Wills
Do I really need a will?
Only about one half of Americans have a Will. When a family member passes away without a Will, they are leaving behind family members who are unprepared in the knowledge of last wishes, confused about facing probate, and frustrated regarding the court’s interference. Passing away without a Will leaves a legacy of untold stress, strained family relations and an inheritance decreased by legal fees.
Meanwhile, those that take the time for Personal and Family Wealth Planning, leave behind the gift of certainty that their wishes are clear, their assets are titled correctly and can be distributed according to the needs of their family and loved ones, and their family is kept out of court and out of conflict.
If you are a family with young children, a properly prepared Will details the best possible provision and care, both short and long term, for your children, and the assurance they will come into their inheritance well prepared. Our Family Plan can be combined with specific guardianship documents to insure your children are always raised by the people you want and have the resources to live their best lives.
Estate Planning with Simpson Law Firm is different because we believe that interesting family dynamics are the “fun factor” in establishing an effective Personal and Family Wealth Plans. Every family is unique, with individual needs, desires, challenges, etc. No two Wills that we draft for our clients are alike. From blended families, to families with minor children, to same-sex marriages, to single parents, to couples without children, to couples who live together but never get married, each family has a unique set of circumstances that can be addressed with a properly drafted estate plan. Leaving these decisions to the one-size- fits-all manner that the states of North Carolina and South Carolina will prescribe if you die without a will is most often not what is ideal for your particular family.
TRUSTS
Aren’t trusts just for rich people?
Many have the preconceived notion that Trusts are only for the rich and famous. Although there are certainly Trusts that can be created to protect those with considerable assets, a Trust is a very flexible legal entity into which you can transfer assets. When we create a Trust Plan, you will appoint a Trustee (often yourself) to manage those assets and a beneficiary (or several beneficiaries) that will inherit the assets with the most ease and convenience possible in the privacy of our office without court involvement. For the average person, a Trust Plan can be an extremely effective way to:
1. Save court probate fees
2. Avoid time-consuming probate processes and delays in the distribution of your assets.
3. Decrease conflicts in families by making certain your wishes are clear.
4. Save your loved ones time and stress after your death when they are winding up your estate, no matter the size.
5. Ensure that if your husband or wife remarries after your death that the new spouse doesn’t spend all your assets and there will be an inheritance left for your children.
6. Protect children in a blended family so that upon your passing, all of the “yours, mine, and ours” kids are provided for.
7. Allow your special-needs child to be taken care of after you are gone without jeopardizing their Medicaid or Social Security Benefits.
8. Preserve assets for your heirs when you need Medicaid to cover your long-term care costs.
9. Provide for loved ones who are not responsible with money, are unable to work, or suffer from addiction or a severe mental illness by allowing a Trustee to distribute assets to these loved ones as needed over the course of their lives, instead of giving them a lump-sum inheritance immediately following your passing.
10. Protect your assets from estate taxes in other states. North Carolina and South Carolina do not currently have an estate tax, but the state where you own your vacation home just might.
As part of Simpson Law Firm’s Family Wealth Planning, you will know you have made the best decisions for your family during your lifetime so your family will be left with ease and aware of your love by how well you prepared. Let us help you determine if a Family Plan or a Trust Plan will best serve your family. Contact us to prepare for your family’s future today!