In North and South Carolina, there are very specific laws regarding drafting and executing wills. In order to ensure your will is valid and complies with state law, you need to hire an estate planning attorney to draft your will. If your will does not meet the specific statutory requirements, it could be deemed invalid.
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Put simply, an estate planning attorney should design and draft all of your estate planning documents including your will, living trust, irrevocable trusts, power of attorney, advance healthcare directive, living will, and Health Insurance Portability and Accountability Act (HIPAA) release at a minimum. However, there are many varying circumstances for individual people …
Mar 18, 2019 · An estate planning attorney can help you determine what documents you need. You may need, or want, a durable power of attorney, health care power of attorney, and a living will. All of these options will be discussed with you during a consult with one of the estate planning attorneys at Helms Robison Lee & Bennett, PA.
Mar 18, 2021 · Name an Executor. The person who will handle your estate and the provisions in your will is called the executor. You designate this person in the will. You should make sure the executor will be up to the task of handling your estate and also that the person is open to accepting the responsibility.
An estate planning attorney, also referred to as an estate law attorney or probate attorney, helps in the estate planning process by putting your wishes for incapacity and death into writing. This attorney will know the correct documents to use and will present options to ensure your goals are correctly carried out. Additionally, an estate law attorney will have knowledge of state and …
Anybody who is 16 years or older and of sound mind can draft a will. By drafting a valid will, you can ensure that your personal property and possessions are divided according to your wishes. A male person who drafts a will is known as a testator, while a female person drafting a will is known as a testatrix.Sep 17, 2019
The 4 Major Components of a Will ExplainedTestator Information and Execution.The Executor and Their Powers.Guardianship of Dependents.Disposition of Assets.
A good estate plan is comprised of five key elements: Will, Trust(s), Power of Attorney, Health Care or Medical Directive and Beneficiary Designation. A will is a legally binding document that directs who will receive your property and assets after your death.Nov 8, 2017
Here is a list of items every estate plan should include:Will/trust.Durable power of attorney.Beneficiary designations.Letter of intent.Healthcare power of attorney.Guardianship designations.
As long as it was properly signed and witnessed by two adult independent witnesses who are present at the time you sign your will, it should be legally binding.
However, Wills typically contain the following: The testator's full legal name, marital status, and information about children, if any. A section stating how estate assets should be distributed. The name of a guardian, if the testator has minor children.
You must include basic personal information about yourself in a will, like your full name, birthdate, and address. It might also be helpful to list any other names you go by, as well as the names of your spouse and family members and their relationship to you. The person writing a will is called the testator.Jan 14, 2021
If your spouse left a will, then, for the most part, their assets will be distributed according to the terms of that will. However, because California is a community property state, all assets acquired during the marriage are presumed to be owned equally by both spouses.
What are the Most Important Things to Put in a Will?Personal Information. This should go without saying, but your will should include basic information about you to be official. ... Last Will and Testament Verbiage. ... Property and Assets. ... Beneficiaries. ... Executor. ... Guardianship. ... Signatures.
The Estate Planning Process: 6 Steps to TakeCREATE AN INVENTORY OF WHAT YOU OWN AND WHAT YOU OWE. ... DEVELOP A CONTINGENCY PLAN. ... PROVIDE FOR CHILDREN AND DEPENDENTS. ... PROTECT YOUR ASSETS. ... DOCUMENT YOUR WISHES. ... APPOINT FIDUCIARIES.Mar 2, 2020
Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.
How can you avoid probate?Have a small estate. Most states set an exemption level for probate, offering at least an expedited process for what is deemed a small estate. ... Give away your assets while you're alive. ... Establish a living trust. ... Make accounts payable on death. ... Own property jointly.
Name an Executor. The person who will handle your estate and the provisions in your will is called the executor. You designate this person in the will. You should make sure the executor will be up to the task of handling your estate and also that the person is open to accepting the responsibility.
Having a last will and testament ensures your wishes will be followed and your loved ones are taken care of after your death. It may seem like a daunting task, but this easy-to-follow framework will help you gather everything you need to make a will. After you have all the information and documents you need, making your will is as easy as sitting ...
Some assets cannot be bequeathed within a will (or may be better handled in other ways such as living trusts ), but at this point, you should get all the assets down on paper so you know what you're dealing with. When listing your assets, remember you can only distribute property you own solely.
Listing your beneficiaries may seem unnecessary, but remember recent births, deaths, marriages, divorces, etc., may influence who you wish to include in your will. At this point, you don't need to specify who you want to receive what; just focus on the people involved so you know you won't be forgetting anyone.
That is, if you are married and your spouse holds joint title on an asset, you cannot leave that property to someone else in your will.
An estate planning attorney can help advise on who the best person will be to carry out your health wishes. Oftentimes, we choose a family member when emotionally that role might be better suited to a close friend who’s a bit more removed from the situation. An attorney can act as a third-party to guide you on who might be best to serve in this role.
A well-rounded estate plan will include elements such as your will, list of beneficiaries, durable power of attorney (should you become incapacitated), advance medical directive, life insurance, and a trust. This entire plan will ensure that your loved ones won’t have to jump through hoops upon your death. Meeting with a knowledge, good estate planning attorney can guarantee that these legal documents have all the details laid out properly.
Probate is the court process for transferring a deceased’s estate to the named heirs and beneficiaries. Going through probate is very expensive, quite lengthy (the entire process can take up to two years), and is extremely public. Anyone who is willing to go to the courthouse can obtain copies of the Will and any legal documents associated with it.
Why? Whether it’s a divorce, birth of a child, marriage, change in assets, health, or even an out of state move – whatever the situation might be, you should plan to update your estate plan throughout your life.
Lawyers should be asking what is estate planning software? Because it is a great resource and is another way in which new technology is transforming traditional jobs to make them easier. The legal profession is an age-old occupation that, many would argue, does not move with the times as fast as other industries.
The executor will carry out the wishes outlined in the will. If property or assets were not already handled with co-ownership then a will identifies who will keep the property. It should also include the legal language for beneficiaries and guardianship plans. The will can also include plans for final remains.
The advantages of setting up a living will include: Handling distribution of property. Avoiding probate. Minimizing estate taxes. Tax advantages. Designation of asset distribution.
If there is life insurance, identifying the beneficiary and how the assets will be distributed should also be part of the plan. If a client has minor children, then guardianship designations are a must. In the event of their death, who will retain guardianship of the minor children.
Use an estate planning checklist to help clients understand and organize their needs. This helps legal professionals to best meet the needs of the clients. A comprehensive checklist also identifies what estate documents are needed in the estate planning process.
By using online estate planner tools, you can improve your practice's workflow and overall work product quality. You can ensure that the right documents get created, so your clients have everything they need for complete protection of their estate.
A financial power of attorney (POA) is important for your client. They are considered the principal and can designate someone to handle their financial affairs if they are unable to do it themselves. A principal needs a financial power of attorney for: Asset management. Paying bills.