Estate planning is a legal process, and just like any other legal process, the filing and compiling of paperwork are vital. The law would also require you to fill the needed documents to make your estate planning legally enforceable in court. Therefore compliance with the plan with the required documents is vital.

Wills and Estates Lawyer in Monroe, NC, have a profound experience ensuring that all the documents concerning estate planning are filed. 

Here are the four primary documents that need to be duly filled and submitted:

The will:

A will helps allocate the assets after you pass away. The assets can be distributed to family, friends, charities, or organizations, depending on the individuals’ choice. It will also state the proportion in which the asset will be split and who will get a share. An executor can be mentioned in the will who will carry out the distribution of the asset.

In the absence of a will, the state gets hold of the asset(s) and will split it under the state’s intestacy laws. A will may also mention a guardian who will look after the care of their children till they reach the age of majority.  

A durable power of attorney:

A mere will isn’t enough as it will only execute the terms in the event of death. During the lifespan, if the individual is not in the state to make financial decisions on their own, they can appoint a person and provide them with the durable power of attorney. The rules of each state regarding a power of attorney are different. Ensure that this document is a non-springing durable power of attorney instead of a durable springing power of attorney. 

Advance care directive:

In the event of medical incapacitation, a document by the title advance care directive must be settled to give medical professionals directions as to how you would like to be treated. This document is also known as the living will. In certain states, a person can be appointed to execute this document, while in other states, a document called the health care power of attorney would need to be filled.

Revocable living trust:

A will is sufficient to execute the distribution of the assets and estate. However, depending on the size of the individuals’ estate, the individual may allocate the asset to create trust. A trustee is appointed to execute the terms of the deed. The assets only get distributed on the death of the asset owner.