Do you want to protect your assets? If something happens to you, do you want your family to be provided in the manner you desire? Generally, anyone who acquires assets, or has a family should have a will. A will allows you to have control over the distribution of your assets after you die. Having a will also makes the emotional time after your death easier for your family. You can lessen the burden on your family by planning for their care and financial well being, by naming a guardian for your minor children, by creating a trust for the benefit of your spouse or children and by planning to save taxes.
Without a will, your property passes by the laws of intestacy. This means that North Carolina law will determine how and to whom your money, property and personal belongings will pass. If you have minor children, a will is essential in order to ensure that your children will be cared for by the people you desire. In a will, you can nominate a guardian to care for your children. You may also set aside funds for the children’s care and well-being.
A will can also provide that property left for the benefit of minor children can be held in trust. The trust can ensure that the funds are used for the child’s education, health and general well being. You can determine when the child will receive the funds. Regardless of the age you determine to be a responsible age for your child to inherit your estate, you will be assured that the child’s needs will be paid for by the person you appoint to manage those funds for your child.
If there is no will in place that provides for the distribution of a minor’s property, inherited property must be paid into the Clerk of Court, where it will be held until the minor child reaches eighteen years of age. In addition to providing a small yield on any assets, accomplishing this task is complex. It allows little flexibility for obtaining any of that money if the minor needs it prior to reaching eighteen years of age.
For more information about wills and updating wills, call an attorney at Garrity & Gossage, LLP (704) 841-0661 for a consultation. We are here to help you be sure that your needs and desires are met and properly recorded.