January 19, 2010
3 Common Myths About North Carolina Estate Planning
There are many misconceptions about North Carolina estate planning and what it entails. You should be building your estate plan with the best interests of your family in mind. Sound legal advice should guide you with regards to the estate plan that is best for you, not myths and misunderstandings.
I have listed 3 of the most common (I believe) myths about North Carolina Estate planning below.
1. I don’t think I need a will or a trust because my wife or husband will get what I have. North Carolina has statutes in place that will divide your property at your death if you do not have a will or trust in place. How your property is divided depends on who is alive at the time of your death. Your estate could potentially be shared with your spouse, children and parents…it may not necessarily all go to your spouse. The best thing to do is to plan out the distribution of your estate ahead of time through a will or a trust so that your wishes are upheld.
2. Having a will eliminates the need for a probate proceeding. Probate is the process which allows for the distribution of your assets.In actuality, having a will gives the court the ability to supervise your estate distribution. This supervision occurs through the probate process. The one way in which to avoid a probate is to have a trust. Your best bet is to go over your options with an attorney.
3. I’m not going anywhere for awhile, all this stuff can wait. We never know what life is going to bring our way. It’s better to be prepared and plan for the benefit of your family and loved ones. In difficult times, you don’t want your thoughts to be consumed with worrying about what happens to your family.
Did you know that without a will or trust you cannot protect the assets you live your children past the age of 18? The lack of planning will more than likely mean that your 18 year old could potentially have a significant amount of money available to him without any restrictions. It’s best to speak with a North Carolina estate planning attorney to address these issues sooner rather than later.
Take the initiative to address your estate plan with a North Carolina estate planning attorney. Getting your affairs in order is a “gift of love” for both yourself and your family.
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Visitors who read this post also read:
- North Carolina Probate Administration
- The Other Side of Having a Last Will and Testament in North Carolina
- North Carolina Wills: Information From The North Carolina Court System
- Top 5 Estate Planning Mistakes
- Why Residenty in North Carolina Should be Required to have a North Carolina Last Will and Testament
