Why do I Need a North Carolina Will or Trust?
Under North Carolina Law if you are married and die without a will don’t assume that your spouse will inherit all of your assets. North Carolina intestate succession law (N.C.G.S. Chapter 29) will determine to a large degree how your assets are distributed upon your death.
For example, if you die married with one or both parents alive and no children (or descendants of children) surviving, then your spouse only gets a one-half interest in any real property owned by you, the first $100,000 of net assets in personal property owned by you and a half interest in the remainder. The surviving parent gets the balance.
Another example, if you die married with only one child living (or no children living but descendants of only one deceased child living), your spouse only gets a half interest in any real property owned by you, the first $60,000 of net assets in personal property owned by you and a half interest in the remainder. The children (or their descendants) get the balance.
Yet another example, if you die married with two or more children living (or one child living and any lineal descendant of one or more deceased children), your spouse only gets a one-third undivided interest in the real property owned by you, the first $60,000 of net assets in personal property owned by you and a one-third interest in the remainder. The children (or their descendants) get the balance.
I am sure your spouse would prefer not to split your assets with your parents or kids upon your death as he or she will normally be the sole provider and caregiver for your family going forward. Give the Perna Law Firm a call and let us help you put a sound plan in place to care for your family in the event of your incapacity or death.
