You’ve spent years working hard, saving for the future, and building a life for your loved ones. Maybe you own a home, have investments, or even a family business. But what happens if something unexpected occurs? Without a well-structured estate plan, your family could face stressful legal battles, unnecessary taxes, and uncertainty about your wishes.

At Rountree Losee LLP, we help Wilmington residents take control of their future by crafting clear, legally sound estate plans. Below, we outline the key documents every estate plan should include to give you peace of mind and security for the years ahead.

Last Will and Testament

A Last Will and Testament is a foundational document that outlines how your assets will be distributed after your passing. It allows you to:

• Designate Beneficiaries: Specify who will inherit your property, such as real estate, personal belongings, and financial assets.
• Appoint an Executor: Name a trusted individual to manage your estate, ensuring that your wishes are carried out effectively.

Without a valid will, the distribution of your assets will be determined by North Carolina’s intestacy laws, which may not align with your preferences. 

Revocable Living Trust

A Revocable Living Trust offers flexibility and control over your assets during your lifetime and facilitates a smoother transition after your death. Benefits include:

• Probate Avoidance: Assets placed in the trust can bypass the probate process, leading to a more private and efficient distribution.
• Continued Management: In the event of incapacity, a successor trustee can manage the trust assets on your behalf.
• Flexibility: You retain the ability to modify or revoke the trust as your circumstances or intentions change.

Durable Power of Attorney

A Durable Power of Attorney allows you to appoint someone to handle your financial and legal affairs if you become incapacitated. This document enables your chosen agent to:

• Manage Finances: Handle banking transactions, pay bills, and oversee investments.
• Conduct Real Estate Transactions: Buy, sell, or manage property on your behalf.
• Access Retirement Accounts: Make decisions regarding pensions, IRAs, and other retirement plans.

Health Care Power of Attorney and Advance Directive

A Health Care Power of Attorney allows you to designate an individual to make medical decisions on your behalf if you are unable to do so. An Advance Directive, or living will, outlines your preferences regarding medical treatments and end-of-life care. Together, these documents:

• Ensure Adherence to Your Wishes: Clearly communicate your healthcare preferences to medical professionals and loved ones.
• Reduce Family Burden: Provide guidance to your family during difficult times, alleviating the stress of making critical decisions without knowing your desires.
• Authorize Access to Medical Records: Allow your appointed agent to access your medical information to make informed decisions.

Trust Funding Documents

After establishing a trust, it’s essential to fund it properly. This involves transferring ownership of your assets into the trust, which may include:

• Real Estate: Changing property titles to the name of the trust.
• Financial Accounts: Renaming bank and investment accounts to reflect trust ownership.
• Personal Property: Assigning valuable items, such as jewelry or artwork, to the trust.

Beneficiary Designations

Certain assets, like life insurance policies and retirement accounts, pass directly to beneficiaries named in their respective documents. It’s important to:

• Review and Update Regularly: Ensure that your beneficiary designations align with your current intentions and overall estate plan.
• Coordinate with Other Documents: Make certain that designations do not conflict with provisions in your will or trust.

Don’t Wait to Plan for Your Future With the experienced Attorneys at Rountree Losee LLP

Creating a personalized estate plan is a big step towards securing your legacy and providing for your loved ones. are here to guide you through this complex process. Contact us today to schedule a consultation and learn more about what we can do for you.