Why you need a simple will
Posted Nov 22, 2019
It’s startling to me how often I come across people that don’t have a will in place and refuse to do proper estate planning. There’s a belief that their spouse is going to inherit everything if they die, so why do they need to spend the time and money getting a properly put together estate plan. The problem with this thinking is that the North Carolina Intestate Laws don’t actually say this and these couples are very surprised to learn that without at least a will in place, the State of North Carolina will potentially divide the deceased individual’s property up between the surviving spouse, any descendants, and/or parents.1 Luckily, this only applies to property that is not jointly owned by the two spouses and any accounts that don’t pass directly to the spouse via beneficiary assignment (IRA’s, Life Insurance, etc).
This could be a problematic situation for the surviving spouse if the kids or the deceased spouse’s parents inherit 50% of the remaining property.
It’s not a fun subject, but preparing for a worst-case scenario in order to protect your family and accomplish your financial goals even in death is a critical component of a financial plan.
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