Approximately nine percent (9%) of all existing wills are invalid for one reason or another. If you die without a valid will, you die intestate, and lose control over what happens to your property. This usually also results in your estate paying a lot more to settle your affairs, which leaves less assets for your heirs. Generally estates settle much faster when you have a valid will that names people, charities, or other institutions that you want to inherit your property.
What kind of wills are there and how do I know if it is valid? Most commonly, to have a valid will, people have a formal will drawn up and executed. This consists of a typed will that specifies where your property goes, who will settle your estate, who will care for your children if they are minors, and who will administer any trusts the will may establish. Wills may also be handwritten (holographic wills) or oral. Handwritten and oral wills are not always valid and may only be considered valid in certain circumstances.
If you are married and die intestate, your property will go to your spouse and any children that you have. Each state, including North Carolina, has a specific formula to determine what percentage your spouse and children receive. If you have children from different relationships, they may be entitled to inherit as well, which may lead to an outcome you would not necessarily favor.
If you are not married, your relatives will inherit your property. In these cases, what you may have intended to go to close friends, charities, or an educational institution, may end up going to a distant relative that you may have never had a relationship with. If you die without a will and have no relatives, your estate will likely escheat to the state where you live. Thus only unmarried people without children and without property can justify not making a will; otherwise, you need to have a will in place.
About half of Americans die intestate. Many of these people leave large estates and have minor children. To have a valid will in North Carolina, you need to execute the will with two witnesses and a notary. If you need to have a will drafted, or have an estate planning attorney review your will to ensure that it is valid, contact Adkins Law to schedule a free estate planning consultation.