Danger 2: Your property may go to those whom you do not wish to receive it. Many people are surprised to learn that state laws already determine who receives your property if you die. These laws, called laws of intestate succession, exist in all states, and unless you create a valid will they will choose for you who inherits your property. Without an estate plan, your property may pass to your parents, your siblings or some other family member even if that was the last thing you wanted.

Danger 3: It can hurt your family. If you’ve spent your life caring for your family, being there when they needed you, protecting them and providing all the support you can muster, the failure to have an estate plan can ruin this legacy. Without an estate plan your family may end up fighting over your possessions, they may have to make difficult decisions about your medical care without any guidance from you and they may spend endless hours in needless worry and emotional turmoil.

Reality: The only people who don’t need an estate plan are those who are under the age of 18. Everyone else can benefit from some kind of estate planning, whether it’s creating a will, a medical directive or establishing a trust. Even if you don’t have a lot of money, or a spouse, or children, you will want to create a plan that allows your wishes to be met when you aren’t able to express them.

Myth 2: All I need is a will.

Reality: Your will is just the beginning. A will is a great tool to have, but it isn’t the end to your estate planning efforts. Also, your will becomes less and less important depending on what kind of estate plan you create. If you want to avoid probate by, for example, creating various trusts, your will may not be as important. The key point here is that each person’s estate plan depends on his or her desires, and a will is not a solution to every desire you have.

Myth 3: If I create a living trust, I will have to give my property away.

Reality: You still maintain control of the trust property. A living trust allows you to maintain control over your property even though you are no longer the legal owner. The difference may seem like hair-splitting, but it can be quite beneficial in estate planning.

Positive: You’ll learn about wills. Preparing to make your own will can give you a good idea of what the process involves. This in itself is often a great benefit as it makes you more comfortable with the endeavor. When you hire an estate planning attorney you need to play an active role in creating your estate plan, and a basic education about the process will allow you to do this instead of sitting idly by and tuning out.  One way to receive this basic education is to attend one of our estate planning seminars where you’ll learn more about estate planning without the hassle of trying to navigate a do it yourself will.

Negative: You can cost yourself more time and money than just hiring a lawyer. Making your own will saves money, right? Wrong. Especially if you don’t take your will to an attorney to make sure it’s written correctly. If your home-made will takes its mistakes with it to court, your estate can spend a lot of money cleaning up the errors.

Positive: It can save you money. Bringing a bad will before probate is costly, but a DIY will that you’ve vetted through an attorney can save you money. The key point is to always get legal advice from an attorney when creating something as important as a will.

Are you looking for senior resources in Guilford County, NC (Greensboro, High Point, Burlington, Kernersville) for yourself or a loved one?  Find all of the best local providers at The Eldercare Channel, a video-based web directory of senior care providers in a variety of need areas, including but not limited to home health care, elder law, assisted living, medical devices, Alzheimer’s care, and resources for paying for care.  Your local host for The Eldercare Channel is Cheryl David, is a local Certified Estate Planning Specialist and Elder Law Attorney with over 25 years of experience.

Are you looking for senior resources in Guilford County, NC (Greensboro, High Point, Burlington, Kernersville) for yourself or a loved one?  Find all of the best local providers at The Eldercare Channel, a video-based web directory of senior care providers in a variety of need areas, including but not limited to home health care, elder law, assisted living, medical devices, Alzheimer’s care, and resources for paying for care.  Your local host for The Eldercare Channel is Cheryl David, is a local Certified Estate Planning Specialist and Elder Law Attorney with over 25 years of experience.

Are you looking for senior resources in Guilford County, NC (Greensboro, High Point, Burlington, Kernersville) for yourself or a loved one?  Find all of the best local providers at The Eldercare Channel, a video-based web directory of senior care providers in a variety of need areas, including but not limited to home health care, elder law, assisted living, medical devices, Alzheimer’s care, and resources for paying for care.  Your local host for The Eldercare Channel is Cheryl David, is a local Certified Estate Planning Specialist and Elder Law Attorney with over 25 years of experience.

2. Create a health care power of attorney. North Carolina, unlike some other states, doesn’t have a unique form that you need to fill out in order to grant someone else the power to manage your funeral arrangements. You can, however, appoint a health care power of attorney who not only has the right to make medical decisions if you get sick, but you can also let your agent manage what happens to you after you die. Your health care agent ensures your decisions about your burial, cremation and even whether you want to be an organ donor are followed.

3. Ask at least two people to act as your agent. Your health care power of attorney allows you to appoint one person to serve as your health care agent. However, if that person is unable or unwilling to serve, you’ll need a back-up. Ask both people if they are willing to serve, and then create a health care power of attorney document. Talk to your attorney about the state requirements you need to meet when creating your power of attorney.

If you are looking to create or modify estate planning documents, call us today at (336) 547-9999.

Are you looking for senior resources in Guilford County, NC (Greensboro, High Point, Burlington, Kernersville) for yourself or a loved one?  Find all of the best local providers at The Eldercare Channel, a video-based web directory of senior care providers in a variety of need areas, including but not limited to home health care, elder law, assisted living, medical devices, Alzheimer’s care, and resources for paying for care.  Your local host for The Eldercare Channel is Cheryl David, is a local Certified Estate Planning Specialist and Elder Law Attorney with over 25 years of experience.

Are you looking for senior resources in Guilford County, NC (Greensboro, High Point, Burlington, Kernersville) for yourself or a loved one?  Find all of the best local providers at The Eldercare Channel, a video-based web directory of senior care providers in a variety of need areas, including but not limited to home health care, elder law, assisted living, medical devices, Alzheimer’s care, and resources for paying for care.  Your local host for The Eldercare Channel is Cheryl David, is a local Certified Estate Planning Specialist and Elder Law Attorney with over 25 years of experience.

Agent: Your financial power of attorney gives someone, called your agent or your attorney-in-fact, specific powers if you should become incapacitated. Take some time to consider who would be best to serve in this position. Though many people automatically name their spouse as their agent, you can choose anyone whom you think is qualified. However, you should ask that person beforehand as no one is under an obligation to take on these powers.

Execution. You must execute your power of attorney document in accordance with state laws. Your attorney will tell you what you need to do to ensure the document is legally valid but you should prepare to have the document signed in front of witnesses and a notary. You should schedule this execution ceremony and have your attorney present to ensure nothing goes wrong.

Safekeeping. Your agent will probably need the original document to properly carry out his duties. You should also keep a copy with yourself or with another trusted person to keep and review or update as needed.