Estate Planning

Plan For Your Future

Everyone over the age of 18 years old should have an estate plan. A comprehensive estate plan is designed to address your death and incapacity. Upon your passing, your plan will dictate who will take charge of winding up your estate, it will control who receives your belongings, real estate, and financial assets, and will provide the name of a guardian to care for your minor children. Incapacity planning focuses on what happens if you are no longer able to manage your financial affairs or make your own healthcare decisions while you are living. Specifically, it allows you to appoint a person to manage those affairs and decisions under the guidelines you put in place. Both pieces of the puzzle are important to a comprehensive estate plan.

Drafting A Will

At a minimum, your estate plan should have a Last Will and Testament. In a Will, you outline how you want your assets distributed, name the individual who will handle your estate, and elect a guardian for your minor children. Should you choose to live without a Will—or any other estate planning documents—you will have died intestate. Dying “intestate” means, in both North Carolina and Virginia, that your assets will pass through the intestacy laws of the state you reside in rather than according to your wishes. You will have no control over who will receive your assets, who will handle your estate, or who will raise your children.

Revocable Living Trust

A Revocable Living Trust is an estate planning vehicle that is often superior to a Last Will and Testament. It offers complete probate avoidance (meaning no court oversight), immediate access to your funds to pay for final arrangements or provide financial support to your loved ones, privacy, and creditor protection for your beneficiaries. Like a Will, it puts you in control of how your assets are distributed and who manages your estate.

Advance Medical Directive and Health Care Power of Attorney

What will happen if you become incapacitated and cannot make decisions about your health care? An Advance Medical Directive and Health Care Power of Attorney give instructions to your loved ones about how you want these decisions to be handled. You provide guidelines and decide who makes the decisions based on the guidelines.

General Power of Attorney

A General Power of Attorney is similar to a Health Care Power of Attorney in that it provides guidelines, but the General Power of Attorney addresses your financial affairs and elects a person to manage the same.

Select Law Partners, PLLC

Estate planning is a broad area of the law that allows people to prudently plan for the future. We can assist with drafting a Last Will and Testament, Trusts, Advance Medical Directives, Powers of Attorney, and a wide variety of other estate planning documents. We can also review your current business documents to ensure that they align with your estate planning goals. Contact us today to get started!

Our Estate Planning Attorneys: