If you pass a way while a resident of North Carolina and you do not have a Last Will and Testament, the State of North Carolina dictates how your assets are distributed. It is called Intestacy. The Intestacy laws dictate the distribution of your personal and real property based upon who was alive on the day you died.
Here's an example. Following his death, a husband leaves behind his wife and minor daughter. The wife would get a one-half interest in all real property and $30K in personal property with a one-half interest in the remaining personal property. The remaining estate, including real property and personal property would pass to the daughter.
This is why it is important to consider these issues. If you leave a minor child without executing a last will and testament, it is possible that portions of your estate that you thought would be available to your family would be tied up in a trust. This is why having a last will and testament is especially important when you have minor children. Their interest in your estate may not become available until they are adults.
Having a Last Will and Testament will allow you to dictate who receives your assets and what assets they get when you pass away. Do not leave it up to the State of North Carolina to say who gets what and how much.
North Carolina's intestacy laws are not as simple as you may think. That is why it is important to hire an estate planning attorney to discuss what options you have when it comes to distributing your estate at the time of your death. While you may think that you don't need an estate plan, by not having one, you may actually be putting your family at risk in the event of your death. - 31397
Here's an example. Following his death, a husband leaves behind his wife and minor daughter. The wife would get a one-half interest in all real property and $30K in personal property with a one-half interest in the remaining personal property. The remaining estate, including real property and personal property would pass to the daughter.
This is why it is important to consider these issues. If you leave a minor child without executing a last will and testament, it is possible that portions of your estate that you thought would be available to your family would be tied up in a trust. This is why having a last will and testament is especially important when you have minor children. Their interest in your estate may not become available until they are adults.
Having a Last Will and Testament will allow you to dictate who receives your assets and what assets they get when you pass away. Do not leave it up to the State of North Carolina to say who gets what and how much.
North Carolina's intestacy laws are not as simple as you may think. That is why it is important to hire an estate planning attorney to discuss what options you have when it comes to distributing your estate at the time of your death. While you may think that you don't need an estate plan, by not having one, you may actually be putting your family at risk in the event of your death. - 31397
About the Author:
North Carolina estate planning attorney, Sabrina Winters, will change your perception of Estate Planning as the need to merely "create it and forget it". Although the documents are important and necessary, building lifetime relationships with our clients are as important to our Firm. Get a free phone consultation with a North Carolina estate planning lawyer who has your needs in mind.
