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Who needs to have a will?

| Sep 29, 2020 | Estate Planning | 0 comments

There are several myths about wills. One common myth is that someone must be rich to benefit from having a will. Another myth is that someone doesn’t need a will until they are old. However, these myths are not true.

Regardless of their wealth, most people would benefit from having a will. This is because most people care about what might happen after they die.

People of all ages can consider drafting a will. There is no way to know what the future may hold. This means that if you have preferences, it may be beneficial to make them known sooner rather than later.

What choices can you include in a will?

Three preferences that a will can address, include:

  • Who will care for your minor children
  • Who will receive your property
  • Who will receive your money

What happens if you do not have a will?

If you die without a will, North Carolina laws will determine what happens next. It will decide who will care for your minor children. It will also decide who will receive your assets and how those assets will be divided.

These laws are in place to prevent problems. However, they do not take your unique relationships and preferences into consideration.

What are some other benefits of a will?

A will allows you to prevent this cookie-cutter approach from being applied to your situation. It does this by allowing you to choose what you want to happen after you die.

A will may also be beneficial because it allows you to disinherit someone who would otherwise inherit from you. It can also help make the probate process faster and easier for your loved ones.

You can also use your will to select someone trustworthy to find your assets and manage them until they can go to your loved ones. This person will also be the one to distribute those assets according to the information in your will.

The decision to draft a will can be a very personal one. If you are not sure if a will is right for you, it may be helpful to consider what you want to happen after you pass away. Then, you can consider if a will would help make sure those wishes are honored.

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