How Will My North Carolina Will Distribute My Estate?
In the state of North Carolina, if you don′t have a last will and testament, the state will determine how to distribute your estate. These laws are formally known as the intestate statutes. They help determine how your assets are divided and distributed at the time of your death.
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.
Which raises the question. What happens to your estate when you pass away leaving a minor child? Would you prefer that their interest in your estate be placed into a trust for protection until they are an adult? This situation may be possible to achieve without a last will and testament. It may be the case that your spouse would own your home in a joint trust. Portions of your estate that you may have assumed would pass to your child may not be available.
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.
Since the intestacy laws don′t take into consideration an individual’s particular set of circumstances, it is important to find out what options are available to you for distributing your estate at the time of your death. Without a well-thought out estate plan in place, you may be subjecting your family to a difficult situation at the time of your death. Speaking with a North Carolina estate planning attorney is often the best way to learn about what options and steps you can take to protect your family in the event of your passing.
North Carolina estate planning attorney, Sabrina Winters, will change your concept 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.
