You already know that an estate planning lawyer in Charlotte, NC can help you create a legally binding will. In addition, your lawyer can add more legal protections to your estate plan. Your lawyer will enact documents to help you look out for yourself in the future while also protecting your loved ones and assets after your death.
Draft a Living Trust
Even though you have a will in place, your assets can still face losses before your heirs receive them. Through the probate process, any assets included in the will can be liquidated and used to pay off your debts and taxes. A living trust instantly transfers ownership of assets to the trustee. This ensures some assets will go directly to your loved ones without going through the probate process.
Enact a Medical Care Proxy
Your estate lawyer can help you draft a document called a healthcare proxy or medical power of attorney. This document lets you choose who will make your medical decisions on your behalf. If you become cognitively impaired or physically unable to care for yourself, your healthcare proxy will make decisions about your care for you.
Choose a Financial Power of Attorney
Similar to a healthcare proxy, a financial power of attorney lets you choose people to look after your finances. In some cases, your estate planning lawyer in Charlotte, NC might recommend more than one financial power of attorney. For example, you can appoint a spouse to look after your personal finances and a business partner to look after a business that you own.
No matter what concerns you have for your future and for your loved ones, an estate planning attorney can help you put legal and financial protections in place.
