What is estate planning?

Estate Planning in North Carolina

Estate planning is the preparation for distribution and management of a person’s estate. Simply put, estate planning is creating a plan and stating who a person wants to receive his or her belongings upon his or her death.  Estate planning also allow you to name person(s) who will care for your minor children if you die before they reach the age of eighteen. Estate planning should also consist of naming individual(s) who can make decisions on your behalf should you become mentally incapacitated or disabled and unable to make decisions for your self.  We are all going to die. Therefore estate planning is for everybody.

Some studies suggest that at least 1 in 4 Americans will suffer some disability during their lifetime. Effective estate planning is extremely helpful to your loved ones in that it allows them to manage your affairs when you die or if you become disabled. Effective estate planning is also necessary so that the possessions you worked hard to acquire can be given to the people or organizations of your choice and not distributed according to state law, as they will be if you die without an estate plan. Contact Phillips and McCrea today so that we can help create the estate plan that is right for you.