Perhaps you and your spouse are parents of a four-year-old and a baby who is soon to celebrate her first birthday.
You would do anything for your children, but does that include creating an estate plan? What would happen to them if, for example, you and your spouse were fatally injured in a car crash?
Acknowledging changes
Major changes happen as you go through life. Having an estate plan can help you and your family navigate those changes. Creating a will is an important first step, especially since you have minor children. You can use your will to name a guardian for your children in the event you and your spouse should suddenly die.
Realizing benefits
Estate planning is also important for blended families and unmarried couples. Those who divorced and married again may want to split certain assets between the children of the current marriage and the children of the first. An estate plan also ensures that an unmarried partner may legally accept assets upon the death of his or her partner.
Making choices
Keep in mind that if you should die without having a will, a judge will determine the distribution of your assets based on North Carolina law. State law will also determine the care of your children going forward. These are decisions you have no control over and might not have approved during your lifetime. A will along with other estate planning tools such as a trust and powers of attorney are essential for your peace of mind and the welfare of your family.