May142020
Estate Planning

You’ve Taken Care Of Others, But Have You Taken Care of Yourself?

Planning Your Own Estate in North Carolina

Many people devote years to caring for family members, yet they delay planning their own estates. Without a clear plan, you risk leaving loved ones to navigate probate court, tax issues, and asset distribution on their own. By taking action now, you protect your wishes and ease the burden on those you care about the most.

Key Estate Planning Documents

North Carolina law offers several tools to help you manage your property and health care decisions. Here are the primary documents you need:

  • Last Will and Testament: A will states who inherits your assets and names a personal representative to administer your estate. Under N.C. Gen. Stat. § 31-2 (https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_31/GS_31-2.html), a will must be in writing, signed by you, and witnessed by two competent adults.
  • Durable Power of Attorney: This document lets you appoint an agent to manage your financial and legal affairs if you become incapacitated. See N.C. Gen. Stat. Chapter 32C (https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/ByChapter/Chapter_32C.html) for requirements and scope.
  • Health Care Power of Attorney and Living Will: Under N.C. Gen. Stat. Chapter 90, Article 60 (https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_90/Article_60.html), you can name someone to make medical decisions and outline your wishes about life-sustaining treatment.
  • Revocable Living Trust: A trust can help you avoid probate and maintain privacy. You transfer assets to the trust during your lifetime and name a successor trustee to distribute property according to your instructions.
  • Beneficiary Designations: Review retirement accounts, life insurance policies, and payable-on-death accounts to ensure they match your current wishes.

Why Now Matters

Life changes—marriage, divorce, births, deaths, and changes in financial status—affect your plan. Regularly reviewing your documents keeps them up to date. If you fail to plan, North Carolina’s intestacy laws under N.C. Gen. Stat. § 29-14 (https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_29/GS_29-14.html) determine who inherits, which may not reflect your wishes.

Common Pitfalls to Avoid

  • Failing to sign or witness documents properly.
  • Overlooking digital assets and passwords.
  • Using outdated beneficiary designations.
  • Neglecting to fund your trust.

Next Steps

  • List your assets and decide who you want to inherit them.
  • Choose trusted individuals for power of attorney and health care decisions.
  • Consult an experienced probate attorney to draft or review documents.
  • Store your paperwork in a safe place and share its location with key people.
  • Review your plan every few years or after major life events.

Taking care of yourself today saves your loved ones time, money, and stress tomorrow. Proper planning ensures your desires guide future decisions.

Contact Pierce Law Group

Pierce Law Group has years of experience guiding North Carolinians through estate planning and probate. Let our team help you put a solid plan in place.

Call us: (919) 341-7055
Email: intake@piercelaw.com

Category: Estate Planning

Author: jpierce

Attorney Jared Pierce is the founder of Pierce Law Group in Raleigh, North Carolina, a firm he established with a dedicated focus on probate administration and estate planning across North Carolina. Born and raised in the Republic of South Africa, Jared moved to Durham with his family in 2001, bringing with him a rich cultural background and a distinctive accent that often serves as a conversation starter.