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It is a common misconception that estate planning is only for those with considerable wealth or those who have reached the latter stages of life. In truth, estate planning can bring numerous benefits to a vast array of people.
Reluctance over estate planning places your final wishes at risk and could put undue stress on your family members. For these reasons, it is important to address your estate plan as soon as is practicable. A will is an estate planning instrument that can bring your final wishes to fruition. Outlined below are some of the key reasons why you should consider drafting a will.
With a will, your executor can ensure that all outstanding financial obligations are met and that your assets are allocated according to your precise instructions. At times, people are of the opinion that merely uttering their wishes verbally to a family member is enough to get this done, but it isn’t. The courts tend to have a difficult time classifying verbal discussions as legally binding arrangements. Having a will in place is a much safer way to ensure that everything goes according to plan.
The parents of younger children tend to put off estate planning because they think they have their whole life in front of them. While this is most likely the case, unexpected events do occur sometimes. A will can implement measures that ensure your children have a suitable guardian to care for them, should something happen to you. This can be a family member, close friend, or anyone you deem to be suitable.
It is important to remember that wills can be adjusted to reflect your unique circumstances. In fact, it is beneficial to review them from time to time. As you make plans for the future, remember that you have legal rights in North Carolina.