Estate Planning for Seniors in North Carolina: Basic Issues

“Everyone will have an estate, and only by developing an estate plan can you take control over what happens to

yours.”

ESTATE PLANNING FOR SENIORS IN

NORTH CAROLINA– PART1– BASIC ISSUES

CHERYL K. DAVID North Carolina Estate Planning and Elder Law Attorney

http://www.cheryldavid.com/estate_planning/index.php/living-trusts/

Estate Planning For Seniors in North Carolina – Part 1 – Basic Issues www.cheryldavid.com 3

At the law offices of Cheryl David, we routinely recommend that every adult

in the state of North Carolina create an estate plan as soon as they turn 18.

We also recommend that seniors, or those nearing the age of 65, speak to

an estate planning attorney as soon as possible, especially if they don't have

an estate plan in place. While a good estate plan is something that every

responsible adult should take the time to create, seniors are in a much

greater need of having a plan than most others. So, in this first of a two-part

discussion on estate planning for seniors in North Carolina, we are going to

take a look at some common issues and concerns surrounding the estate

planning process with which seniors should be aware.

UNDERSTANDING YOUR ESTATE.

It's fairly common to hear people say that they don't need an estate plan

because they don't have an estate. After all, if you are not wealthy, don't

have a large home, and don't have a lot of money in the bank, what do you

need to worry about?

While this seems like sound reasoning, it is anything but.


The legal reality is

that everyone,

regardless of their

circumstances, will

leave behind an

estate if they

become

incapacitated, or

die.

The term “estate”

is simply a legal term that refers to the property and legal issues you leave

behind after death or incapacitation. Everyone will have an estate, and only

by developing an estate plan can you take control over what happens to

yours

nces.

UNDERSTANDING ESTATE PLANS

If everyone has an estate, does that mean that everyone has to create an

estate plan? No. There is no legal requirement that forces you, or anyone

else, to create an estate plan.

However, should you die or become incapacitated without an estate plan in

place, the questions that you leave behind will nevertheless need to be

answered. Who will answer these questions? Who, for example, gets to


determine who inherits your property if you don't leave behind a last will

and testament?

The effective

answer to

these types of

questions is

that you

already have

an estate plan

in place even

if you don't

realize it. The

laws of the

state of North Carolina, as well as certain federal laws, create a default

estate plan that applies to everyone. If you don't create a plan of your own,

or create a plan that doesn't meet legal requirements, this default estate

plan will apply to your estate.

Note, however, that this default plan does not take into consideration your

desires. Regardless what you would have wanted to happen to your state,

the default planning laws make decisions about your estate without your

input. The only way to change this is to make an estate plan that protects

your individual decisions.


CREATING ESTATE PLANNING TOOLS

Though we will discuss in detail some of the more specific estate planning

tools your plan will rely upon in our next discussion on this topic, seniors

need to be aware that there are a variety of issues that will require you to

create some specific estate planning tools in order to protect yourself, your

estate, and your wishes.

For example, if you have specific wishes about the kinds of health care

treatment you do were do not wish to receive in the event you become

incapacitated, the only way to protect those desires is to create specific

documents. If you fail to create these documents, or fail to create them in

the right way, you have no way of guaranteeing that your choices will be

honored.


YOU SHOULD TALK TO A LAWYER FOR ADVICE

Estate planning is often a popular discussion topic for many seniors. There

are endless resources available that seek to provide you with estate

planning advice. And even though most of this information is reliable and

useful, it will never be, and can never be, a substitute for the legal advice

and guidance that only an experienced attorney can provide.

If you are a senior who lives in the Greensboro, North Carolina area and

have questions about estate planning, are worried about estate planning

topics, or want to begin the process of creating an estate plan of your own,

you need to reach out and contact us as soon as possible. Though we have


years of experience crafting estate plans for seniors in North Carolina, we

can only begin helping you if you make the choice to contact us.


ABOUT THE AUTHOR

Cheryl David is a graduate of UNC-Chapel Hill, the

University of Baltimore School of Law, and the

prestigious Trial Lawyer’s College presided over by

Gerry Spence. A former Administrative Judge, Cheryl

is certified as an Estate Planning Law Specialist by the

ABA accredited Estate Law Specialists Board, Inc. She

is also a member of the American Academy of Estate

Planning Attorneys, Medicaid Practice Systems and

the National Academy of Elder Law Attorneys.

In 2008, Cheryl received the honor of becoming a Fellow with the American Academy of Estate Planning Attorneys. The Fellow program recognizes Academy Members who demonstrate advanced expertise and significant practical experience in the total estate planning, trust, tax planning, guardianship, probate and estate administration fields. In order to maintain this advanced expertise, Cheryl takes over 36 hours of continuing education in Estate Planning, Elder Law, and Taxation each year. Also a Financial Planner, she holds the Series 7 and 66 Investment Licenses in addition to both Insurance and Long Term Care/Medicare designations.

Her professional capabilities, together with over 25 years in practice, have combined to bring positive change to the lives of over 4500 clients and their families.

528 College Road Greensboro, NC 27410 Phone: (336) 547-9999 Fax: (336) 547-9477

WWW.CHERYLDAVID.COM

http://www.cheryldavid.com/estate_planning/index.php/living-trusts/