Estate Planning
The Last Will and Testament is a well-known estate planning instrument that allows you to control the distribution of your assets after your passing. If you die without a Will, you’re considered to have died “intestate,” and your assets will be distributed according to North Carolina’s intestate succession laws. Trusts, on the other hand, are legal entities that enable you to dictate how, when, and to whom your assets will be distributed. There are various types of trusts available to suit different goals.
Three essential health care documents should be included in your estate plan:
- Health Care Power of Attorney: Appoints someone to make medical decisions on your behalf if you become unable to do so.
- Living Will (Advance Directive for a Natural Death): Expresses your wishes regarding artificial life-prolonging measures in the event of a terminal state.
- HIPAA Authorization: Allows a chosen individual to access your medical records for sharing with other healthcare professionals. Not having these documents can lead to the need for a court-appointed guardian during critical times.
The Last Will and Testament is a well-known estate planning instrument that allows you to control the distribution of your assets after your passing. If you die without a Will, you’re considered to have died “intestate,” and your assets will be distributed according to North Carolina’s intestate succession laws. Trusts, on the other hand, are legal entities that enable you to dictate how, when, and to whom your assets will be distributed. There are various types of trusts available to suit different goals.
A Durable Power of Attorney grants financial powers to another person, known as your “Agent.” It can be broad or narrow in scope, depending on your preferences. Having a properly drafted Power of Attorney is crucial during critical periods of your life. Not having one can result in the need for a court-appointed guardian.