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How Early Should You Start Estate Planning?

Posted on August 15th, 2021

At Daly Mills Estate Planning, our Mooresville estate planning attorneys provide our fellow North Carolinians with customized legal strategies that are designed to effectively protect our clients and their futures.

For many individuals and families, estate planning is something that is often delayed, for fear of having uncomfortable conversations with their loved ones about end-of-life decisions.

The reality is, estate planning is not relegated to the aging, ill, or disabled.

Estate planning is organized with purpose and distinction to include asset preservation and life care planning, which should start now.

Estate Planning Allows Our North Carolina Residents to Plan Beyond a Will

Certainly, wills and estate planning share some commonalities, but they are far from the same.

A will is a single component of an estate plan that will allow you to leave your property and assets to those you choose while designating legal guardianship for minors in your care.

Estate planning does include a will, which is an integral part of your future.

However, complete estate plans should also include:

  • Appointing a Power of Attorney

Your Power of Attorney is the person who will make financial and health-related decisions in situations where you are incapable of doing so. Your Power of Attorney should be fully aware of their responsibilities, so they can carry out all instructions regarding your wishes.

  • Living Wills or Advanced Directives

An Advanced Directive is essentially a Living Will that provides detailed instructions for your medical care, should you become incapacitated. This may include the conditions you are willing to live with and those you are not, so your Power of Attorney can provide the medical staff and your family with clear instructions regarding your personal wishes.

A living will afford little room for misinterpretation and protect everyone involved from carrying out any other direction than the one you have provided.

  • Trusts

When you incorporate a Trust or Living Trust into your estate plans, it will allow you to keep most of your assets out of the probate process and may lead to lowered taxation once the estate is settled.

Avoid the Time & Expense of Probate in Charlotte, NC

Estate planning will require you to think about what will happen to your loved ones, your assets, and your wishes after you are gone.

When you are gone, your estate plans will dictate your complete end-of-life decisions and how your assets will be distributed.

Without a will even if your family is aware of your wishes and is willing to carry them out to the letter the process will become lengthy and potentially expensive by entering the probate process.

If there is a will, and someone contests it, the probate process may become even more costly and time-consuming.

Probate is the judicial process in which a will is proven inside a courtroom, which inherently includes attorney charges and litigation costs.

With the proper estate planning tools and resources, you can avoid this unfortunate scenario.

At Daly Mills Estate Planning, we will help you and your family draft the necessary documents to protect your estate during both life and death.

Estate Planning Ensures Your Wishes are Honored

No matter your age, estate planning allows you to oversee your current and future decisions to ensure your wishes are honored in both life and death.

That includes ensuring your medical care is handled the way you wish, or that a trusted individual can make those decisions for you when you cannot.

We will also ensure everything is handled precisely the way you want when you are no longer able to give those directions.

At Daly Mills Estate Planning, our Iredell County estate planning lawyers believe it is important to honor each of our client’s individual wishes, which is why we empower them no matter their ages to make important and necessary decisions that ensure their futures are handled with care.

Contact Our Skilled Mooresville & Iredell Area Estate Planning Attorneys Today

Our estate planning attorneys in Charlotte, NC provide our clients with upfront, flat-rate fees, instead of a billable-hours model, so everyone can keep more of what is theirs.

To learn more about how we can help you and your family create a customized estate plan to protect your legacy, call us at 704-286-8437 to schedule an initial consultation with our Estate Planning attorneys in Mooresville, North Carolina at Daly Mills Estate Planning today.