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Anyone over the age of eighteen, who is of sound mind may make a will. When married, each person has their own will.
Wills are used to (1) avoid the hassles of intestate succession and streamline the probate process (2) dictate funeral arrangements (3) to determine how your assets will be divided and (4) who will care for your children after you pass away. Without a will, your estate will be probated and the state, and not you, decides who is the executor of your estate and who is entitled to your property, personal items and all other issues with your estate. Having your estate probated leaves your heirs with a headache. No one should be without a will.
Frequently Asked Questions (FAQ):
Wills are not just for the rich. The value of your assets is irrelevant. A will ensures that what assets you do have will be given to your chosen family members or other beneficiaries you designate. A will is even more important if you have minor children because it gives you the ability to designate a guardian for them in the event of your death. Without a will, the court will appoint a guardian for your children.
The difference between a will and living will. A living will covers healthcare issues. It is a separate document that lets your family members know what type of care you do or don't want to receive should you become terminally ill or permanently unconscious or incapacitated. A will distributes your assets, provides for funeral arrangements, and streamlines the probate process. Your heirs will greatly appreciate the fact that you died with a will.
What happens if you die without a will. Without a will, your estate will be probated and the state, not a person designated by you, will decide who serves as your executor, who is entitled to your real and personal property and who is granted custody of your minor children. If you die intestate (without a will), the North Carolina laws of descent and distribution will determine who receives your property by default.
Where do I keep my will. A will should be kept in a safe place with all of your other important papers that can easily be found. Typically, people use a safe deposit box or a fire proof safe kept at home. You want to be sure that your family members know where your will is located. It is also a good idea for you to give a copy of your will to a family member.
What happens to my will after I die. According to NC statutory law, your named Executor needs to file your will with the probate court in the County where you resided.
What is an Executor and what do they do. An Executor is the person who oversees the distribution of your assets in accordance with your will. They also carry out your burial request, pay valid creditors, pay taxes, notify Social Security, banks and other agencies and companies of your death.
When do I need to update my will. Typically updates are made when you get married or divorced, the birth or adoption of a child, the death of a family member or other beneficiary of your estate, when the named executor or guardian dies or is otherwise unable to serve that role, a significant change in the size of your estate or when you simply decide to make changes in the distribution of your assets, change your funeral arrangements or choose to name another executor or guardian.
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