Wills are the foundation of a sound estate plan, and they are not just for the wealthy; most people would benefit by drafting one. If you die without a will, it’s called “dying intestate.” When people die without a will, their property is divided according to North Carolina’s intestate succession laws. Generally, when people die intestate, their property is passed on to their nearest living relatives.
Suppose you were unmarried and you died without a will. Perhaps you had a life partner who you would have liked to receive all of your property, or perhaps you have favorite charities that you wanted to receive your assets. Without a will in place, these things wouldn’t be possible. Instead, your estate would be distributed to your nearest living relatives according to North Carolina’s intestate succession laws.
Advantages of Drafting a Will
These are some of the key advantages of drafting a will:
- You can determine who receives your property instead of relying on the state’s intestate succession laws, which may not reflect your wishes.
- You can name a guardian for your minor children.
- You can make arrangements to provide for minor children.
- You can select the executor of your choice instead of letting the probate court make the choice after you die.
- You can make special arrangements for pet care, etc.
- You can change or revoke your will at any time.
- You can disinherit an adult child through your will.
Wills have to be authenticated (validated) by the probate court, which means property bequeathed in a will can be tied up for months while the estate is probated. If you wish to pass property outside of a will, or if you wish for your beneficiaries to receive some of their inheritance sooner, contact an estate planning attorney from our firm to discuss probate avoidance strategies.
For all of your estate planning needs in Charlotte, contact Rech Law, P.C.!