Winston-Salem Estate Planning Lawyer

Everyone in Winston-Salem needs estate planning. It doesn’t matter if you are young or old, rich or poor, married or single. Estate planning is not just about protecting your assets; it’s also about protecting your legacy. When you create an estate plan, you are ensuring that your wishes are known and can be carried out after you’re gone. Without an estate plan, your wishes may go unfulfilled, leaving your loved ones to navigate a complex situation.  

Estate planning also helps protect your assets from taxes and creditors. It allows you to designate how you want your assets distributed after you pass away and can provide peace of mind knowing that your family will be taken care of. 

There are several types of estate planning documents that you can create to protect your wishes. These documents include: 

Last Will and Testament

A Last Will and Testament is a legal document that outlines how a person wants their assets distributed after they pass away and names an executor of their estate. This document allows a person to designate who will inherit their property, who will have guardianship of any minor children, and who will be responsible for carrying out their wishes. Additionally, a Last Will and Testament can outline any special instructions for managing and distributing assets, such as establishing trusts or establishing charitable donations.

Trusts

Trusts are legal entities that are created to hold and manage assets for a specific purpose. They can be used to provide for minor children, manage assets during a person’s lifetime, and distribute assets after death. Trusts are typically established by a written document and are managed by a designated trustee. The trustee has a fiduciary responsibility to manage the assets of the trust according to the instructions set forth in the trust document.

Advance Directives 

Advance directives are legal documents that allow a person to make decisions about their medical care and end-of-life wishes in the event that they become incapacitated. These documents can include a living will, which outlines a person’s wishes for medical care and end-of-life decisions, and a power of attorney, which designates someone to act on their behalf if they become incapacitated. 

Powers of Attorney 

A Power of Attorney is a legal document allowing a person to designate someone to act on their behalf if they become incapacitated. This document can be used to manage the person’s financial affairs and make decisions about their medical care and end-of-life wishes. A Power of Attorney can be limited or broad, depending on the person’s wishes and the type of document that is created. 

Living Wills 

A Living Will is a legal document that outlines a person’s wishes for medical care and end-of-life decisions in the event that they become incapacitated. This document allows a person to make their medical wishes known, such as whether or not they would like to receive life-sustaining treatment, and it allows them to designate someone to make decisions on their behalf if they cannot make them themselves. A Living Will can be used in conjunction with a Power of Attorney to ensure that a person’s wishes are carried out in the event of incapacitation. 

Without the proper estate planning documents in place, your wishes may not be carried out after you pass away. Here are some common estate planning mistakes to avoid: 

Procrastinating 

The most common estate planning mistake is procrastinating. Creating an estate plan as soon as possible is essential so that your wishes are known and can be carried out after you pass away. As major life changes occur, keeping your plan up-to-date is also essential. 

Not Planning for Incapacity 

Another common mistake is not planning for incapacity. It is important to include documents such as a Power of Attorney and a Living Will in your estate plan so that your wishes are known and can be carried out in the event of incapacitation. 

Failing to Name Beneficiaries 

Failing to name beneficiaries is another common estate planning mistake. It is important to name beneficiaries on all of your assets so that your wishes are known and can be carried out upon your death. 

Triggering Tax Implications

Life insurance policies, retirement accounts, and other assets have tax implications that should be considered as part of estate planning. It is important to understand these tax implications and plan accordingly. 

Naming Children as Joint Owners 

Naming children as joint owners of assets can have negative tax implications and can also lead to conflicts among family members. It is important to understand the implications of naming children as joint owners of assets and to plan accordingly. 

Not Consulting an Estate Planning Lawyer

Finally, it is important to consult with a lawyer when creating an estate plan. An experienced Winston-Salem estate planning lawyer can help ensure that your plan is up-to-date and tailored to your specific needs.