GREENSBORO, N.C. — 4All Statewide Service Day is Friday. It's your chance to get free legal information on anything ranging from estate planning to crime.
Ahead of Friday, Mike Wells from Wells Law joined 2 Wants to Know to answer common estate planning questions to help you understand the various types of documents involved.
Will
A will is a document that designates who gets what of your property after you pass away. Your property must go to someone, so if you don't have a will, the state legislature gets involved.
It decides who gets your property if you do not have a will. Wells said the state rarely matches what most people would provide if we wrote our own will.
Powers of attorney
Wells discussed two types of powers of attorney. A general power of attorney designates who makes your financial and business decisions if you are mentally incapable of doing so.
If you do not have a power of attorney, Wells said no one is allowed to make those decisions, including your spouse or loved ones. A legal guardian would then be appointed, which Wells warned is an expensive and lengthy process.
Wells also talked about a healthcare power of attorney. It functions similar to the general one. It names someone to make critical healthcare decisions if you can't.
Wells said state law appoints a loved one to make those decisions if you don't name one. He said that person may not be the one you would have picked if you filled out the paperwork earlier.
Trust
Well described a trust as a bucket. He said it is a legal box to put assets in while you're alive.
Wells said trusts can help you save money and time in the long run. He said it also allows you to make various legal transfers as the trustee much more efficiently
Getting Started
Wells said to get started, you should request a free, courtesy 45-minute session to determine what documents you need and how much that will cost.
Wells said once you get through that first meeting, you are more than likely 90% of the way done.