NC and SC Estate Planning and Elder Law Firm

When you think about estate planning, you may start to wonder about what an estate really is. What is included in this estate you are planning for? It is a good question and a great way to begin reflecting on your estate and how you want it to be handled after you pass away. Let’s take a look at the different meanings of the word “estate” and the implications the relevant definitions can have on your estate planning process.

Many single parents are the sole providers and caregivers to their children. It is important to approach estate planning for single parents with this in mind. In a strong estate plan, the tools used will reflect the unique circumstances of the individual. Single parents, here are some things to consider when engaging in estate planning.

Estate Planning Considerations for Single Parents

One of the big things that single parents should consider when estate planning is the possibility of getting remarried.

We are all guilty of it. We take for granted our health. When we are feeling good, it can be difficult to imagine feeling otherwise. Health is, of course, a gift to be enjoyed, but it is not something to be complacent about. Even those of us who do all we can to maintain a safe and happy lifestyle are not immune from injury or sudden illness that could leave us incapacitated.
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One of the biggest transitions a person may make in their lifetime is moving from their house into a nursing home. Of course, a nursing home can be a great new residence, especially for someone with advancing needs as they age, but it can be a difficult transition, nonetheless. There is a great deal to adjust to and there will also be many logistical hoops to jump through. It will come with other big decisions as well. For instance, what should a person do with their home when they move into a nursing home or assisted living facility? It is an important question with potentially large sentimental and financial implications.
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When you think of estate planning, you may think of who you want to inherit your home, your financial holdings, and other higher financial value items. This is, after all, an important part of estate planning and absolutely something that merits significant reflection. Amidst all of your estate planning decision making efforts, remember to take stock of your sentimental assets as well. Not all assets of significance have great financial value, after all. Some of your most treasured items may not be worth something to someone who does not know you, but may be something close to your heart, nonetheless.
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Are you planning on leaving your home to your children after you pass away? Many people do, especially considering a home is often a person’s most substantial asset. If you know that you want your children to inherit your home, the next step is deciding on how you want to make sure this happens.

Ways to Make Sure Your Children Inherit Your Home

A will is probably the best known estate planning tool for asset distribution after a person dies. In a will, you can simply state that you wish for your children to inherit your home. Most often, a person transfers ownership interests in equal shares to his or her surviving children.
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If you have dipped your toe into the estate planning world, you likely know that there are a plethora of legal tools that may be used in an estate plan despite most people only having a passing familiarity with wills. In fact, did you know that many people opt to put a living trust in place to supplant the role of a will in distributing assets of an estate? It’s true! Both wills and living trusts can be used as estate planning tools to help ensure your assets are properly protected and distributed to your heirs upon your death. So, what is the difference between a will and a living trust?

The Differences Between a Will and Living Trust

A will is a written legal document used to express the wishes of the testator, the person creating a will. A will outlines how the testator wishes for his or her affairs to be handled after dying. It can direct that certain assets be distributed to family, friends, or even charities.
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Have you put an estate plan in place yet? A strong estate plan does more than plan for the distribution of your assets after you die and, while asset distribution is important, there are other elements of estate planning that are critical as well. An estate plan can protect your wishes for your loved ones and yourself for the future. Should you face expected or unexpected health complications down the road, there are estate planning documents that can help protect your wishes. To help you get a better understanding of what goes on, or what should go on during the estate planning process, here is our estate planning checklist overview.

Estate Planning Checklist

While asset planning and distribution is not the only part of estate planning, it is certainly important.
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While most people have heard of a last will and testament, much fewer may be familiar with a pour over will. Despite it being a lesser known estate planning tool, a pour over will can be an important addition to an estate plan. This is especially true for those estate plans that also include a revocable living trust.

Have You Ever Heard of a Pour Over Will?

Trusts can be a great way to avoid probate. The probate process is the court monitored process of administering a person’s estate after he or she has passed away.
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A beneficiary is a person named in an estate plan who is designated to receive some kind of inheritance pursuant to the terms of the plan upon the passing of the creator of the plan. Beneficiaries not only play a critical role in an estate plan, but are often a central reason for the plan being created in the first place. Many people begin the estate planning process in order to help ensure that loved ones are set to inherit certain assets. During the estate planning process, those who designate individuals as beneficiaries usually do so under the assumption that primary beneficiaries will survive them. What, however, happens if primary beneficiaries pass away prior to a person who has named them as a beneficiary under an estate plan?

Who Inherits if a Primary Beneficiary Dies?

A strong, comprehensive estate plan will often name more than one type of beneficiary.
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The rising cost of long-term care is a stark reality we as a society need to face. The fact that the majority of us will need long-term care at some point in our lives means that it is something we literally cannot afford to ignore. How are you planning to cover the cost of long-term care? The high cost means that it can quickly eat away at your life’s savings and most do not end up even thinking about long-term care insurance until they are no longer eligible to purchase it. This is why engaging in Read more . . .