What is an Estate Plan?
An estate plan is an important legal document that outlines how an individual’s assets and possessions should be managed in the event of their death or disability. It is an organized way to protect an individual’s property and provide for their family’s needs. In North Carolina, estate plans are especially important when it comes to disability planning because they lay out what should happen with an individual’s assets in the event that they become incapacitated or disabled. An estate plan typically consists of several documents, such as; a will, trust, durable power of attorney, and healthcare documents. A will is a document outlining how an individual’s assets should be divided and distributed upon their death. Trusts are legal arrangements between an individual and a trustee that enables the individual to protect their assets and provide for their family’s needs. A durable power of attorney gives a chosen individual the right to manage an individual’s financial and legal affairs in the event they become incapacitated or disabled. Lastly, healthcare documents allow a person to make their wishes known in regards to their medical care if they become disabled or incapacitated. Creating an estate plan is the best way for an individual to protect their assets and provide for their family’s needs in the event of their death or disability. By creating an estate plan in North Carolina through the use of a will, trust, durable power of attorney, and healthcare documents, an individual can ensure that their wishes are followed and their family is taken care of in the future.
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