Previous posts on this blog have touched on the fact that couples in North Carolina who are advancing in years may need to think about how to plan for a long-term stay in a nursing home or other facility.
It often pays off for people to have some sort of estate plan in place. Even if they are of modest wealth, there are still some concrete steps they can take to make sure their assets are passed on to their loved ones. Moreover, younger parents who have children at home will want to use an estate plan to appoint a guardian for their children should the parents pass away.
As previous posts have discussed, a Rocky Mount, North Carolina resident's estate planning should cover two questions.
Rocky Mount, North Carolina, residents may think of estate planning as something that pertains to what happens to a person's property after he or she dies. While this is true, another important aspect to estate planning involves planning for a time in which a person can no longer make medical decisions for herself, even if those decisions involve life or death.
For North Carolina residents, estate planning is a vital part of being prepared and organized for the future. This is true whether it is a person who has significant assets or someone of more modest means. The goal of an estate plan is to ensure that the loved ones and other potential heirs get what the person wants them to get. However, there are important factors to remember. Those who are taking the steps to have an estate plan that covers all the bases for their needs might inadvertently forget about certain aspects. One is their 401(k) plan. Picking a beneficiary and making sure that person receives the remainder of the account requires some attention.
Creating and executing a valid will is an important legal step for every Rocky Mount resident. This is because through a will a person may set out their intentions for the disposition of their wealth and property in the event of their death. While state intestacy laws may sort out these matters in the absence of a will most individuals prefer to make their intentions known and see their assets given to the individuals and organizations of their own choosing.
Estate plans are not just for the wealthy – individuals with estates of any size can benefit from creating a plan for what should happen upon their death or incapacitation. It can provide a piece of mind regardless of how much you have in assets.