Gastonia Estate Planning Lawyer

Gastonia Estate Planning Attorney

As we get older, many of us naturally begin thinking about life after our time. For people who have been working and accruing wealth throughout their lives, this often brings about the question of how to protect their assets and take care of the generations of family that come after them. When it comes time to think about end-of-life planning, a skilled Gastonia estate planning lawyer can make all the difference.

At The Jonas Law Firm, P.L.L.C., we have seen how important a thorough estate plan is when it comes to determining important issues and ensuring a decedent’s wishes are honored after their passing. We understand how estate planning puts people in control of their finances and can offer the ultimate peace of mind for the person protecting their assets and their families.

What Is Involved in Estate Planning in Gastonia?

An estate plan provides the framework for how your finances and other assets are distributed upon your death. Without a will and other parts of your estate in place, the state can make decisions about your estate without any knowledge of what you want. Typically, you name an executor for your will who can then carry out your wishes.
As per the latest estate planning trends in North Carolina, more individuals are prioritizing digital asset planning, healthcare directives, and personalized trusts to ensure every detail is accounted for.
Speaking with an experienced real estate lawyer can also be helpful, as they can ensure your estate plan fully covers all aspects of your assets and avoids any legal gaps.

If you don’t have an executor named in your will, the Clerk of the Superior Court assigns a representative to collect the decedent’s assets, pay their debts, and distribute property to the proper beneficiaries. While your surviving family members can make arguments to sway decisions, where your assets go ultimately falls on the judge’s shoulders if you don’t have an estate plan or will in place.

The objective of estate planning is to better manage your assets and to allow you to rest assured that they are protected when you inevitably pass away. Even in death, debts must be paid, and the world must keep turning. Having an estate plan gives you the opportunity to appoint a trustworthy person to oversee your assets so you can maintain some control over your wealth even if the time comes that you can no longer make decisions for yourself.

What’s Included in an Estate Plan

An estate plan can include any number of important documents depending on your financial situation and the complexity of any assets or generational wealth that must be managed. Generally speaking, the more valuable your estate, the more management it requires. That said, estate planning typically involves these documents:

• Guardianship designations for minor children
• Healthcare power of attorney
• Living will
• Power of attorney
• Trust
• Will and testament

Benefits of Having an Estate Plan in Gastonia

Death is an inevitability that comes for all of us, so it’s wise to be prepared when it does. There were 1,315 deaths reported in Gaston County in the first half of 2024, with accidents being listed as the third leading cause of death throughout the state. That said, the unexpected can happen at any time, and it can be helpful to be prepared if something happens to you.

Estate planning allows you to rest assured, knowing your assets and finances are protected while you’re alive and that they are set up to be distributed to the right people once you’ve passed. Not only does an estate give you peace of mind about where your assets go when you’re gone, but it also allows you to make decisions about your own health by executing a healthcare power of attorney.

With approximately 227,943 people residing in Gaston County and an employment rate of 61.6 percent, people are accruing wealth year over year. It’s important to understand what to do with your assets and to look to the future so you can maximize your efforts and get the most out of your hard work. By working with a Gastonia estate planning lawyer now, you can protect your own and your family’s financial freedom down the road.

FAQs

What Is the Average Cost for a Gastonia Estate Planning Lawyer?

The overall cost of working with a Gastonia estate planning lawyer can vary depending on your financial situation, the attorney’s experience, and what kind of services you require. Some attorneys charge an hourly rate, while others may charge a flat fee for specific services. Typically, you can ask an attorney for their fees during an initial consultation.

What Is Included in an Estate Plan?

An estate plan can include any number of documents depending on how complex your situation is regarding your assets, finances, and family. Typically, an estate plan includes guardianship designations, a living will, medical records authorization, a power of attorney, a trust, and a will. In your will, you also must name an executor to carry out your wishes once you pass.

What Is a “5 by 5 Power in Trust” in Estate Planning?

A “5 by 5 power in trust” is a clause found in many trusts that allows a beneficiary to make a withdrawal of $5,000 or five percent of the trust’s fair market value each year. The person establishing the trust sets all the guidelines for the clause, including when the beneficiary can access the funds and for what purposes they can use the money.

What Is the Difference Between an Estate Planning Lawyer and an Estate Planner?

Both estate planning lawyers and estate planners focus on end-of-life planning for individuals looking to protect their assets. However, estate planning lawyers are licensed attorneys who focus on the legal aspects of estate planning, while estate planners focus on creating the overall plan and implementing tax strategies to preserve and distribute wealth.

Reach Out to a Gastonia Estate Planning Lawyer to Plan for Your Future Today

There’s no wrong time to start estate planning. No matter what phase of life you’re in, you can offer peace of mind by knowing where you and your assets will be in the future. Our skilled attorneys at The Jonas Law Firm, P.L.L.C., have been helping families throughout Gaston County and beyond for over a century. Contact our office to set up an appointment with our skilled legal team today.