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Estate planning is not just for the old and wealthy

Some people may think they don't need an estate plan. They may think that estate planning is only for the elderly or for the very wealthy. However, neither of these things are true. For example, parents with children under age 18 may want to establish a plan that not only addresses how they want their assets passed on, but also who will be guardian of their child should they both pass away before the child is grown. And, even people of modest means may have opinions as to who should inherit their assets. An estate plan can address these concerns through the execution of a will or trust.

Moreover, estate plans can address end-of-life issues. For example, an estate plan can include a medical power of attorney to make medical decisions on a person's behalf should they become incapacitated. A financial power of attorney can accomplish the same thing, but with regard to financial decisions. Finally, an advanced medical directive can detail what end-of-life care or life-sustaining treatments you want if you are unable to make these decisions yourself.

In the end, estate planning is not all about death. It is important no matter how old you are or what your income level is. What will happen to your assets upon your death will be determined per the terms of your will, as opposed to having the state make these decisions. And, your loved ones will benefit from knowing what your end-of-life wishes are, should you be unable to express them yourself.

Of course, no one wants to make mistakes that could invalidate their estate plan or render it unenforceable. Therefore, many people seek the advice of an attorney when it comes to executing an estate plan. At Kluttz, Reamer, Hayes, Adkins & Carter, LLP, we aim to provide legal solutions for our clients' estate planning needs. With a strong focus on litigation, we work to make sure our clients' estate plans will not lead to a legal dispute. We believe that prudent planning is key to protecting one's assets. For more information on this and other estate planning issues, you can review our estate planning overview on our firm's website.

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Kluttz, Reamer, Hayes, Adkins & Carter, L.L.P.
129 North Main Street
Salisbury, NC 28144

Phone: 704-216-4012
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