Why You Need a Will in North Carolina
A Will is the basis of every carefully developed estate plan. It lets you control what happens to the assets you have built up after your death. You use your Will to direct exactly how your estate will be handled, divided and received by your heirs.
Without a Will, North Carolina law decides how your property will be distributed. The State's way of distributing your estate may be very different from the way you want it distributed. The following are some examples of what may happen if the State decides where your assets to at your death.
If you have a spouse and a living parent, approximately 50% of your estate will go to your wife and the rest will go to your parents.
If you have a spouse and a child, approximately 50% of your estate will go to your wife and the rest will go to your child.
If you have a spouse and more than one child, approximately 33% of your estate will go to your wife and the rest will go to your children.
If the state controls the disposition of your estate, it will also control how any assets going to a minor (someone under 18) will be held after your death. Expensive court-supervised methods may be employed by the state in distributing and managing your child's share of your estate. These expenses and administrative hassles may be avoided through proper estate planning.
Most important for parents is not the disposition of their property after their death, but rather, the proper care and custody of their minor children. Custody of minor children is decided by the courts and there is no guarantee that family members or godparents would receive custody of the minor children. North Carolina law provides that a designation of a guardian in a Will shall be considered by the court as a "strong guide" as to whom to appoint as guardian.
Without a Will, there are many potential pitfalls, delays, and hassles for those that you leave behind. Plus, there are not guarantees as to who will acquire your property.
