Lincolnton Estate Planning Lawyer

Lincolnton Estate Planning Attorney

Contrary to popular opinion, estate planning is for everyone, not just the wealthy. If you do not have a proper estate plan in place, you are at risk of having your hard-earned assets distributed to beneficiaries or heirs that are not of your choosing. Therefore, consulting with a Lincolnton estate planning lawyer may be a viable option for ensuring your final wishes are observed and respected.

At The Schweppe Law Firm, P.A., we have extensive experience helping our clients create and maintain estate plans that are aligned with their desires and objectives. We provide our clients with personalized attention, keeping them abreast of every step of the complex process. We understand estate planning laws in North Carolina and can help you navigate complicated paperwork as well as make informed decisions.

What Is Estate Planning?

Estate planning is the process of determining how a person’s assets and property will be distributed once they die. It is an important process because it allows an individual to have control over how their estate will be transferred rather than leaving it up to a court.

What Is the Estate Planning Process in Lincoln County?

According to the US Census Bureau, in 2023, the median household income in Lincolnton, North Carolina, was $43,294, with a median owner-occupied housing value of $224,600. Considering these values, if you are a Lincolnton resident, you should consider estate planning to ensure your hard-earned assets are distributed according to your wishes instead of an impartial judge.

While estate planning is highly encouraged, it can prove to be a time-consuming and somewhat complex process, depending on the size of your estate. This is where the counsel of a skilled lawyer can be invaluable. While each state and county are different, the basic steps in the estate planning process are as follows:

1. Define objectives and goals. It is important to set goals early on in the process and to ensure they align with the goals of your loved ones. For example, while you may want your child to inherit your business, they may have different plans. This is why it is important to have these tough conversations early to avoid disputes.
2. Create a last will and testament. Your will is one of the most important tools in your estate plan. Your will determines how your assets are distributed, your beneficiaries, and the personal representative who will carry out your wishes. If you do not have a will, a lawyer can help you draft one.
3. Establish revocable or irrevocable trusts. Trusts allow you to have control over how your assets will be managed and distributed while you are alive, except in the case of an irrevocable trust. You need to designate a trustee who is responsible for carrying out the terms of the trust and deciding which assets will go into the trust.
4. Determine your beneficiaries. If you do not designate beneficiaries, the court will do it for you. Your beneficiaries or heirs will receive your assets and property, so you should be clear about who they are and the value of your estate that they will receive.
5. Create a healthcare directive. You should create a healthcare directive and designate a power of attorney who will make important medical decisions for you in the event you become incapacitated.
6. Make decisions concerning taxes. You should familiarize yourself with North Carolina and Lincoln County estate tax laws. Some estate transfers have certain tax obligations, while others do not.
7. Update your plan. Plans change. That is why it is important to regularly review and update your estate plan. For example, if something unfortunately happens to a beneficiary or your personal representative, you may have to change course.

How a Lawyer Can Help

Some people make the mistake of creating an estate plan without the help of a lawyer. It is important to consult with a lawyer when drafting your will to ensure it is legally viable. All wills must be validated in court before distributing a loved one’s assets, so consulting with a lawyer may be helpful to ensure it is valid. Besides drafting the will, your lawyer can help with each step of the process, including mediating familial disputes.

FAQs About Estate Planning Law in Lincolnton,NC

How Much Does an Estate Lawyer Cost?

The cost for an estate lawyer varies by state, county, and city. Other factors that contribute to lawyer rates are the lawyer’s skill, experience, and success rate, as well as the complexity of the case. More complex cases tend to require more billable hours, which increases the rate. Likewise, lawyers who have consistent success rates can justify charging higher rates.

What Is the 5 By 5 Rule in Estate Planning?

The 5 by 5 rule in estate planning is geared toward trust beneficiaries and allows them to withdraw either $5,000 or 5% of the trust’s total value yearly, whichever amount is greater. This rule provides considerable tax benefits while providing beneficiaries with flexibility and control over the trust. An experienced attorney can help further understand the 5 by 5 rule.

How Much Does Estate Planning Cost in North Carolina?

The cost of estate planning in North Carolina varies by case, and there are associated fees depending on certain aspects of the process. For example, administration fees are calculated as a percentage of the person’s estate, but there are also probate fees and executor fees. To begin the process, there is a filing fee of $120 to be paid to the Lincoln County court.

What Is the Difference Between an Estate Lawyer and an Estate Planner?

An estate lawyer is a legal professional who has attended law school, passed the bar, and is experienced and knowledgeable in estate law. An estate planner may not necessarily be a lawyer, but is qualified to help a person with estate planning. They could be financial advisors or accountants, for instance.

Contact The Schweppe Law Firm, P.A. Today

At The Schweppe Law Firm, P.A., we are a team of dedicated lawyers who are committed to providing personalized attention to our clients. We understand the delicacy and nuance of estate planning and are there to assist our clients every step of the way. If you need an estate planning lawyer, you should contact our office today for a consultation. We are happy to assist you with whatever you need.