Hickory Estate Planning Lawyer

Hickory Estate Planning Attorney

While thinking about what will happen when you pass on can get you down, you have to think about your loved ones. When you do not have a plan for your estate, you can leave the people who love you stressed, confused, and often in conflict in the wake of your passing.

If you want to save them a headache and allow them time to focus on grieving, you should consider getting in touch with a Hickory estate planning lawyer.

At Cody Law Firm, we can help you with all parts of the intricate process of estate planning. From drawing up your last will and testament to helping you with designating a power of attorney, you can rest assured that our team can provide comprehensive, quality estate planning. This will help you make sure your affairs are in order, and your assets will be seamlessly distributed one day.

What Is Estate Planning?

Estate planning is the process of getting your financial affairs in order for when you pass away. From managing who you want to be the beneficiaries of your financial assets to deciding who you want to manage your affairs should you become incapacitated, estate planning can help save your loved ones a lot of confusion if you become ill or pass on.

The estate planning process in Hickory, NC can involve drawing up documents such as the following:

Your Will

When you draw up a last will and testament, you get the chance to detail who you want to be the beneficiary of your estate. If you do not have a will already when you pass away, then it is up to the court to decide how to distribute your assets. Drawing up a will helps you maintain control over what happens to the things you value.

You can also appoint the person whom you want to be the executor of your will in the document. If you do this, then it means that this person will be the one who is one day responsible for managing the process of validating your will (called probate), addressing any debts and taxes that you owe, and distributing your assets to the beneficiaries that you chose.

If you do not have an estate planning lawyer in Hickory who can help you draw up your will, you risk the legitimacy of the document being challenged one day. It is much easier to prove the validity of your will if it has been overseen already by an estate planning attorney because they will have ensured that all of the rules and regulations were followed.

Trusts

You can also make transfers of some of your assets right now. If you want to transfer some assets into a trust, you put that money away and under the care of someone else before it ends up with your intended beneficiary. When you put your assets in a trust, they are not subject to the probate process, which can save your loved ones a lot of time, stress, and expenses one day.

Creating a trust also allows you to control not only who receives the assets but also how and when they use them. For example, you could have a restriction that prevents someone from touching the money in the trust until they are thirty or one that limits the beneficiary to use the money for educational purposes.

Hiring an estate planning attorney to assist you with creating and managing a trust can be more helpful than you realize. Your Hickory estate planning lawyer can help you determine what your goals are before you create the trust and make sure that you select the appropriate one for your intended purposes. They can help you customize it, show you how you can minimize estate taxes, and ensure that your trust adheres to the relevant legal requirements.

Power of Attorney

You might not often think about the possibility of becoming incapacitated or unable to attend to your obligations. While it is not pleasant, it is a reality that all of us must face, and it can help you and your family to be prepared in advance for it. For instance, you may want to decide who will make decisions about your health if you can no longer do it yourself. Additionally, you could determine who will manage your financial assets if you temporarily cannot.

If you want to have all of these questions answered before anything happens to you, you should work with an estate planning lawyer to draw up a power of attorney (POA). You can choose to create a POA that is focused on just one topic if you would like, such as one for just your health care matters or your financial obligations. North Carolina law requires that you are in a sound state of mind when you make this document.

Typically, your POA is durable, which means that it is effective even after you become incapacitated. However, you can choose to have it terminated in the event that you become incapacitated if you would like.

Why Do You Need an Estate Planning Lawyer?

If you want assistance with any of the above aspects of estate planning, it is in your interest to consult with a lawyer for assistance. Your estate planning lawyer can ensure that your documents follow all of the rules and regulations for estate planning and help ensure they are detailed, credible, and effective.

For example, while you can technically draw up your own will without the help of an Hickory estate planning attorney, if you do this, its validity might be called into question when you pass on. If this happens, your loved ones could be thrown into the midst of stressful disputes, and your wishes might not be carried out.

An Experienced Hickory Estate Planning Lawyer

If you are in need of a legal professional to handle any and all aspects of your estate planning process, you are in the right place. Our dedicated team of estate planning attorneys can carefully explain all aspects of estate planning and can give legal counsel tailored to your needs.

No matter what kind of services you want, we can review your financial situation and give you sound advice and guidance that simplifies this process. Get in touch with us today to learn more about our services.