When it comes to estate planning for children, thinking about asset distribution and inheritance can be a touchy subject for most families. The best way to ensure effective estate planning for children is to understand how your assets are assigned, and to determine the best distribution method. At Elder Law & Estate Planning Solutions of the Piedmont, we help families in the Concord, North Carolina area with estate planning for children to ensure dependents are protected when they need it most.
If you pass without a will in place, the state of North Carolina will determine who inherits your assets through probate estate law. Any legal fees that accumulate during this process also come directly from your estate. Although it is most likely your spouse and children will inherit your assets, having them clearly assigned will eliminate the need for lengthy probate legal processes and the fees that come with it.
Sometimes, it may be a better option to set up a recoverable living trust for your dependents to ensure that their inheritance is protected. In the event that you have children from a former marriage or who are not yet of age, the recoverable living trust is also an effective way to ensure that any inheritance left to your children is only accessible by them (and not their step-parents) in the event of your passing.
If you have any questions about estate planning for children, or want to know about specific ways you can customize an inheritance to protect your children, call us today!
If you live in Concord, NC& need help planning for the welfare of your children or elder loved ones, turn to us at The Law Office of Marjorie J. Brown, PCElder Law & Estate Planning Solutions of the Piedmont
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