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North Carolina Last Will And Testament: Who Gets My Assets?
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.
Take this hypothetical for example. A married man passes away and leaves behind his wife and a minor son. The wife's taking would be called a 1/2 interest in real property plus thirty-thousand-dollars of the top of personal property and 1/2 of any remaining balance. The remaining half of real property would be passed to the son. The son would also be entitled to any remaining personal property following the wife's taking.
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.
This is where a last will and testament comes into play. This device allows you to determine how your estate is divided at the time of your death. Do you really want your assets to be distributed according to what the state of North Carolina thinks? The intestacy laws are not designed to effectuate your specific wishes or benefit your specific family's needs.
Each family's situation is a little different. That is why you really don't want your assets to pass according to North Carolina's intestacy laws. The laws are not designed to effectuate your individual wishes as to how your estate will be distributed at the time of your death. That is why it is imperative to discuss your options with a local North Carolina estate planning lawyer. The laws governing estate planning can be complicated and confusing. That is why you need an estate planning professional to assist you in determining how you want your family to be protected at the time of your death.
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.
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