Planning Your Estate
At Watson Legal, PLLC we look forward to speaking with you about you estate planning needs. We offer several services including wills, power of attorney, and other documents. We encourage you to schedule a consultation with us today.
When is the best time to plan to draft a will? Most people would say towards the end of your life. However, a will should be drafted and/or updated after each and every big change in your life. Large purchases, change in family status, or the loss of a loved one. A will directs what should happen to your estate after you have passed away. This document may also address a number of items including guardianship of your children, distribution of specific assets, and similar. Persons who pass away without a valid will in place shall have their estates distributed by the State of North Carolina through a process called intestate succession.
Power of Attorney
When you designate your power of attorney, you are ensuring that someone you trust has the authority to act on your behalf when you cannot. You may give your attorney-in-fact as much or as little power as you wish. Examples of this include the ability to manage your finances, hire legal counsel for you, prepare your taxes, insurance , and property transactions.
Living Will (Advanced Directive)
Also known as an advanced directive, a living will is a document that informs your family members and doctors of your wishes regarding life prolonging medical treatment or care. By preparing this document you will assure that your wishes are adhered to, and nobody will make those decisions for you.
Healthcare Power of Attorney
Designation of a healthcare power of attorney allows your agent-in-fact to act on your behalf regarding medical decisions in instances where you are unable to make such decisions for yourself. Your healthcare power of attorney will be able to speak to doctors and make treatment decisions when you are unable to communicate and address these matters on your own.
Trusts can be simply or extremely complicated. In order to maximize their value, a trust should be developed after thoughtful contemplation. A trust is a valuable and flexible tool used to handle situations where people obtain wealth at a time when they may not be old enough, wise enough, or competent to manage their own finances.