People in North Carolina might assume that they are pretty much set when it comes to the distribution of their assets when they’re gone. The problem with this thinking is that some of the beliefs that people have about estate planning may not be true. There are several myths about estate planning that could lead to major issues down the road.
One big myth about estate planning is that a will is all that’s needed in order for the distribution of assets to take place. While a will does make it easy for people to understand how assets should be distributed, it only works for assets that are in that specific person’s name. If there were any joint assets or any accounts that had beneficiaries attached to them, the will probably does not provide enough protection.
Another big assumption people make is that once they have their assets in order, everything is set for after their death. One thing they may not realize is that if they don’t have a living will, all sorts of interpretations can be made if they were to become incapacitated. Setting up a health care power of attorney can make everything easier. It can help the person they’ve designated as their health care proxy know exactly what their wishes are.
Some people think that estate planning is something to do when they’re older. However, people don’t have the option of addressing estate issues when they’re older if they pass away unexpectedly. It’s always better to make arrangements as soon as possible, especially when there are children and spouses involved.
North Carolina residents may benefit from working with estate law attorneys who have experience handling all sorts of estate issues. An estate planning attorney may help a client create a basic estate plan or work through extremely complicated details.