Estate Planning Lawyers Assisting Clients and Their Families With All Estate Planning Matters in Asheville, NC and Surrounding Areas
The difficult thing about planning for the worst to happen is that you have to acknowledge that the worst could happen. Nobody wants to do that, so we tend to put off taking the steps that can protect our assets and our family in case of unfortunate circumstances such as an untimely death or incapacitation. Planning for these events, however, will decrease your stress and ensure that your assets are protected, your wishes are followed, and your family is cared for should something happen to you. Estate planning is a complicated process that is different for every person and family, depending on their individual circumstances and needs. At Craig Associates, we take the whole picture into account to build an estate plan that honors your wishes and protects what you have worked so hard to earn, ensuring that your family has access to the resources they need after you are no longer able to take care of them. Set your mind at ease knowing that everything has been done to care for your family and protect your assets.
Call Craig Associates, PC to find an estate planning lawyer in Asheville, NC at 828-258-2888.
Do I Really Need an Estate Plan in North Carolina?
A common misconception is that estate planning is only for people with a lot of wealth. While the word ‘estate” conjures up images of mansions and yachts, it really just means the sum total of the things you own, including your home, cars, bank accounts, and other property, whether fancy or modest. Whatever you have, you have worked hard for, and you don’t want to see it eaten up by taxes and fees, or taken by people you didn’t intend to have it. What scares most people about becoming incapacitated or passing away is the thought of losing control over themselves, their family’s stability and safety, and the things they have worked very hard to attain. Creating a careful estate plan with the help of a skilled estate planning lawyer like the ones at Craig Associates can give you the knowledge that even when you cannot speak for yourself or provide directly for your family anymore, a solid estate plan will ensure that your voice is heard, your wishes are carried out, and your family is taken care of.
What is Probate?
Probate is the process of distributing the assets of an estate after the owner of the estate passes away. In North Carolina, it is a court process that oversees the assessment, division, and distribution of assets, whether there is or is not a will in place. If there is a will, probate is the process by which the requirements of the will are carried out. If there is no will, probate is the process of applying North Carolina law to determine who gets what and when. When there is a will, an executor will have been named to administer the estate, and the probate court will supervise the administration. If there is no will, the court will apport an estate administrator to determine the assets, pay the bills, and distribute anything that is left over, according to North Carolina law. Both of these processes can be costly and time-consuming, and can sometimes be avoided with careful estate planning, including a trust.
What is a Revocable Living Trust and Why Might I Want One?
A revocable living trust, also known as a family trust, is an arrangement where property is held in trust for the benefit of yourself and your family. The trustee has complete control over the trust property and can use it for any purpose allowed by the terms of the trust agreement. Because the trustee has complete control, a revocable living trust gives you greater flexibility than other types of trusts. You can change the beneficiaries, revoke or terminate the trust, and make changes to the property held in trust without having to go through probate court.
There are many reasons why people choose to set up revocable living trusts. Some people do it to avoid probate court, which can be time-consuming and expensive. Others do it to protect their assets from creditors or lawsuits. And still others do it for tax purposes. If you’re not sure whether a revocable living trust is right for you, talk to an experienced estate planning attorney.
Why Do I Need an Attorney to Write My Estate Plans?
Laws of inheritance and estate administration can be complex. If you are going to plan your estate in a way that brings you peace of mind knowing everything is taken care of, you need to know that the plan complies with all relevant laws and regulations, and that nothing is left out that might put your family’s stability at risk if something should happen to you. Enlisting the help of a skilled and experienced estate planning attorney will help to ensure that your estate planning documents are airtight and that the process is streamlined as much as possible, leaving you time and resources to care for your family now, even as you plan for their care in the future.
Contact Craig Associates at 828-258-2888 to speak with an experienced estate planning attorney today. Our law firm stands ready to assist.