When planning for the final disposition of your estate in Elon College, North Carolina, there are a few things you'll want to consider: who do you want to give your assets to, and under what conditions? Do you have any preference for how your funeral should be handled? Do you have any particular wishes concerning end-of-life care? These questions, and more, should all be taken into account.
While the drafting of a will (the document that dictates what is to be done with the decedent's property after death) is typically the central component of any estate plan, there are several other elements which you may want to include, depending on your goals, and your financial situation.
For example, a knowledgeable estate plan will include a living will, which gives your family members and healthcare professionals instructions about your medical care, to be followed in the event you become incapacitated. You should also include your funeral arrangements, and your preference with respect to organ donation.
For anyone who has children who are still minors, it is very crucial to make arrangements for their custody and care, just in case the unthinkable happens. You should think of a family member or very close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's crucial to discuss this matter with that person before you truly do it.
What Type of Estate Plan Do I Need in Elon College, North Carolina?
This typically depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
For example, if you are in your 20's and unmarried, an estate plan probably does not need to be on your priorities, unless you are very ill, or independently wealthy.
If you're not married in Elon College, North Carolina, but have a life partner, estate planning is imperative. If you want your partner to be treated as your spouse, your estate plan should make arrangements to give him or her power of attorney in the event that you become incapacitated. Additionally, your will should clearly name your partner as a beneficiary, if you want them to inherit any of your assets.
If you are very old, and have a substantial estate in Elon College, North Carolina, you should definitely come up with an estate plan if you haven't already. Admittedly, this includes confronting some unpleasant and morbid subjects, but it is still very crucial. Estate planning is essential if you care at all what happens to your property, and, more importantly, your loved ones, after you die.
Do I Need a Elon College, North Carolina Estate Planning Attorney?
Because estate planning can be a intricate process, the expertise of a good lawyer in Elon College, North Carolina who specializes in wills, trusts, and estates can make the process a great deal easier.