As individuals age, they are met with a myriad of decisions, one of which includes estate planning. While it may be difficult to face the decision that must be made about your estate when you die, it is necessary to avoid court interference. If you are a senior in North Carolina, you should familiarize yourself with Lincolnton senior estate planning laws, rules, and regulations. Local firms like The Schweppe Law Firm, P.A. specialize in guiding seniors through these nuances to ensure their wishes are clearly documented.

Senior Estate Planning General Information

Estate planning allows individuals to determine how their assets will be distributed, who will receive them, and important decisions about their healthcare. In Lincolnton, North Carolina, the North Carolina Division of Aging and Adult Services is a viable resource for senior estate planning.
Since the life expectancy for Lincoln County residents is 77.6 years, senior residents, in particular, should seriously consider estate planning.

Senior Estate Planning Process

In Lincolnton and other cities, there are seven key steps in the estate planning process. Each step can be completed with the help of a lawyer. The steps are as follows:

1. Define objectives and goals. What is your primary goal for your plan? Do you want to take care of your children? Do you want to pay off debts?
2. Create a last will and testament. If you have a will, you should update it. If not, you should create one. Your will decides your final wishes, who will receive your assets, and who will be the personal representative to carry out the terms of your will.
3. Establish revocable or irrevocable trusts. Trusts are a great way to avoid probate and to distribute your assets without having to go through the court. While revocable trusts allow you to manage your assets while you are alive, irrevocable trusts cannot be changed and are used for a particular purpose.
4. Determine your beneficiaries. Your beneficiaries or heirs will receive your hard-earned assets and property once you die. Sometimes, your beneficiaries are listed on insurance plans, but other times, you must name them directly to avoid confusion.
5. Create a healthcare directive. In the case that you become incapacitated, you should designate a power of attorney. This person will be responsible for deciding important medical information when you cannot decide for yourself, such as whether you will receive life support in case of a serious life event.
6. Minimize tax liability. Tax planning is a crucial part of the estate planning process. During this phase, you can minimize tax liability by making decisions about gifts or charitable donations. A lawyer can also help you understand estate tax laws. They can also assist in guiding you through other key aspects like how to handle estate planning for a blended family, which can present unique challenges.
7. Review and update your plan periodically. Since life can be unpredictable, estate plans tend to change as well. For example, if something happens to a beneficiary or if your assets increase, you may need to make changes.

Lincolnton Estate Administration

If you are a family member of a senior who has created an estate plan, you should be familiar with the process for administering it once they die. In short, the estate administration process for Lincolnton is as follows:

• Formally file the will, application, and death certificate with the Lincoln County Court. The filing fee for estate administration is $120.
• Identify their assets. As a family member, you should locate all their assets, which can include cash, bank accounts, investments, retirement accounts, personal property, and real estate. These are the assets that will be distributed according to the will.
• Contact the court. You must contact the clerk of court in Lincoln County to officially administer the estate once you are ready.

Why Hire a Lawyer

Estate planning and administration can be a tedious and even emotionally charged process. Discussing how a loved one’s assets will be managed and distributed upon their passing can be a sensitive topic. This is where the skill and experience of a qualified estate planning lawyer become invaluable. Especially when navigating situations like appointing a professional executor, where trusted guidance is essential. Your lawyer can walk you and your senior loved one through every step of the process as well as inform them of how the process differs for large and small estates.

FAQs About Lincolnton,NC Senior Estate Planning Law

How Much Does Estate Planning Cost in North Carolina?

The cost of estate planning varies in North Carolina. For example, estate administration and probate may cost a fee depending on the value of the estate, while the filing fee is a flat fee. You should also consider executor fees as well as a lawyer’s fees when calculating expenses for estate planning.

What Is the Difference Between Elder Care and Estate Planning?

While elder care focuses on all aspects of caring for elders, such as long-term health care, housing, and social security benefits, estate planning primarily focuses on how their estates will be distributed upon their passing. Assets include all property, cash, investments, retirement accounts, and even your loved one’s portion of a business.

What Are the Seven Steps in the Estate Planning Process?

In general, there are seven steps that make for a successful estate planning process, and they include defining goals and objectives, developing a will, setting up a trust, deciding the beneficiaries, creating healthcare directives, paying taxes and debts, and updating the plan when applicable. It is wise to have a lawyer help with each step of the process to ensure it is legally binding and meets your goals.

Are Elder Care Attorneys Worth It?

Yes, many people find that elder care attorneys are worth the costs. Since estate planning is a legal process that must be handled through the court, having a lawyer by your side may be a wise decision. A lawyer can help ensure you avoid mistakes, that you file in a timely manner, and that each step of the process is aligned with North Carolina estate planning laws.

Contact a Qualified Senior Estate Planning Lawyer Today

If you are a senior or a loved one of a senior, you should be thinking about estate planning. While estate planning largely involves how your assets will be distributed, it also includes components such as healthcare directives should you become incapacitated. This can all be stressful and overwhelming. To help ease the tension of estate planning, consider contacting The Schweppe Law Firm, P.A., today for a consultation.