Estate Planning in Asheville, NC
The difficult thing about planning for the worst to happen is that you have to acknowledge that the worst could happen. Nobody wants to do that, so we tend to put off taking the steps that can protect our assets and our family in case of unfortunate circumstances such as an untimely death or incapacitation. Planning for these events, however, will decrease your stress and ensure that your assets are protected, your wishes are followed, and your family is cared for should something happen to you.
What is Estate Planning?
Estate planning is a complicated process that is different for every person and family, depending on their individual circumstances and needs. At Craig Associates, we take the whole picture into account to build an estate plan that honors your wishes and protects what you have worked so hard to earn, ensuring that your family has access to the resources they need after you are no longer able to take care of them. Set your mind at ease knowing that everything has been done to care for your family and protect your assets.
We offer free estate planning seminars led by our expert estate planning lawyers in Asheville to help you get a head start on estate planning and learn how you can preserve your wealth and protect the well-being of your loved ones. Feel free to register for an upcoming seminar or call Craig Associates, PC at (828) 258-2888 for an initial case evaluation.
Chris and his team are awesome. I came into their office knowing very little about trusts or their purpose. Chris first and foremost educates, then executes in a very timely manner. Everything is all in place now and I can sleep a little easier. When I first went to look for an estate attorney I made many many phone calls and had lots of consults; I already did your homework for you. Look no further you found the one…. Hurry up and go get your peace of mind.
—Craig Associate, PC Client | 5-star Google review
Our Estate Planning Services in Asheville
Whether your estate planning needs be simple or complex, we are here to guide you through the process and ensure you are confident in how your estate will be handled. We offer comprehensive estate planning services to help you with:
- Why Choose Us
- Glossary
- Founded in 2005, Craig Associates, PC has served North Carolina for over 18 years
- Christopher M. Craig holds active membership in the North Carolina Bar Association and the 18th and 28th Judicial District Bars, ensuring you receive expert legal counsel from a qualified professional
- We are committed to bringing your life together—that’s our motto. Let us be the law firm you can count on to understand your unique needs and bring you peace of mind.
Advance Health Care Directives: Legal documents specifying decisions about health care if an individual becomes incapacitated.
Assets: Items of value owned by a person, relevant in estate planning for distribution upon death.
Attorney: A legal professional who assists with creating estate planning documents and advice.
Beneficiaries: Individuals or entities designated to receive assets from an estate.
Beneficiary Designations: Specific allocations of assets to beneficiaries.
Charitable Organizations: Non-profit entities that can be designated to receive assets from an estate.
Durable Power of Attorney: A document granting someone authority to make decisions on another’s behalf, including financial decisions, if they become incapacitated.
Estate Tax: Taxes imposed on the transfer of the estate of the deceased person.
Executor: The individual appointed to administer the estate according to the will.
Expenses: Costs associated with managing and settling estate planning needs, including taxes, debts, and funeral costs.
Financial Advisor / Financial Consultant: A professional who provides advice on managing assets, including for estate planning purposes.
Generation-Skipping: A type of transfer where assets pass over the immediate generation to the next.
Guardian: An individual appointed to care for minor children or incapacitated adults.
Guardianship: The legal responsibility of a guardian to care for another person.
Heirs: Individuals legally entitled to receive assets from an estate, typically family members.
Incapacity: The inability to manage one’s affairs due to physical or mental conditions, considered in estate planning.
Inheritance: Assets received from someone’s estate after their death.
Inheritance Taxes: Taxes imposed on individuals receiving assets from an estate, distinct from estate tax.
Inter Vivos Trust: A trust created during the grantor’s lifetime, as opposed to one created at death.
Irrevocable: Trusts that cannot be modified or revoked after their creation.
Joint Property / Joint Ownership: Property owned by two or more parties, often passing directly to the surviving owner(s) upon death.
Life Insurance Policies: Contracts with insurance companies to pay a designated beneficiary upon the policyholder’s death.
Living Trusts: A living trust is effective during the grantor’s lifetime, allowing for asset management and avoidance of probate.
Living Wills: A living will express wishes regarding medical treatment in cases of terminal illness or incapacitation.
Medicaid: A government program that may affect estate planning, particularly in covering long-term care costs.
Minor Children: Children under the age of 18, who may require guardians or trusts for asset management in estate planning.
Probate Process: The legal process of administering an estate, including validating the will and distributing assets.
Real Estate Property: Land and anything permanently attached to it, important in estate planning for its value and transfer.
Retirement Accounts: Financial accounts that are often subject to beneficiary designations, affecting estate planning.
Retirement Plans: Financial strategies for income during retirement, can include assets passed through estate planning.
Revocable Trust: Trusts that can be altered or canceled by the grantor.
Surviving Spouse: The spouse who outlives the other, often a primary beneficiary in estate planning.
Tax Advisor: A professional specialized in tax planning, crucial for estate planning to minimize tax liabilities.
Taxes: Financial charges or levies that must be paid to the government, relevant in estate planning for asset distribution.
Trusts: A trust is a legal arrangement allowing a trustee to hold assets on behalf of beneficiaries, central to estate planning.
U.S. Federal Estate Tax: A tax on the transfer of the decedent’s estate by the federal government.
Wealth: The abundance of valuable resources or assets, the management of which is a key aspect of estate planning.
Wills: A will is a legal document stating how a person wants their assets distributed after death, foundational to estate planning.
Nan and I greatly appreciated working with Chris and his team. Our estate planning was long overdue. Chris was able to take us through the process while answering our questions, and giving us assurance that our final wishes would be honored. I would encourage anyone with questions about wills vs. trusts to attend one of his seminars.
—Craig Associate, PC Client | 5-star Google review
Estate Planning FAQs
Do I Really Need an Estate Plan in North Carolina?
A common misconception is that estate planning is only for people with a lot of wealth. While the word “estate” conjures up images of mansions and yachts, it really just means the sum total of the things you own, including your home, cars, bank accounts, and other property, whether fancy or modest. Whatever you have, you have worked hard for, and you don’t want to see it eaten up by taxes and fees, or taken by people you didn’t intend to have it.
What scares most people about becoming incapacitated or passing away is the thought of losing control over themselves, their family’s stability and safety, and the things they have worked very hard to attain. Creating a careful estate plan with the help of a skilled estate planning lawyer like the ones at Craig Associates can give you the knowledge that even when you cannot speak for yourself or provide directly for your family anymore, a solid estate plan will ensure that your voice is heard, your wishes are carried out, and your family is taken care of.
What is Probate?
Probate is the process of distributing the assets of an estate after the owner of the estate passes away. In North Carolina, it is a court process that oversees the assessment, division, and distribution of assets, whether there is or is not a will in place.
- If there is a will, probate is the process by which the requirements of the will are carried out. An executor will have been named to administer the estate, and the probate court will supervise the administration.
- If there is no will, probate is the process of applying North Carolina law to determine who gets what and when. The court will appoint an estate administrator to determine the assets, pay the bills, and distribute anything that is left over, according to North Carolina law.
Both of these processes can be costly and time-consuming, and can sometimes be avoided with careful estate planning, including a trust.
What is a Revocable Living Trust and Why Might I Want One?
A revocable living trust, also known as a family trust, is an arrangement where property is held in trust for the benefit of yourself and your family. The trustee has complete control over the trust property and can use it for any purpose allowed by the terms of the trust agreement. Because the trustee has complete control, a revocable living trust gives you greater flexibility than other types of trusts. You can change the beneficiaries, revoke or terminate the trust, and make changes to the property held in the trust without having to go through probate court.
There are many reasons why people choose to set up revocable living trusts. Some people do it to avoid probate court, which can be time-consuming and expensive. Others do it to protect their assets from creditors or lawsuits. And still others do it for tax purposes. If you’re not sure whether a revocable living trust is right for you, talk to an experienced estate planning attorney.
Why Do I Need an Attorney to Write My Estate Plans?
Laws of inheritance and estate administration can be complex. If you are going to plan your estate in a way that brings you peace of mind knowing everything is taken care of, you need to know that the plan complies with all relevant laws and regulations, and that nothing is left out that might put your family’s stability at risk if something should happen to you.
Enlisting the help of a skilled and experienced estate planning attorney will help to ensure that your estate planning documents are airtight and that the process is streamlined as much as possible, leaving you time and resources to care for your family now, even as you plan for their care in the future.
Can I include my business in my plan? What will happen to my business if I don’t?
Yes, integrating your business into your estate plan ensures that there is a clear strategy for its future in the event of your incapacity or death. This can involve naming a successor, outlining a succession plan, or even arranging for the sale of the business with proceeds directed to your heirs according to your wishes.
If you don’t include your business in your estate plan, the future of your business could become uncertain in the event of your incapacity or death. Without clear directions from you, the distribution and management of your business will be subject to state laws and possibly the probate process, which can be lengthy, public, and potentially contentious among your heirs or partners. These factors could lead to delays in business operations, loss of value, or even the forced sale of the business to satisfy estate debts or distribute assets among heirs.
Additional Estate Planning Resources
When You’re Ready, We’ll Be Here
Contact Craig Associates at 828-258-2888 or use the form below to speak with an experienced estate planning attorney today. Our law firm stands ready to assist.
