The lawyers at SANDERS LAW FIRM, PLLC have been drafting Wills since 1995.
It is a good idea to plan your estate. Parents with children should have wills for the following reasons:
- if you die without a will (intestate) the deceased person’s estate will be divided pursuant to the Intestate Succession NC General Statutes (NCGS Chapter 29). For example, a person who dies with a spouse and two children will have his/her estate divided as follows: First $30,000 to the spouse and remainder split 1/3 to spouse, 1/3 to each child.
- if you are a single parent who dies intestate, then the Court will judicially determine who will manage and how the monies will be distributed until your children reach 18 years old.
- Guardianship — without wills, there is the potential for a legal battle over guardianship of your children.
- Trusts for children — first and foremost, the Trustee will have discretion to provide for education, health, maintenance, and support of the children up to twenty-one (21) years of age. Once the youngest child reaches twenty-one (21) years of age, the trust divides into shares for each child alive (eg. three children, then three separate shares of one-third (1/3rd) each of the corpus) then my standard Will with Children’s Trust provides for distribution of one-half (1/2) of when each child reaches the age twenty-five (25) years of age and the remainder at thirty (30) years of age. At the same time, the Trustee still has discretion to make distributions from that child’s share of the trust for education, maintenance and support (when necessary), home purchases, weddings, and business ventures.
- Spendthrift Trusts — should a beneficiary have issues with judgments, creditors, spouses, we can add provisions to protect their gift from the opposing party’s claims.
- Alternative Couples — Many partners want to provide and give to their partners. This can be done. See the Blog topics for more on alternative couples.
Our lawyers will advise the client how to consider titling his/her assets for an easier transfer of assets at death.