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Why Estate Planning is Important Regardless of Your Age or Wealth

Posted on March 29th, 2022

At Daly Mills Estate Planning, our Mooresville attorneys know that talking about what happens to your assets, minor children, or other important accomplishments after you pass away is never a popular conversation to have.

Unfortunately, younger adults and those who do not believe their assets are significant enough to require an estate plan often continuously delay the process.

Estate planning does not have anything to do with age or how much money or other assets someone has. It has everything to do with ensuring your wishes are followed and avoiding probate, so the state is not tasked with distributing your assets or exposing your private details to the public.

Our Iredell County estate planning attorneys assist North Carolina clients of all ages and wealth levels with estate administration and probate plans to ensure they are protected in life and death.

Here is why both are equally important when drafting your estate plan.

Formalize Your Wishes With the Necessary Legal Documents

Whether you are single, living with a partner, or married, at the very least you will need a living will that appoints a durable power of attorney in case you become incapacitated.

Certainly, no one considers falling ill or becoming incapacitated, especially when they are healthy. Unfortunately, vehicle accidents or other emergencies can leave you without a voice.

Appointing a durable power of attorney and outlining your wishes in a living will allows your wishes to be carried out by a trusted advisor, friend, or family member by detailing how life-sustaining medical decisions should be made in the event of your mental or physical incapacity.

Next, we can help formalize your wishes regarding asset distribution using wills or trusts that fit your unique estate planning needs. We can help you formally name an executor, who will be responsible for handling the financial affairs of your estate after you are gone, including managing assets in trust on behalf of your beneficiaries and paying any outstanding debts or taxes.

Name a Guardian for Minor Children

If you have children, it is important to name a guardian for all minors, so your kids will be cared for if anything happens to you and/or their other parent.

The guardian should be named in the appropriate legal documents that are part of your estate plan while outlining who is responsible for managing the assets that will be distributed to your children according to your wishes.

Contact Our Skilled Lake Norman Area Estate Planning Attorneys Today

No matter your age, assets, or health, partnering with a Mooresville estate planning attorney can help you answer questions about your current life insurance coverage to provide a source of income for surviving family members, or how to protect your assets as you age, so you can receive the care you deserve.

To learn more about how we can help you and your family create a customized estate plan to protect your current and future wishes, call us at 704-878-2365 to schedule an initial consultation with our skilled attorneys in Mooresville, Charlotte, NC at Daly Mills Estate Planning today.