last will and testament

At the end of your life, your property (what people often call their “estate”) is held in limbo until someone with the authority to move the property actually goes through the steps of transferring it to the people you intended to have the property. Your Last Will and Testament (your “will”) tells the Court what your wishes are regarding your property. Who has the authority to see your wishes through?  

If you have created a Last Will and Testament (a “will”), the person with the authority to do this job will be the person you have appointed as your “Executor.” They will need the Court’s permission and supervision to move property from your estate to those you intend to receive it (this is the legal process called “probate”). This involves a full accounting of assets, dealing with the deceased person’s creditors, and distribution of a person’s assets. There is great value in developing a plan that avoids entanglement in this potentially complicated, lengthy, and expensive proceeding. This can be a lengthy process, depending on your family’s situation.

If you would rather your loved ones avoid having to go through the probate process and deal with the court, you should consider creating a Revocable Living Trust as part of your Estate Plan.  There are many other advantages to having a trust, but having a trust is not always necessary and can sometimes be an unjustified expense. Deciding whether your Estate Plan should rely heavily on a will or on a trust is something you will work through with your attorney.

If you die without having created a will or a trust, it is possible that a creditor, or an estranged relative, who does not have your interests at heart, could apply to become administrator of your estate. Further, if you do not have a will to tell the Court who should receive your property, your property will pass to those family members listed under the North Carolina intestacy laws. Sometimes, that works out fine. Most of the time, it creates monumental problems for your surviving loved ones. This is especially true in cases involving blended families.