What is a Will?
Who should have a Will?
What property can pass through a Will?
How does property pass through a Will?
Planning for Children?
What is a Power of Attorney?
Who do you name as your agent?
What is a Will?
A Last Will and Testament is a legal document which allows you to control how and to whom your property passes at your death. It is pre-planning on your part to have your affairs in order so that your family does not bear the weight of making difficult decisions after your passing.
Who should have a Will?
In North Carolina you must be at least 18 years old to execute a Last Will and Testament. It does not matter if you do or do not have children, if you are married, divorced, widowed or single or if you have a large or small estate. If you already have a Last Will and Testament and circumstances in your life have changed, review it to be certain that it still expresses your wishes and desires. If you have moved from another state to North Carolina you should also have a new Last Will and Testament executed.
What property can pass through a Will?
For the most part, any property that is owned by you at the time of your death can be provided for through your Last Will and Testament. You can plan for the disposition of your home, personal property, cars, debts and even gifts to loved ones and charities.
How does property pass through a Will?
You can leave a specific amount of money or specific property to an individual, a group or a charity that will pass automatically. You can even elect to create a Trust effective at your death for the benefit of your spouse or children.
Planning for Children?
If you have minor children, you can nominate a Guardian to care for them after your passing. A Trust can even be created so that the Guardian has funds available to care for them.
What is a Power of Attorney?
A Power of Attorney is a legal document that is used to give someone else the authority to take actions on your behalf, such as signing your checks to pay your bills or selling a particular piece of real estate for you. It can be general in nature so that you can give broad powers to the person, or you can limit the powers given so that only specific actions are permitted to take place on your behalf.
Who do you name as your agent?
This person could be your spouse, your child or a close friend. Name a person you trust and whom will be able to step into your shoes and make the decisions you would make if you could do it yourself. Medical decisions are emotionally difficult to make, even if they are being made pursuant to your desires. Knowing that someone is already in place to carry out your wishes will give you peace of mind.
