Most people do not like to think about estate planning. Or if they do, they may question whether drafting a will makes sense, especially if they have few significant assets. Yet, it is crucial if you have minor children you want to protect, or you are entering or leaving a relationship, or you simply want your family to have the legal ability to honor your last wishes.
The importance of having a will
Including a will in your estate plan is essential, even if you have a trust. If you want your assets to pass on to specific people, you must write these wishes out to ensure that 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.
