What consequences could you face for not having a will?

| Dec 3, 2020 | Estate Planning |

As you begin to think about estate planning, you will likely wonder what documents and vehicles you need to make part of your plan. You may question whether drafting a will makes sense, especially if you have few significant assets or if you are establishing a trust to hold most of your property. Yet, it is crucial that you use your will to account for any assets left out of other documents or vehicles. Failing to create one could cause them to disburse in a manner at odds with your intentions.

The importance of having a will

Including a will in your estate plan is essential if you want your intentions honored. If you want your assets to pass on to specific people, you must write these wishes out to ensure they happen. If you do not record them, your property will disburse in probate court following North Carolina’s intestate succession laws. Under these laws, your property will go to your closest next of kin, who you may or may not want your assets to pass on to. You may be estranged from this person, or you may want other loved ones to receive some of your property as well. By drafting a will, you can account for these factors and ensure your assets end up in the right hands.

Drafting a will is also necessary if you have minor children. In case you pass away, you must name a legal guardian who will take care of your children until they reach the age of majority. Failing to do so means the court will designate a legal guardian for your children, who may not necessarily be the person you want to care for them.

Creating a will is a simple task that often takes little time and money to accomplish, especially considering the protection it offers your estate. To make sure your will is binding and valid, you may want to draft it with the help an estate planning attorney.

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