Will Preparation

Most people know about wills and their basic purpose – to ensure that one’s hard earned assets go to the right beneficiaries when an individual passes away. However, they can be used for a lot more than simply dictating who gets a person’s antique lamp collection. Chambers & Ennis, serving the Cary, Apex, Raleigh, Wake Forest, and Holly Springs, NC areas, also offers estate administration, probate, and asset protection. Here’s a list of some of the very valuable things  will preparation and estate planning can do: 

• List who gets what. The most common purpose for this type of document is to name which individual, or group of individuals, they receive particular property belonging to a person when he or she passes away.
  
• Name guardians for children. Typically, a will is the document that states who should raise a person’s children if something happens to the parent. It usually contains at least one alternate in the event the first choice cannot serve.
  
• Establish trusts. In many cases, a person may not want a child or loved one to receive all of the property that they are inheriting at once. Or a person may want the beneficiary to be able to use the property for a while, and then for it to pass on to someone else. In that situation, an individual may choose to use a trust. A trust holds property on someone else’s behalf. In wills, trusts are commonly established for minor children, so that someone else can manage the children’s money until they reach a certain age when their parents believe they can manage it. Trusts are also commonly used in second marriage situations – a person may want to allow a spouse to have access to certain property while the spouse is living, but for that property to ultimately pass to the decedent’s children. Trusts can help accomplish that goal.
  
• List funeral wishes. Although this is also done in other documents too, it commonly states whether an individual wants to be buried or cremated, and where the body should be buried, or the ashes should be spread. Sometimes, they contain other information about funeral wishes too like where it should take place and even what readings might be recited.
  
• Tax planning. They can be great tools for tax planning in order to avoid federal or state estate or inheritance taxes. This can sometimes be accomplished by setting up various trusts.
  
• Naming executors and trustees. A will usually states who'll be the executor of an estate, which is the person who’ll carry out a deceased individual’s wishes listed. These documents can also name the trustee of any trusts established in a will, which is the person who will be in charge of carrying out the instructions of the trusts.

Asset Protection Available

While they can serve as powerful estate planning tools, wills can only be effective if they are properly drafted to suit the needs of each individual. An estate planning attorney can review all your options during your will preparation and establish a will in a manner that ensures your wishes are honored. Our estate planning attorneys can also offer assistance with asset protection.

The Benefits of Preparing Your Will in Advance

Preparing a will is an essential step in planning for the future. It’s important to be proactive about this process rather than overlooking or postponing it. By taking the time to prepare your will in advance, you can ensure that your wishes are carried out according to your specifications and that everything is properly considered. Here are some key benefits of advance will preparation: 

• Peace of Mind: While it’s not always pleasant to think about this topic, knowing that your affairs are in order can provide a great sense of relief. You can rest assured that your assets will be distributed according to your wishes and that your loved ones will be provided for.
• Avoids Family Disputes: A clear and well-drafted will can prevent disagreements among family members about how your estate should be divided. By being proactive and specific about your wishes, you can minimize the potential for conflict and help keep the peace.
• Protects Your Assets: Proper will preparation allows you to designate who will receive your assets according to your preferences. This ensures that they go to the people or causes you care about most. Without a will, your estate will enter probate and your assets may be distributed according to state laws, which might not align with your wishes.
• Appoints Guardians for Minor Children: If you have minor children or dependents, writing a will allows you to appoint guardians who will care for them in the event of your passing. This ensures that your loved ones are left in the care of someone you trust and provides long-term support.
• Reduces Probate Costs: The probate process can be time-consuming, expensive, and stressful. Having a will in place can streamline the process, reducing the time and costs necessary to settle your estate. This can be a significant relief to your beneficiaries.

Preparing your will in advance can provide peace of mind on a day to day basis. Don't leave your future to chance; take the time to create a will that reflects your wishes and secures your legacy. The team at Chambers & Ennis can help ensure that your will is legally compliant and meets all of your needs. Contact our office today to get started on the will preparation process.

Contact Our Certified Probate Attorneys Today

Once you're ready to begin the will preparation process, don't waste another moment. Simply contact one of the knowledgeable representatives at Chambers & Ennis. We understand the complex nature of modern wills, so our legal team will remain by your side throughout each phase of the drafting process.

For years, our certified probate attorneys have continued to assist clients throughout the Cary, Apex, Raleigh, Wake Forest, and Holly Springs, NC areas. All you have to do is schedule a preliminary consultation at our local office. Our staff members are constantly standing by to provide support.