I get this question a lot. I am happy to report that the North Carolina does not require a will in order to die (kidding). Indeed about one half (1/2) of the estates probated in North Carolina are “intestate” (i.e., without a will). That said there are a number of good reasons for having a will. Here are five.
1. You control the disposition of your assets. This is probably the most obvious reason for having a will. If you die without a will, North Carolina’s “intestacy” laws will determine the disposition of your assets. Many times the intestacy laws dispose of the assets differently than the way you would otherwise select. For instance, most married couples I see want to take care of their spouse first and then their children. By that I mean that the spouse wants his or her assets be available to the surviving spouse for so long as he or she shall survive and then to the children (with appropriate arrangements for those cases where a child may need financial help prior to the death of the surviving spouse). Under North Carolina’s intestacy laws, up to one third of your assets bypass your surviving spouse and go straight to your kids.
2. You can make provisions for your minor children. If you die without a will and: (1) you are not survived by your spouse and (2) you have minor children, then a guardian will be appointed to manage your minor child’s inheritance. That’s great for a while, but once your child turns eighteen, the assets pass to the child. Imagine the eighteenth birthday possibilities!
Most parents would prefer that their child not blow the family fortune on hiring Led Zeppelin for their eighteenth birthday. With a will, you can avoid that. With a will you can establish a trust that will manage the assets for your children until they reach a sufficient age and maturity to handle their wealth. Trusts are very flexible and often we can incorporate provisions designed to replicate what you would do were you still living. For instance, we can make sure that your assets remain in a common fund until all your children are past college age. That way all your assets are available to help all your children, both young and old, get their degree. We can also include special provisions authorizing distributions to your children under appropriate circumstances, like going to graduate school, buying a house or starting a new business. Basically, we can write the trust to do the things you would do were you still living.
3. You can make charitable and other non-family bequests. North Carolina intestacy laws require that your assets be distributed to members of your family. If there is a charity or friend that you would like to remember after your death, you must have a will to do so.
4. You can make gifts of objects of sentimental value to appropriate persons. Often we own something that has significant sentimental value that we want a particular person to have after our death. For instance, my sons and I enjoy hunting together, and I want them to have my gun collection after my death. My wife would like our daughter to have her engagement ring. You cannot make special bequests like these without a will.
5. You can pick the person that administers your estate. Death is a difficult time. The last thing you want is acrimony over who will lead the administration of your estate. This is particularly true if you have children who are jealous of one another or do not trust each other. With a will you can take that issue off the table by making clear whom you want to handle the administration of your estate.
Well, there you have; five good reasons for having a will. Thanks for visiting my blog. My goal is for it to be both informative and fun. Let me know if I’ve met my goal by posting a comment below. Also, if I can be of assistance, please let me know.
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