If you’re in your 50’s or older and don’t have an estate plan, consider making it a priority. Developing plans for your will and estate is smart as you begin to anticipate upcoming lifestyle changes. Whether retirement, a new career, or an empty-nest is in your future, here’s why estate planning is crucial.
The Benefits of Having a Will & Estate Plan
1. Cover Personal Needs
Even if you’re married, you are responsible for managing your personal financial needs. An estate plan helps ensure you have the resources to cover your living expenses if you choose—or need— to stop working. Estate planning provides peace of mind, helping you purchase life, health, and disability insurance, or plan for Medicare without breaking the bank.
2. Avoid Disputes
You may own assets like real estate, stocks, bonds, and vehicles. Will and estate planning helps you dispense your property, create trusts, add names to property deeds, and establish due-on-death accounts easily. Making these arrangements allows you to capitalize on tax savings now while helping avoid confusion or potential family disputes later.
3. Assert Health Wishes
Even though you’re in good health, accidents can happen at any time, so it’s wise to explore advance health care directives and assert your wishes for treatment. North Carolina law allows you to give health care power of attorney to someone you trust, allowing them to make decisions about your medical care and treatment. Additionally, drafting other documents lets you provide advance directions for mental health treatment, state your desire to die a natural death, and organ donation.
An estate planning attorney can guide you through the complicated issues involved with wills and estates. The Law Office of J. Baron Groshon in Charlotte, NC, offers estate planning services backed by more than 30 years of experience. With additional offices in Cornelius, Gastonia, and Concord, this skilled and caring legal team makes it convenient for you to discuss, review, and sign the documents you need. To get more information or schedule an appointment, visit their website or call (704) 342-2876.