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Why you need a simple will

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.

Thayer Financial, L.L.C. (“Thayer Financial”) is a registered investment adviser offering advisory services in the State of North Carolina and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by Thayer Financial in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or pursuant to an applicable state exemption.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Thayer Financial, L.L.C., unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

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