There are many people in eastern North Carolina who do not have an estate plan in place, but who realize that they probably need to get around to taking care of this important task sooner rather than later.
But some may simply ask, why is having an estate plan in place so important? A recent news article addressed this issue, and our readers would probably benefit from hearing some of the most pressing reasons for why they need to have an estate plan in place.
As the recent article notes, having a solid financial plan in place is important for anyone, no matter how old they are. In the estate planning process, the vast majority of people get an overview of their entire financial situation, just by going through the process. In doing so, North Carolina residents can start to make long-term financial plans, including plans for if and when they are unable to work and earn an income.
Secondly, an estate plan allows people to designate who will receive their assets when they die. Without an estate plan in place, state law will determine the distribution of assets, which might not be what you want to happen. Third, in an estate plan, a person can include power of attorney documents. These documents designate someone else to make important decisions for you, whether financial or medical, if some unfortunate circumstances leave you unable to make these decisions on your own.
Each estate plan is unique. Our readers in North Carolina would probably benefit from getting more information about estate planning options that work best for their own unique financial and family arrangements.