Demystifying Estate Planning: Frequently Asked Questions
Estate planning might seem daunting or even unnecessary, especially if you feel that your assets are minimal. It’s normal to have questions, and it’s important to get the right answers.
At the North Carolina law firm of Murrelle, Hughes & Majstoravich, P.A., our attorneys are committed to helping you make informed decisions about your legacy, property and future. Our team has been serving people like you throughout the Morehead City area since 1981.
Below, you will find answers to common questions about estate planning. Please don’t hesitate to reach out to our lawyers for guidance on your situation.
Do I need an estate plan if I don’t have many assets?
Yes, absolutely. An estate plan is about more than just your financial assets. It also contains your wishes regarding how your health care will be managed, who will take care of your children and how you want your affairs handled if you become unable to take care of yourself and your children.
What is the difference between a will and a trust?
A will is a legally enforceable document that gives you the power to make decisions regarding your property distribution and care of your minor children after your death. A trust is a legal entity established to hold property for the benefit of specific individuals or organizations. It gives a third party (the trustee) the legal authority to manage assets for those designated in the trust terms.
There are many types of trusts, each of which can be tailored to accommodate your specific circumstances. They provide more flexibility than wills, and they don’t have to go through the probate court process.
What is the difference between a will and a living will?
A will details the distribution of your assets after your death. A living will – also called an advance directive – outlines your wishes for medical care and end-of-life treatment if you are no longer able to make decisions for yourself due to illness or incapacity.
What happens to my assets if I don’t have a will?
Without a will, your assets will be distributed according to the laws of North Carolina. That distribution may not be what you wanted. It can also be time consuming and stressful for your loved ones. Creating a will empowers you – rather than a judge, who knows nothing about you – to make those important decisions.
Take The First Step Toward Peace Of Mind For Your Future
Estate planning is a crucial part of securing your future and leaving a legacy for your loved ones. Our attorneys are ready to answer your questions and guide you through this important process. Contact us today online or by phone at 252-515-7036 to schedule a consultation.