Will Attorney in Charlotte, NC

What are Legal Requirements of a Will in North Carolina?

In North Carolina, the legal requirements for generating a will are as follows:

• The testator must be at least 18 years old
• The testator must be of sound mind, also known as being of capacity
• The will must be signed by the testator or by another individual he/she appoints while in his/her presence
• At least two witnesses must also sign the will

Wills in North Carolina allow the testator to hand his/her property over to any beneficiary he/she would like.

Key Functions of a Will in Estate Planning

A will is typically used to leave behind instructions on what should happen to a testator’s property after death, however, you can also use a will for the following reasons:

• Name an executor
• Name beneficiaries
• Determine how debts, taxes, and creditors will be paid
• Give instructions for how and when beneficiaries will receive assets
• Provide for pets
• Name guardians for your child(ren)

Step-by-Step Guide to Creating a Will in Charlotte

You should consult with an experienced Charlotte wills attorney before generating a will. You want to ensure your will is legally enforceable. Also, the legal insight you receive is priceless as this document contains valuable information about the future of your property and assets.

When you are ready to draft a will, consider doing the following:

• Figure out what your assets and property are and determine who should receive them
• Nominate guardians for your child(ren)
• Name an executor to oversee your estate proceedings
• Consult with an experienced Charlotte wills lawyer
• Sign and notarize the will (make sure you sign your will in the presence of 2 witnesses)
• Store your will in a safe location, or have your lawyer do this for you

What is the Difference Between a Will and a Trust?

A will and a trust are both essential estate planning tools, but they serve different purposes and have distinct characteristics:

Will

A will is a legal document that outlines how your assets will be distributed upon your death. It can also designate guardians for minor children and specify final arrangements.

A will must go through probate, a legal process where the court oversees the distribution of the estate, ensuring debts and taxes are paid before the remaining assets are distributed to beneficiaries. Once probated, a will becomes a public record, meaning anyone can access its contents.

Furthermore, a will only takes effect after your death. It does not control assets or provide for their management during your lifetime. Changes to a will require formal legal procedures, such as creating a codicil or drafting a new will.

Trust

A trust is a legal arrangement where one party (the trustee) holds and manages assets for the benefit of another party (the beneficiary). Trusts can be established during your lifetime (living trust) or upon your death (testamentary trust).

Unlike a will, assets held in a trust generally avoid probate, allowing for a more private and efficient transfer of assets. Trusts are not public documents, so their contents and terms remain confidential.

A living trust becomes effective immediately upon its creation and can manage your assets during your lifetime and after your death. This allows for seamless management if you become incapacitated. Revocable living trusts can be easily amended or revoked by the grantor during their lifetime.

In summary, a will is primarily used to specify asset distribution and guardianship after death and requires probate, while a trust offers more flexibility, privacy, and can manage assets both during your lifetime and after death, often avoiding probate. Combining both tools in an estate plan can provide comprehensive coverage, ensuring your wishes are followed and your loved ones are protected. Have questions? Contact our firm today to speak to an experienced attorney.

Contact a Trusted Charlotte Wills Lawyer Today

Your future is important to you. Let our wills attorneys in Charlotte help you safeguard your legacy by taking you through the will process. We will address all of your questions and concerns and provide you with compassionate counsel throughout the entire process. Whether you need to write a will for the first time or want to modify an existing will, we are happy to assist you. We offer comprehensive estate administration and trust planning services as well.

Book a consultation online or call our wills lawyers in Charlotte at (704) 286-0570to get started.

Further Insights: Wills vs. Trusts

• Wills vs. Trusts