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Charlotte Estate Planning Law - Wills, Trusts, and Estate Plans
Wills, Trusts and Estates
You bought insurance to protect the ones you love, now let's talk about Estate Planning. Many people do not realize that every adult should have a plan in place, no matter their age or income level.
None of us wants to think about planning for the eventualities of life, but you know you want to protect and provide for the ones you love after you pass. A carefully crafted estate plan is the best way to be sure you have provided for your loved ones. Without one, you leave it to chance by letting others make important decisions about your property, or about the guardian for your children. Jon Mendini and the Mendini Law Firm will help you to create a plan to protect your family, provide for your loved ones and give you the complete peace of mind of knowing your affairs are in good order.
What are the essentials of a Will in North Carolina?
Most people are familiar with the traditional idea of a Will, sometimes called a Last Will and Testament. The primary purpose of any Will is to declare who will receive your property when you pass away.
Making a Will prevents the State from making the decisions about who will inherit your property, and ultimately avoids unnecessary disputes among family members over your property. Under North Carolina law, an attested, or self-proving Will is your best option. A self-proving Will speeds up the probate process, because it is considered already proven authentic due to the signatures of the notary and the witnesses. The Mendini Law Firm works with you to understand your planning goals, to establish how you wish to distribute your property, and to ensure that your directions will be carried out by your loved ones. Just as significantly, a good Estate Planning attorney will assist you in updating your will over time as your property, your wishes, or the needs of your family change.
What are the advantages of a Trust in North Carolina?
Put simply, when property, money or other assets are transferred into a Trust, they are owned by the Trust to be used only for the benefit of those named in the Trust Agreement.
One basic advantage of a Trust is that this property does not need to go through the sometimes lengthy and expensive probate process after your death. Another advantage is that it allows you to control the timing of when your family gets your assets... you wouldn't give a Ferrari to a 16-year-old, would you? When we think of Trusts, what often comes to mind is money set aside to benefit a child by paying for educational expenses and maintenance if a parent should pass away. A Trust can also hold assets to be used to provide for children with special needs in the event of your passing. If you are concerned with privacy, a Trust is often a good choice, since it is a private document that will never become part of the public record in the probate office.
What does the personal representative, executor, or administrator of an estate do in North Carolina?
A personal representative named in your Will is called your executor. This person will carry out your final wishes and make sure that your property is distributed exactly the way you choose.
The personal representative essentially closes out your affairs upon your death. He or she is responsible for ensuring that necessary debts against your estate are paid, that all proper probate court documents are filed, and that your remaining assets are distributed as indicated by your Will. If you have not made a Will, the probate court will appoint an administrator to manage your final affairs according to State law.
Your Partner in Estate Planning
At The Mendini Law Firm, we have extensive experience in Estate Planning for families in Charlotte, Davidson, Matthews, Mint Hill, Huntersville, Pineville and across Mecklenburg County, North Carolina.
Our services include advice, counsel and creation of each element of your personalized Estate Plan, including:
- Wills
- Trusts, including Revocable Living Trusts
- Special Needs Planning Trusts for children with special needs or health issues
- Financial Powers of Attorney
- Health Care Powers of Attorney
- Advance Health Care Directives (Living Wills)
- Asset protection and Business Succession planning
- Nominating a guardian for your children's welfare
Our experience allows us to offer you advice, options and preparation that streamlines the Estate Planning process. We will learn about your existing assets, your plans for your family, and your unique concerns. Then we will offer you Estate Planning options that meet your needs and allow you to go on enjoying your life, knowing that your family, your plans and your hard-earned assets are protected.
Contact us today at (704) 553-8370, via e-mail at [email protected], or through our online form for a consultation about how The Mendini Law Firm can help you protect your family, your assets, and your plans for the future.