What Happens If I Die Without A Will?
As estate planning attorneys, we often get the question: “Who needs an estate plan?” The answer is: “EVERYONE!” Studies have shown that only 42% of American adults currently have an estate plan in place. For the 58% of Americans who don’t have an estate plan, dealing with intestacy laws and the probate process places a huge burden on loved ones left behind.
If you die without a Will in North Carolina, you lose control over a number of important decisions. North Carolina’s default statutes provide what happens upon your death, regardless of your particular situation or circumstance:
(1) Intestacy laws govern the disposition of your property.
These intestacy laws are default rules that provide for automatic beneficiaries and automatic fiduciaries, without any ability for custom adjustment. Although these laws do an adequate job of ensuring property stays within the immediate family, they rarely capture exactly – and in many cases even nearly – what the decedent would want to happen.
(2) Individually-held assets are subject to the probate process.
Probate is a lengthy and costly process where the court oversees the management and disposition of the estate assets. Court filings during the probate process are public record and the responsibilities placed on surviving loved-ones can be overwhelming for many people.
(3) Guardianship of minor children will be determined by the court.
While the court will always look to the best interests of the child, the parents’ guardianship decision and wishes will be unknown without an estate plan.
In almost every circumstance, consulting with an attorney and establishing an estate plan that fits your particular situation can eliminate the applicability of these default laws. We encourage all of our clients to take control and be proactive in planning for their family’s future.
Please contact us to speak with one of our attorneys in further detail about how you can be proactive with your planning.
* Intended as general guidance only and not as legal advice.