Estate planning is something that everyone should take seriously. Of course, as you are going through life, this is a delicate subject. At the same time, you have to make sure that your loved ones are provided for after you are gone.
The statistics about estate planning preparedness are not encouraging. Studies consistently show that most American adults are not properly prepared for something that is definitely going to happen to each and every one of us.
Intestacy
If you die without a will, a trust, or other planning, you will die intestate. Under these circumstances, the state would use intestate succession laws to determine how your assets should be distributed.
Each state has different intestate succession laws, but there are basic similarities. We practice law in North Carolina and Kentucky. In North Carolina, your children would inherit all of your personal property if you had living children but no spouse still alive.
In North Carolina, if you left a surviving spouse and no living parents or descendants, your spouse would inherit all of your personally held property. Perhaps surprisingly, if you did have a living parent or parents, and you had a surviving spouse, your surviving spouse and your parents would divide your intestate property under certain conditions.
These are a few possible scenarios, but there are laws in place to address any familial relationships that could exist.
If you were to pass away without a will or a trust and you had no living relatives, the state could take your assets under escheat laws.
Action Required
There is really no reason to go through life without an estate plan. People who do nothing to prepare for the inevitable often leave behind difficult circumstances that the people that they love must deal with.
Many people know that they should plan ahead, but they don’t know how to begin. This is understandable, but you can engage professional guidance if you feel this way.
Our firm offers free consultations, and we would be glad to answer all of your questions and help you put a plan in place if you decide to go forward.
To set up an appointment, send us a message through this link and we will get back in touch with you promptly: Charlotte NC Estate Planning Attorneys.
Attend a Free Estate Planning Seminar
We endeavor to provide educational opportunities to people in our area. You can visit this website to build on your knowledge, but we also offer free seminars on an ongoing basis.
During the month of June, we will be holding some informative estate planning and elder law seminars. It is free to attend these information sessions, but we do ask that you register in advance.
To view the schedule, visit this page: Estate Planning Seminar Schedule Page.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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