Whether you are single, married, childless, or have several children, it is crucial to have a will in place. No one can prepare for the unexpected, and no matter what stage of life you are in, having a will is of utmost importance.
Here are some top reasons why drawing up a will in North Carolina may be in your best interests and that of your family.
Why Should You Have a Will?
Having a will can help ensure that your assets are distributed as you wish upon passing. This includes your most valuable possessions, checking and savings account balances, real estate, and other valuable assets or investments. With a will, you have an opportunity to designate beneficiaries to these assets.
Whether you have children, are single, or are married, having a will in place is essential if you hope to avoid leaving your estate to be dispersed according to the intestacy laws of North Carolina.
Additionally, having a will in place could be of utmost importance in instances where you are not married. You might assume that your partner will be left your assets upon your passing. Still, without a will, the state of North Carolina will follow intestacy laws, which do not allow any assets to be distributed to non-blood or non-married relatives.
What Happens When You Die Without a Will?
Dying without a will in North Carolina is referred to as dying intestate. Here, instead of your assets and debts being distributed to your surviving family members, or however you decide, the probate court will be required to appoint an executor of your estate for the probate process and distribute your assets according to the intestacy laws of North Carolina, even if that would result in individuals inheriting from your estate that you would have otherwise disinherited.
Therefore, even if they are under the impression that they would have wanted certain family members, close friends, or relatives to be awarded certain assets without a will, the estate administrator must adhere to the State intestacy laws.
North Carolina Intestate Succession Rules
According to the law, specific family members are entitled to inherit a decedent’s estate when they pass away without a will. According to the North Carolina Intestate Succession Act, the following parties have the authority to receive an inheritance when a family member dies intestate:
-
One child and a spouse: Spouse receives the first $30,000 of personal property; remaining personal property and real estate split equally between spouse and child.
-
Two or more children and a spouse: Spouse receives first $30,000, plus 1/3 of remaining personal property and real estate; children split the rest equally.
-
No children, married, and parents living: Spouse receives first $50,000; remaining personal property and real estate divided equally with surviving parents.
-
No children, married, parents deceased: Spouse inherits all personal property and real estate.
-
No children, unmarried, parents alive: Assets divided equally between parents.
-
No children, unmarried, parents deceased: Assets divided among other surviving family members; if none exist, estate defaults to the state (escheat).
Why Married Individuals With Children Need a Will
Having a will in place is especially important if you are married and have children. If you were to die without a will, it is important to assign beneficiaries and heirs to protect your minor children accordingly. You will also want to ensure that you name guardians to care for your children in the event that you or your spouse passes away.
If you do not have a will despite being married, your spouse is still not entitled to the entirety of your estate if you have surviving children, parents, or other family members. If you hope to ensure your children or spouse are awarded 100% of your personal property and real estate assets, having a will in place is critical.
Work With a North Carolina Estate Planning Attorney
If you do not currently have a will in place, you risk dying intestate. This could have tremendous negative implications for your family. Take steps to protect your family’s future by drawing up a will with the help of a Charlotte, NC will attorney.
Contact experienced estate planning attorney Ryan Stump to learn more about what details you should be sure to include. Fill out our secure contact form or call us at (704) 766-8836 to schedule your confidential case evaluation as soon as today.
View All Blogs
