Estate Plans Are For Those You Love

There is no substitute for creating a strong estate plan that clearly spells out your wishes. Taking this important step now will allow you to remain in control of the process and limit future disputes among family members.

The dedicated professionals at Ellis Family Law, P.L.L.C., in Durham, Pittsboro and Wake Forest, can help you prepare an estate plan that carries out your last wishes and protects your family. We work with clients throughout the Triangle area.

Crafting A Plan That Meets Your Needs

Most people do not like thinking about estate planning. A well-thought-out plan, however, can answer important questions like:

• Who will take care of your children if you and your spouse cannot?
• What do you want to happen to your home or other valuable assets?
• Do you want doctors to administer lifesaving treatment if you cannot communicate your wishes yourself?
• Who do you want to make financial and medical decisions on your behalf if you are incapacitated or suffer from a disability?

With a valid last will and testament and an estate plan that contains an advance directive and power of attorney designation, your wishes will be clear. If you die without a valid will or an estate plan, however, your estate is distributed according to the state’s intestate succession laws — whether that was your intention or not. Costly litigation can also occur among family members.

Who Needs An Estate Plan?

Many incorrectly assume estate planning is just for the elderly or for those with significant property or assets. In reality, most people can benefit from having an estate plan in place.

For example, parents of minor children can find peace of mind in preparing for the unexpected by choosing a guardian and setting up a trust to set their children up for financial stability. Adults of any age may want to plan for the future by setting up a health care power of attorney to address unexpected medical complications.

What Is Intestate Succession In North Carolina?

If you die without a will or an estate plan in place, the distribution of your property and assets is then guided by North Carolina intestate succession statutes. Intestate succession can be very limiting and distribution of property and assets is guided by a fairly linear process. For example, if you are survived by your spouse and children, property and assets will be evenly divided between these heirs. If you die without a spouse or children, property and assets will be divided among your parents. Depending on the unique circumstances of your situation and which family members are left, your siblings, grandparents and so on may stand to inherit property or assets.

This can lead to complications, most notably disputes between family members. While intestate succession laws aim to divide property and assets in a reasonable manner, this process does not fit each family and may not align with the wishes you would have chosen. Dying intestate means you have little to no control over what happens to your estate.

There Is No One-Size-Fits-All Approach To Estate Planning

Because every estate is unique, every estate plan is unique. There is no one-size-fits-all solution as estate plans are dependent on your family structure and dynamics, property and assets and importantly, your wishes and goals. You may own multiple properties, a business, have a blended family or children with special needs, and more.

When you meet with the legal team at Ellis Family Law, P.L.L.C., we will discuss your goals and what is most important to you. We will work together to create the customized estate plan that serves your needs and accomplishes your goals, so you can have peace of mind in knowing your future and family are in good hands.

It Is Never Too Early To Start Planning

Call Ellis Family Law, P.L.L.C. in Durham, Pittsboro or Wake Forest at 919-944-4811, or complete our online contact form if you wish to learn more about the estate planning services that our attorneys can provide.