The Elderlaw Firm-North Carolina Elder Law Estate Planning Attorneys

Estate Planning Fundamentals

Your estate planning should accomplish three purposes: protect yourself; protect your family; and give you peace of mind. How you do that varies, so we’ve given you some fundamentals to get started.

Estate planning is more than just a will, since you should plan for possible incapacity as well as death. You at least need to do this:

Beyond these basics, many people (but not everyone) should to consider Living Trust planning if their objectives include avoiding the expense, delays and red tape of a court supervised probate estate administration. Different types of trusts may be appropriate to accomplish particular objectives, such as preserving assets against future long-term care costs and Alzheimer’s expenses (through long-term health care estate planning), or protecting assets for beneficiaries who aren’t good at managing money or have divorce, creditor or lawsuit worries, or to build wealth (through grandchildren’s trusts, or IRA Beneficiary Trusts).

Knowing typical estate planning terms and basic concepts and reasons for particular types of planning can help you to understand what will be the right plan for you.