A common question our clients ask us is “Do I really need a will?” Simply put, “yes.” No matter what your financial or family situation may be, everyone can benefit from having a will in place. Even if you don’t have a great deal of assets, or care who receives them should you pass away, it is still important for you to have a will and make appropriate arrangements.
Married? You Need a Will.
Most couples who are married assume that their assets automatically pass to one another if the other passes away. You’re married, so why would that not be the case?
Unfortunately, if your assets are not beneficiary-designated to one another with a recognizable and valid will which names your surviving spouse as the sole beneficiary, you may have to split the estate with other relatives. So, if you have children, the children will get a portion of the estate. If you don’t have any children, but have parents, your surviving parents could get a portion. This means that your spouse may not receive 100% of your assets.
Children? You Need a Will.
When you have a child, most parents will put a will in place to make sure their affairs are in order. But some people may not get around to it, or don’t see why it is necessary.
A valid and recognizable will allows parents to appoint a legal guardian for their minor child(ren) in the event of their passing. The person who is appointed guardian will step in and raise your child(ren). They will also have legal decision-making authority for the children should both parents pass away before the child’s eighteenth birthday.
Having a will allows you to appoint a trustee to manage your assets for your child(ren) until they reach a designated age or level of maturity. Having a valid and recognizable will allows your wishes to be carried out exactly as you wish.
Own Property? You Need a Will
In the state of North Carolina real estate passes outside of the estate of the owner, this means that it is a non-probate asset. Even though real estate is non-probate, it is still directed by your will. This means that any property you own will be passed along to the beneficiaries you named in your valid will.
If you have questions regarding a current will or are interested in having a will drafted, contact Craft Law Office. Leslie will ensure your will is valid and enforceable so that you will have peace of mind for the future. For more info or schedule a consultation, call 252-752-0297 or contact us through the form on our website, https://craftlawoffice.com/contact-us/.