The Truth About Needing A Will
23rd November 2017 Smith Debnam Narron Drake Saintsing & Myers, LLP
I you haven’t got a will or your will needs updating, 'right now' is always the perfect time to formally document your wishes in a will or other legal estate planning documents.
It’s the holiday season…one of the busiest times of the year. So, it’s a pretty safe bet that folks are not spending time right now thinking about what would happen to their financial assets and material possessions after death. And, who could blame them? However, if you haven’t got a will or your will needs updating, “right now” is always the perfect time to formally document your wishes in a will or other legal estate planning documents.
The Truth Why You Need a Will is Simple:
Control. Creating a will allows you the ability to nominate someone to be your executor or personal representative. This gives you a measure of control over who will be responsible for winding down your affairs and making sure your wishes are carried out.
Distribution of assets. If you don’t create a will, you are essentially letting the state of North Carolina write your will for you. State law would control how, and to whom, your probate assets would pass. The state’s decisions may not align with what you would have wanted. If you want to leave assets to minors or wish to exercise some control from beyond the grave, your will can also include “testamentary trust” provisions to provide for the management and distribution of assets over a more extended period.
Guardianship for minor children. If you have one or more minor children, your will can nominate someone to serve as guardian, in the event you and your child’s other parent die prematurely. Having your wishes documented in writing can help make a difficult transition a little bit easier if the worst-case scenario happens.
Estate Planning is a Gift to Your Loved Ones
When you meet with a lawyer to discuss different strategies and estate planning tools to help you accomplish your goals, you are giving your loved ones a powerful gift – one they will appreciate with an abundance of gratitude one day. You can be confident that your will and other documents will be professionally prepared, will comply with current state law, and will be tailored to meet your specific needs.
Whether your wishes are relatively simple or are more complex, begin the process now because there’s no time like the present.