Do you have a will? Without an estate plan, families can struggle to sort it out.
Amid the grief of losing a loved one, families are dealt additional burdens when the person did not leave behind a will or estate plan.
Without one, it can open the door to family disputes or significant court costs to settle an estate. But only a little more than half of Americans over 55 have a will, according to a 2019 survey by Merrill Lynch.
Colette Davis, an estate planning and probate attorney in Charlotte, tells clients it’s critical to put their wishes in writing so that health care and financial decisions are handled responsibly at the end of their life.
“This is the best thing they could do to help their family and eliminate any kind of discord down the road,” she said.
It can help with the most routine aspects of settling someone’s affairs or provide additional protection for more rare occurrences. For instance, descendants of Charlotte home builder Mangie McQueen — now in a legal battle with a developer seeking to force the sale of the family’s land — said their saga began in part because McQueen died in 2003 without a will.
Davis laid out three key steps to take when estate planning, though others may be necessary for someone’s specific financial, health or family situation. She recommends that everyone:
▪ Create a living trust
A living trust lays out plans for someone while they are still alive and after death, including instructions for medical care and how to divide up all assets, including property, businesses and investments.
▪ Write a will
While most of the directives should be covered in the living trust, Davis said, writing a will can serve as a back-up document to lay out how property and other assets should be divided.
But what about handwritten wills?
Davis said wills that are entirely in someone’s own handwriting — not anyone else’s — that are signed and dated can be valid. However, it can be disputed in court if there are questions about its authenticity.
And, Davis said, people who hand write their wills risk leaving out or forgetting heirs or assets they want to identify if it’s not checked over by a professional.
▪ Designate health care and financial powers of attorney
This person or people will make decisions about your medical decisions and finances if you are incapacitated. The NC Secretary of State offers a form online to establish a health care power of attorney.
More decisions to consider
The AARP offers a checklist outlining other decisions to make, including establishing guardians for minor children and confirming beneficiaries on insurance policies and retirement plans.
Without a plan, families risk losing hard-earned wealth, said Alesha Brown, a Charlotte attorney whose nonprofit For the Struggle provides legal assistance for older residents in the city’s historically Black neighborhoods.
This is important for family property, she said, especially in rapidly gentrifying areas where families can be taken advantage of without estate plans in place.
Many want to know: “How do we protect mom and dad’s property?” Brown said. “We see a lot of folks who are selling their property for a ridiculously low amount because they’re getting cash offers, not even realizing their home is worth sometimes two to three times more.”
Need help with estate planning?
The Charlotte Center for Legal Advocacy provides estate planning help for low-income seniors who cannot afford legal representation. More information is available through the nonprofit’s Legal Services for the Elderly help line at 704-334-0400.
Legal Aid of North Carolina also provides help through its senior law project, which can be reached at 877-579-7562.
For the Struggle provides free legal services, help with home repairs and property tax relief through its Elder Response Initiative.
For more information about end-of-life planning resources, visit theconversationproject.org or aarp.org.
Staff writer Devna Bose contributed to this report.
This story was originally published April 25, 2022 at 10:26 AM.
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