How many seniors in Wilmington and the state as a whole are participating in estate planning?
A trust is generally used to minimize estate taxes. It also offers other benefits as part of a well-crafted estate plan. They usually avoid probate, so the assets are available to the beneficiaries sooner than with wills. They also allow your loved one to specify the terms of their bequests precisely. According to the IRS, the number of returns filed in North Carolina in 2014 with simple and complex trusts is as follows:
In addition to precise control of your loved one’s wealth, trusts are good for protecting their legacy. If they have an irrevocable trust that is properly constructed, it isn’t subject to their heirs’ creditors. Trusts are also used to protect assets from being mistreated by beneficiaries who aren’t responsible with their finances. By structuring the payout of their inheritance, these beneficiaries can be cared for without running through the inheritance and being left with nothing. An estate planning lawyer in Wilmington can set up a trust that does exactly what your loved one wants it to do.
What do seniors in Wilmington name as the most important benefits of having one’s affairs in order?
There are many important reasons your loved one may want to have their affairs in order. Working with a qualified Wilmington estate planning attorney gives your loved one the opportunity to put their values into action. A recent study into the most important reasons seniors wanted to have their affairs in order discovered the following results:
It’s heartening to know that rather than controlling their property, life, or legacy, seniors were most concerned about not being a burden on their loved ones. Filing the appropriate estate planning documents, including advance directives, wills, trusts, and any other necessary documents, make it possible for your senior’s family members to make it through their passing with less difficulty and without family disagreements since the senior has laid out their wishes in legal documents.
How to choose the best estate planning attorney in Wilmington
Regardless if your loved one has another type of attorney, you should consider setting them up with a specialized Wilmington estate planning attorney. Make sure that anyone you are considering is willing to provide appropriate references, as this indicates they are proud of their work and they have the necessary experience. As you narrow down your choices, check to see who has the experience that would make it possible for them to understand your loved one’s unique situation.
Of course, cost is a consideration. Your loved one should expect to say about $100 for a simple will, and the price should go up from there depending on the complexity of their estate. For further information, see our comprehensive guide to choosing an estate planning attorney.
Estate planning solutions for Wilmington seniors
It’s heartbreaking to think about the end of your loved one’s life. Still, practically speaking, it’s a good idea to set them up with a Wilmington estate planning attorney. Everyone in the family can experience peace of mind knowing that your aging loved one’s affairs are in order and you can spend the last days of their life focused on caring for them the way they want to be cared for. Use our listings today to find the right estate planning services in Wilmington for your loved one.
