I
ESTATE PLANNING IN NORTH CAROLINA
l Your estate plan —
where to begin
Identify your goals and gather needed information before you seek profes¬
sional advice. Schedule a family meeting to begin shaping your objectives.
We usually take life for granted. Few of us
choose to think about the cold reality of
death. Nevertheless, you owe it to yourself
and your family to plan how your property
will be used after your death for the benefit
of your loved ones, charitable interests, and
other beneficiaries. The estate planning pro¬
cess begins with a series of questions that
must be considered:
• Who will care for your minor children or
aging parents?
• Will the family business be continued?
• If you own family land as farm or forest,
does your family wish to keep it? Will
they be able to do so?
• Will your spouse be able to live comfort¬
ably on what you leave behind?
• Will estate taxes consume your family’s
security?
• Are there other federal, state, or local
their estates may impair the likelihood that
their children will succeed in the business.
The state law provides for the distribution
of estates if you die without an estate plan
in North Carolina. It is quite likely that the
plan set out in state law is not what you
want for your family, nor what they would
likely choose.
People neglect their estates because
“they don’t have time” or they think it’s
“too expensive.” But there is no time better
spent than planning to protect your fam¬
ily’s future. Moderate expense invested in
professional assistance is insignificant next
to the expense your estate could incur in
litigation, taxation, and red tape. It’s not all
about money — family quarreling, confu¬
sion and hardship can and does occur when
loved ones die without an estate plan. Many
families fight and become estranged, even
for generations, over the assets of poorly
planned or unplanned estates.
Distributed in furtherance
ot the Acts ot Congress of
May 8 and June 30, 1914.
North Carolina State Uni¬
versity and North Carolina
A&T State University com¬
mit themselves to positive
action to secure equal op¬
portunity regardless of race,
color, creed, national origin,
religion, sex, age, veteran
status or disability. In ad¬
dition, the two Universities
welcome all persons without
regard to sexual orienta¬
tion. North Carolina State
University, North Carolina
A&T State University, U.S.
Department of Agriculture,
and local governments
cooperating.
taxes, or other expenses, that should con¬
cern you?
All of these concerns can be addressed with
an estate plan. Each plan is unique to each
family’s needs and resources. Estate plan¬
ning is for everyone, not just the elderly or
rich. If you avoid planning your estate, you
have unconsciously made some important
choices. Your family will have to live with
them.
Couples with young children who fail
to plan their estates have chosen to have a
court decide who will raise their children.
Parents in a family business who fail to plan
Slate University
AST State University
COOPERATIVE
EXTENSION
FOR MORE INFORMATION
To learn about the impact of dying without
a will, see Where There Is a Will, There Is a Way
(AG-688-02) in the Estate Planning series.
What Is Estate Planning?
Estate planning involves a set of steps for
effective management, enjoyment, and dis¬
position of your property at the least pos¬
sible cost, both in life and at death. Making
a will is a crucial part, but planning doesn’t
stop there. Estate planning involves a re¬
view of your property ownership, insurance
needs, and family business structure. This
task can be simplified into five basic steps:
1. Begin the dialogue.
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