If you are over the age of 18, you can write a will by law in NC. According to caring.com,  25% of people have a will but 60% say that they think having a will is important. Whether you should write a will depends on many factors. You need, at the very least, a simple will if any of these situations apply in your life:

• If you have digital assets (emails, social media accounts, photos, Bitcoin)
• If you have children
• If you have any savings
• If you have real property

Let’s look more in depth at each of these to see why you should have a will for each of these life situations.

Digital Assets

According to Canto.com, digital assets are “files like videos, music, photos, documents and other media. If these digital files contain the rights to use them, they are considered an asset.” Anything you access online such as your accounts for financial assets like Bitcoin, email accounts, social media accounts, writings, and business assets like graphic design, are digital assets.

Who will own or have access to your personal accounts and information if you die? Would you want your sister, parent, or spouse to open and go through emails and social media accounts? What will happen to your YouTube videos? These are questions to consider when writing your will. 

Guardianship

If you have children, it is essential to name a guardian in your will. A guardian is a person who will take care of your children if you are no longer alive. You can also name a fiduciary to take care of your estate if you have assets. A fiduciary is someone who manages the finances for the children.

When both parents die, the family court process in NC looks at what a parent would choose for their child in a will before naming a guardian. If you have not named someone and have no relatives who would fight for your children’s sake, your children could end up in the foster care system with people you don’t even know. Writing a will and naming a guardian avoids this genuine possibility and gives your children security for their future.

Financial Assets & Real Property

If you have a savings account, retirement accounts, or real property such as houses or land worth more than $20,000, the state of NC will put your estate through probate court to decide what to do with your assets if you die. If you don’t make your desires known, a probate court could decide what to do with your real estate AND your financial assets, such as retirement and savings accounts.

Probate court drains money from your estate in taxes, court fees, and lawyer fees. Probate court is also a public process that makes the details of your estate open to the public. Anyone can make a claim on your estate in probate court. 

If you desire to avoid this type of drama for your estate, you need an attorney to write a will with exact language so that the probate court understands your wishes. Consider consulting an attorney to look at options for planning your estate. An experienced Estate Planning Attorney could help your estate avoid probate court altogether.

Make Your Simple Will in NC Legit

A will is deemed valid in NC if you have two witnesses sign the document in your presence. You can write your own will and have witnesses sign the document, but because of the complexity of the different types of assets, it would be wise to consult an attorney for this process. If you have a large estate, you can often avoid taxes and probate court and set yourself up for a better standard of living after retirement if you set up an estate plan with an attorney instead.

Why An Estate Plan?

An estate plan is essential because it includes other documents such as a durable power of attorney to manage your estate financially should you become incapacitated. It also consists of a medical power of attorney in case you become incapacitated and need someone to make medical decisions on your behalf. A living will or advanced directive is also a crucial document when planning for the end of life. A Medical Power of Attorney is a written statement detailing your desires regarding medical treatment if you can no longer express informed consent.

An Estate Plan can also include a legal framework called a Trust that owns assets for you so that those assets are not taxed or included in the same way as part of your estate. Trusts are helpful if you want to pass assets on without having them taxed the same way by the state or if you want to qualify for state services such as Medicaid to pay for long-term care in the future.

Seek Wise Counsel

A will is essential whether or not you have a large estate or children. Estate Planning that includes a will is also a crucial part of planning for your future regardless of whether you have many assets. Your Estate Planning documents help if you can no longer think for yourself, care for your children, or handle any assets, including savings, real property, and digital assets. Because of the complexity of laws regarding financial inheritance, guardianship, and healthcare laws, it is advisable to consult an experienced Estate Planning attorney for the best result.