When you’re creating an estate plan in North Carolina, there are many mistakes that are easy to make that can threaten where your assets end up after your death. Many people make the mistake of failing to hire an attorney to help them with creating their trusts and wills. This can make it easy to fail to use the proper verbiage and can prevent your documents from being recognized as invalid by the state.
How to create a solid estate plan
When creating a trust, determine which type of trust you’ll need, and sign it in front of a notary. If you plan to create a will, the document should be specific about where your assets will go and name at least one beneficiary to ensure your assets go to a loved one if your main beneficiary passes away.
Failing to update your wills and forms can cause certain assets to go to the state if they’re not accounted for with your estate planning. Failure to file a trust can lead to costly issues with probate.
Avoid making your children your joint owners of your assets, which can cause their creditors to have access to your money. Instead, name your child as power of attorney and a payable-on-death beneficiary on your accounts.
Who can you contact for legal assistance?
If you want to get started with estate planning, it’s important to obtain help from a legal professional who can guide you through the process and help you to avoid mistakes. A legal professional with experience in estate planning can also offer assistance with estate litigation and help you work towards a resolution.