get help from qualified legal professionals.
You probably have many questions about building a strong estate plan. We have listed answers to some of the common questions we hear at Smith Horton Law.
Schedule your consultation with the Charlotte estate planning attorneys at Smith Horton Law today. Dial (704) 734-9797 or contact us online.
Do I really need a will?
Yes. While it may not seem essential, a will helps you declare your interests with the strength of the law. By having a will in place, your property can go to the right people instead of the government. Plus, you can always change your will if you want.
How can I ensure my wishes are carried out if I’m not mentally capable?
By establishing a Power of Attorney, you can make your wishes known about how to proceed with certain medical decisions, financial decisions, and property assignments. A Power of Attorney will also allow you to delegate decisions about your life to someone you trust. Smith Horton Law can help you identify which questions to ask yourself about who should be given that trust.
What is probate?
Once a person passes away, their assets are assessed by the government. If there is property that has not been protected or given away, it will most likely be liquidated in probate court to pay off any debts. The value of a strong estate plan is that you can avoid having your estate go into probate by using certain vehicles like trusts.
Why would I put my money in a trust? Won’t I lose access to it?
While it may seem like a trust puts a wall between you and your assets, the truth is that it protects your estate from being too valuable. If you have too much value in assets when applying for Medicaid, for example, you will be denied or have to pay large fines. By putting your money in a Medicaid trust, you can specify that money to go to the costs you would already pay, plus your net worth will be lower to make the application process easier.
If you have a child or loved one with special needs, a trust is crucial. Because their costs for medical care can be so high, a trust can ensure they will have money to pay for the care they need without being penalized for having large sums of money. Let us help you learn more about how to make the best use of trusts.
What should I specify in my will?
There are some obvious basics in a will, such as how money and other assets should be divided. However, writing a good will means looking for all the other things you might miss. For example, you will need to name an executor—someone you trust to carry out your wishes. If you have minor children, who will be their guardian? Who will be the heirs to all your property? Will those heirs receive equal amounts from your estate?
At Smith Horton Law, we know the important questions to ask that will help design an ironclad will. It is important that you get the help of qualified legal professionals to ensure your planning is done right. Call us today to schedule your consultation.