Charlotte, North Carolina:   While many people focus on getting out of debt or getting organized for the New Year, estate planning is an equally important personal finance goal that should make every adult’s to-do list.

That’s because according to Charlotte estate planning lawyer, Sabrina Winters, far too many area residents are without plans to protect their family, wishes and assets should something unexpectedly happen to them.  A recent lawyers.com survey further reveals that only 35% of adults have a basic will or other estate planning documents in place should death or incapacity occur.

“Contrary to popular belief, estate planning isn’t just for the rich,” says Winters .  “At a bare minimum, every adult needs a basic will, power of attorney and health care directives in place to avoid a legal and financial stresses and obstacles if something unexpectedly happens to them,” she adds.

So what are these documents and how do they help you in a time of emergency?  Winters explains the following:

• Will- A will is a document that specifies what should happen to your assets if you pass away.  A will may also contain guardian nominations to dictate who will care for your minor children if something unexpectedly happens to you.

• Trust- A trust is a legal entity that can hold title to property. With your assets securely placed in a living trust, you can minimize your financial exposure to lawsuits, divorce and bankruptcy while alive.  Upon death, a trust (if created and funded properly) will keep your affairs private and out of the probate court.  It also allows a great deal of control for people who do not want their inheritance going outright to their heirs if something unexpectedly happens.

• Power of Attorney- A power of attorney or POA gives explicit permission for someone to access your personal accounts, pay your bills and handle all other financial and legal affairs if you are incapacitated in an accident but do not die.   Under the current privacy laws, even a spouse may have a hard time accessing personal information without such documentation in place.

• Advanced Health Care Directive- Also known as a living will, this document specifies your healthcare wishes if you are incapacitated in an accident and unable to speak for yourself.  Such wishes may range from whether you want certain medications administered to when (if at all) to start life support in critical situations.   This document also allows you to appoint the person best suited to carry out such wishes should incapacity occur.

“Accidents and serious illness happen every day without warning,” says Sabrina.  “That’s why it’s so important for any adult who has not tackled their estate planning to add it to their resolutions this year.  It will save their family from potential headaches and unexpected costs should the unthinkable happen”.

About Sabrina Winters:  Winters is a wife, a mom, a business owner and the Senior Attorney at Sabrina Winters, Attorney at Law, PLLC…an Estate Planning and Probate law firm located in the beautiful Ballantyne area of Charlotte, North Carolina.  Winters has been assisting clients in all areas of Estate Planning for over a decade.  Some of her services include:  Wills, Trusts, Probate,Tax Planning, Planning for Children and Succession Planning for business owner

However, in today’s mobile society, more and more retired people reside in more than one state during the year for reasons other than the weather.  Not just fleeing for short spurts.  Who can resist those grandchildren?!

If you consider yourself a “snowbird”, it is important for you to find out whether your current estate plan is going to work for you as you planned.  When it comes to planning for a dual residence client, it is important to address issues and develop a plan that will work effectively in both states.

Most understand how critical it is to have up-to-date medical directives, durable powers of attorney, designation of a health care advocate and a living will.  However, what you may not know is that each state has its own set of laws and rules, which may mean that your documents may not work as you planned in your secondary residence state.  Even if the documents meet the technical requirements of the other state, a hospital or doctor may not choose to honor the documents (for whatever reason), which may mean your decisions regarding end-of-life, or disability care may not be honored.

If you are a dual resident, living in North Carolina as well as another state, it is important to talk with not only an experienced Charlotte estate planning attorney but also an experienced estate planning attorney in the dual resident state.  Working together, they can provide specific direction regarding individual state requirements. In addition, if your will or trust was created before you owned property in another state, be sure to call and make an appointment with your Charlotte wills attorney to go over your will or trust to make sure that it will work just as you planned.

Contact:  Sabrina Winters

Phone:  (704) 843-1446

Email:  swinters@sabrinawinterslaw.com

With the stores crowded, traffic horrendous and holiday parties in full swing, the period between Thanksgiving and New Years Day is undoubtedly one of the most dangerous travel times of the year.  Charlotte lawyer, Sabrina Winters, urges families to be prepared by making necessary updates to their will, trust or other estate planning documents prior to the hustle and bustle of the season.

Charlotte, North Carolina – It is that time of the year again where the stores are packed, traffic is horrendous and holiday parties are in full swing.  And no matter what holiday you celebrate, this is certainly not the safest time to be out and about on the roads.

Between Thanksgiving and New Year’s Eve in 2002  alone, alcohol related crashes killed 1,561 people. That does not even account for the people who were simply injured or incapacitated for any length of time from their injuries.

According to Charlotte estate planning lawyer, Sabrina Winters, the holidays are the perfect time to make sure your will, trust or other estate planning documents are updated so your family stays protected should something unexpectedly happen to you.

“The holidays are a really smart time to make sure your estate plan is exactly how you want it to be should something unexpectedly happen to you and/or your spouse,” says Sabrina Winters,  ”Without an updated estate plan, your children could be left at the mercy of the courts, your assets in limbo and your physical or medical wishes may not be honored in the event of an accident,” Sabrina Winters adds.

Specifically, Sabrina Winters offers four things to consider when updating your estate plan prior to the holiday season:

1. Guardianship nominations:  Have you named guardians to care for your children if something happens to you?  Have you made sure those guardians will have the financial resources to care for your kids in your absence?  Are you even happy with the people you originally chose to care for your kids?  Sabrina Winters says if you answered no to any of these questions, it is time to pull your plan out of the drawer and make a few key changes.

2.  The effect of marriage, divorce or remarriage:  Is your ex-spouse still set to get half of what you own according to the directions of your prior estate plan?  If so, according to Sabrina Winters it is time to update!  Sabrina Winters recommends reviewing your plan carefully to make sure your beneficiaries are exactly as they should be in case something unexpectedly happens to you.

3.  Are your assets owned properly in the name of your trust: If you have a trust, Sabrina Winters says now is a great time to take an inventory of your assets and make sure they are owned properly in the name of that trust.  This is one of the most common reasons an estate plan will fail at the end of a person’s life.

4.  Do you have medical directives and POA’s if you are incapacitated?  If you are incapacitated in an accident but do not die, Sabrina Winters advises that you will need clear medical directives and power of attorney forms so someone you trust can make medical and financial decisions until you are able to speak for yourself.  If medical directives and POA’ were not included in your original plan, speak with a qualified attorney to have them drawn up before the hustle and bustle of the season starts.

“An updated estate plan is the greatest gift you can give to your family over the holiday season, ” says Sabrina Winters.  ”It is the only way to make sure your children, assets and wishes will stay protected should something happen to you during this dangerous time of the year.” Sabrina Winters adds.

For more information about Sabrina Winters, please visit www.ncestateplanninginfo.com or call (704) 843-1446.

Bio:

Sabrina Winters has been assisting clients with all their estate planning needs for over ten years. As a woman, a mom, a wife and business owner, she brings her personal experiences as well as legal experiences to her clients.  Regardless of what stage in life you are or your asset level, Sabrina Winters has the experience and skills to plan for your particular needs.

Youth is often used as an excuse for putting off doing a Last Will and Testament or a Living Trust.  The thing is, that estate planning is not just about planning for your death; it also includes planning for yourself personally in the event you experience an incapacitating injury and are unable to make your own financial or medical decisions.  While the odds are certainly in your favor that you will not need an estate plan (we are all invincible when we are young!), you should still consider these four scenarios…

1.  You need a plan in the event that you become disabled or incapacitated.

Unfortunately tragedies happen every day, many of which are out of our control.  And you are not immune to them because you are young.  Just turning on the local news will be evidence of that.  If something happens to you and you are no longer able to make decisions regarding your own financial, legal, and medical affairs you will need to make sure that there are basic documents in place (such as a medical directive, power of attorney and HIPAA authorization) so someone can make life decisions for you.

2.  You need to pass your assets.

You might be asking, “What assets?”  Even if you do not yet own your own home, you need to consider IRAs, retirement accounts and life insurance policies offered through your employer. You need to make sure that beneficiaries are named in the right way so that the people you want to leave them to get maximum benefit.

3.   You need to name guardians for your kids.

If you have children, you simply must name guardians.  You should be the one who decides who will raise them if you are no longer around.  You do not want this decision left to squabbling relatives or to a court system that doesn’t know you, your child or your family dynamic.  You might be thinking that everyone in your family loves your children, that there won’t be any problems.  If they all love your children, they will all probably want to raise them, right?  If they all want the same thing, this will have the potential of becoming a battle…do you want your children to be put through that after having lost their parents?

4.  You need to plan for your pets.

If you have a pet, chances are they are a big part of your life.  They are totally devoted to you and also totally dependent on you.  Have you stopped to think what might happen to them if something were to happen to you?  If you want to make sure your companion is cared for if the unexpected happens, you could choose to put together a plan for their continued care.  The plan may include directions about feeding, medical care and other needs along with funds necessary to provide for your pet’s support and to compensate the caretaker.

The scenarios above are just a few to consider when educating yourself on the importance of having a Last Will and Testament or a Living Trust.  I encourage you to talk with a Charlotte, North Carolina wills and trusts lawyer.  Only then will you have the peace of mind of knowing that you are fully protected.

It is hard to deal with our own incapacity and death when we are well, but there were many in the room battling cancer and truly needed for me to guide them in something they felt they had some form of control over. It was humbling for me to see people (there was standing room only!) who were exhausted from chemotherapy or in remission, but made it to a 6:30 p.m. event (to listen to me none the less!) because they knew how important it was.  These people are no different than you and me, except that they have a sense of urgency because life has dealt them a challenge.

Read the full letter here along with other client and colleague testimonials.

Most folks don’t like the idea of thinking about being in a situation where they are unable to speak for themselves. Unfortunately, this often leads to a lack of planning. Putting your health care wishes in writing is an important step in avoiding having someone else make a decision on your behalf with which you would not otherwise agree.

The first step in documenting your health care wishes, is a document often referred to as a living will. This is basically a statement of what kind of care you want or would refuse in the event that you become incapacitated. Don’t be fooled by the name. A living will has nothing to do with a last will and testament or a living trust. The purpose of the living will is executed solely to ensure your health care wishes are carried out.

This document can be as detailed or general as you and your estate planning attorney decide. However, it is important to plan this document with the assistance of an attorney. That way, you can be sure you are not making any obvious or overt mistakes or omissions.

The second aspect to planning health care planning is setting up a power of attorney for health care. This legal instrument allows you to appoint another individual to make medical decisions on your behalf in the event you aren’t able to communicate your desires. Choosing the right person for this job is important as they will be making decisions about your health and treatment.

Usually, these documents go into effect at the point you are determined to be incapacitated. Typically, this means that your are too ill or injured to communicate your wishes regarding your health care or treatment. In some situations, when there is a question regarding your ability to make decisions about your treatment, your doctor or family members will have to decide whether to invoke the documents.

If your health care documents go into effect, you will still be able to override them or your agent if you are still able. Your ability to make decisions on your own behalf always trumps anything placed in the documents. Even when you are unable to make and/or communicate your interests, your agent must always try to effectuate your best interests and desires.

Having these documents prepared by a North Carolina Power of Attorney Lawyer, before you become ill, shows that you care for your family and do not wish to make a difficult time any more difficult. Learn more about North Carolina Living Wills and Power of Attorneys today.