When you die in North Carolina and you are without a last will and testament, the state has a procedure for distributing your property. The North Carolina intestacy laws govern how your property will be divided at the time of your death. These laws apply to both real property (land, real estate) and personal property (stocks, bank accounts, etc.).
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.
Think about this...what if your child is a minor when you pass away? Do you want his or her share to be placed into a trust until he or she turned the age of majority (currently 18 years old)? It could ultimately be possible, without having a Last Will and Testament, that your surviving spouse would own a home jointly with a trust. Money you had anticipated would be available for your child's college or other needs are now in trust and not as available as you may have wanted.
Without a last will and testament, the intestacy laws of the state of North Carolina would operate to distribute your estate. Unfortunately, there are many situations in which an individual may want to decide how his estate passes which differ from how it would pass pursuant to the statutes. Therefore, it is important to consider having a last will and testament in place to protect your family.
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.
Author Resource:
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 interests in mind.
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