| Estate Planning > Wills Wills What
is a Will? A Will provides for the disposition
of your property upon your death. A properly drafted Will in conjunction
with an estate plan can help minimize and sometimes avoid estate
taxes while providing for the transfer of your assets to, and the
maintenance and support of, your beneficiaries upon your death. What happens if I do not have a Will?  In North Carolina, if you do
not have a Will at your death your property is distributed according
to a formula established by North Carolina law. This means that
you will not have any control over the disposition of your property.
North Carolina's formula can cause a disposition of your property
that is contrary to your intentions and wishes. To demonstrate the
formula, if you died without a Will and you were survived by your
spouse and only one child, or by any lineal descendents of the deceased
child, the surviving spouse receives one-half of the real property
and the first $30,000 in personal property. The balance of the real
and personal property is then divided equally between the surviving
spouse and the child, or if the child is deceased, the child's lineal
descendants. This outcome is contrary to most family’s desire
that all property go to the surviving spouse upon the death of the
first spouse and not to the minor child. Additionally, North Carolina's
formula does not distinguish between a healthy versus non-healthy
child, a minor versus adult child, or a financially secure child
versus a child who is in need of assistance. The disposition formula
and resulting outcome changes if you have more than one child.
May
I designate a guardian of my minor child in my Will?
If you have a minor child, you
may designate in your Will the person who will provide the care
and custody of your child upon the deaths of the child's natural
guardians. Who is
eligible to make a Will?
In North Carolina, any person
of sound mind who is eighteen years of age or older may make a Will. Who should make a Will? Any person who owns either real
or personal property, or any person who has a minor child or children
should make a Will. What
is a Codicil? A Codicil is an amendment to
a Will and normally undertaken when you have only a few minor changes
to your Will. When preparing a Codicil, it must be signed and witnessed
in the precisely the same manner as a Will. What is an Executor? An executor is an individual, bank or trust company named in your
Will that takes control of your assets at your death, pays your
debts and administers your estate. Can I have co-executors? Yes, you can name co-executors in your Will empowering both to
cary out the administration of your estate upon your death. Do I still need a Will if I have a living
trust?
Yes, even if you have created a living trust and transferred
your assets to the trust, you still need a Will to catch
any property that you may own at your death that have
not been transferred to the trust. Your may designate
in your Will that all property in your estate pours
over into your living trust. Additionally, you should
consult with your tax advisor prior to naming a revocable
trust as the beneficary of a qualfied or non-qualified
retirement account.
For assistance with
wills, contact our firm for an appointment or Email
David.
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