Concord Wills Attorney

Concord, NC Wills Attorney

Estate planning can be a difficult process. Acknowledging that life will one day end can be a tough reality to face. However, it is an important step in deciding what to do with everything you have accomplished during your life. It is important to customize a will to meet the needs of your family. This can help you continue to have a positive impact on their lives even after you are gone. A will helps you make decisions about the financial assets you have acquired. It also determines how to divide any property you own, who may receive custody of your children, and who will act as the executor to oversee the entire process.

Executing a will may seem as easy as writing everything on a piece of paper and signing it. However, there is much more to the process of having a properly structured will. Working with the experienced and knowledgeable estate planning attorneys at Pinnacle Law can help you strengthen your will. This can eliminate the potential for future conflicts among beneficiaries.

The Purpose of a Will

A will serves as a clear legal plan for how your finances and assets should be divided in the event of your death. If you pass before you have a will in place, your assets may be frozen for months or years as the court system makes determinations on your behalf. The court will decipher how they think divisions should happen. Unfortunately, without your wishes in place, a court may make decisions that are not what you would have preferred. This includes who may gain custody of your children or how your business should be divided.

Working with an estate planning attorney, you can ensure that your wishes are drafted accurately, reviewed appropriately, and solidified legally. While working with an attorney is not required, they can help minimize the potential that your will is challenged in court later. A well-written will can help your heirs and beneficiaries significantly after your passing.

A will gives the testator, the person who writes the will, the opportunity to distribute their assets to their preferred beneficiaries. Beneficiaries can include loved ones, friends, or even charitable organizations.

Dying Without a Will

Beyond freezing your assets, there are other challenges that can arise when a person dies without a will in place. This is known as dying “intestate.” Your assets are then controlled by a representative of the probate court. This person must follow intestacy laws that influence how assets are distributed. These laws make assumptions about how the average person may wish for their assets to be distributed. This creates a succession process for your property known as intestate succession.

In short, if you pass without a will, the state will make one on your behalf, whether it is what you would do or not.

Wills vs. Trusts

Outside of a will, trusts are another common way to plan for assets to be distributed to your beneficiaries. While both provide a legal expression of your wishes, they each serve different functions. Wills must, however, pass through the court system. This can delay the authentication and execution of your will upon your death.

Conversely, a trust bypasses the court system, which may be beneficial to your beneficiaries. However, once a trust is in place, the power is, in most cases, taken from you and placed into the hands of your designated trustee. This trustee is responsible for executing the trust according to your wishes. They also have the power to make decisions that could impact the trust as a whole or your beneficiaries.

Trusts further differ from a will because they can begin prior to your death. For instance, you have a child who you would like to pass certain assets to on their 18th birthday. You may create a trust for that child that begins on their birthday, regardless of whether you are still living.

Speaking with your estate planning attorney can help you determine which type of trust is right for you. You may find that a combination of both will help you achieve your desired goals.

FAQs

Q: How Do You Find an Attorney for Wills?

A: There are several ways to search for an estate planning attorney. One is to ask other friends and family members if they have used the services of an attorney they recommend. Other ways to decide which attorney is right for you are to:

• Read reviews online.
• Look for articles or journals they may have contributed to.
• Review their website.

All these resources help give you a picture of who they are and whether you would like them to represent you.

Q: What Kind of an Attorney Does Wills?

A: Legal advice for wills, trusts, and all estate planning decisions should come from an estate planning attorney. With their knowledge and experience, you can effectively create a proper will. This can help you continue taking care of your family and beneficiaries after you have passed. Your attorney can assist you in understanding what to include and in creating the strongest will possible.

Q: How Much Does a Will Cost in North Carolina?

A: The costs for establishing a will may vary depending on your particular circumstances. However, the cost of setting up a will is generally quite low. Some attorneys may only charge a few hundred dollars to prepare the documents and help with the filing. The more time an attorney needs to put into your will, the more it may contribute to the overall costs.

Q: What Are Some Tips for Hiring a Will Attorney?

A: Do your research. Reach out to those who are close to you for referrals. Speak to other professionals that handle similar personal financial areas, such as a financial planner. Once you have a few names, call the attorneys for a consultation to discuss the specifics of your will. Ask if they have provided these types of services before and how yours compares to others they have helped with.

Concord Estate Planning

Do not put off until tomorrow what you can do today, particularly considering tomorrow is never promised. This is never truer than for estate planning. The process can be confusing and difficult, bringing up more questions than answers. At Pinnacle Law, our knowledgeable and experienced attorneys can help you put your final wishes on paper. That way, you can continue to provide for your family even after you are gone. Contact our offices today and let us help you plan for tomorrow.