A will is a very important part of your estate planning process. It can detail who is to receive your property after your passing, who will be in charge of administering your estate, and who is to take care of your minor children if you pass before they reach eighteen. Because a will includes so many important details, we encourage everyone to have a will prepared.
However, even if you already have a will, there are many reasons why you should set up an estate planning consultation with one of our attorneys.
First, review your beneficiary designations if you’ve had a child or a grandchild since you signed your will. Have an attorney review the document to ensure it will distribute your assets as you want in regard to your family’s new addition. Many times, a will does not take into account children born after the will was signed or the possibility that grandchildren will arrive in the family later on.
Having an attorney review your will and talk to you about your family can help you understand how your will distributes your assets and if any changes need to be made to include children or grandchildren born after the will was signed.
Also, if you just moved from another state, it’s a good idea to have a North Carolina attorney review your will and let you know how North Carolina law will apply to it.
Additionally, a full estate plan is more than just a will. Financial powers of attorney, healthcare powers of attorney, living wills, and in some cases a living trust, are all important to create a full estate plan. An estate planning attorney can walk you through the purpose of each document, when each will take effect, and what can happen if you don’t have those documents prepared.
It’s also important to have your legal documents reviewed by an attorney as both federal and state laws can change at any time. In just the past decade, both North Carolina and the federal government have passed laws that change rules that can affect your estate planning documents.
One example is the new North Carolina Power of Attorney Act and the changing federal rules on inherited retirement benefits and estate tax laws. An estate planning attorney can discuss these changes in the law and how they will affect your estate plan.
At Weaver, Bennett & Bland, our estate planning attorneys offer a free one-hour consultation to discuss what documents you should consider and what terms you may want to include. Make an appointment to discuss your estate plan with an attorney at Weaver, Bennett & Bland today by calling our office.
About the Author: Megan Dyer
Megan is an Associate Attorney at Weaver, Bennett & Bland and focuses her practice on estate planning, elder law, and corporate law. Megan loves sitting down with clients, listening to their hopes and concerns, and helping them plan for the future.