We’ve moved! We didn’t go far and look forward to seeing you in our new space located at 1255 Crescent Green Drive, Suite 200, Cary, NC 27518
As the saying goes, “tomorrow is promised to no one.” So, what happens if tomorrow never comes and you never got around to drafting a will or trust?
Dying without a will is called “dying intestate”. When someone dies in North Carolina without having executed a will, the state’s intestate succession statutes control the disposition of the assets the individual owned at their death. The deceased’s wants and intentions no longer matter at this point. Sometimes the state’s rules will make the same distributions that you would have made had you drafted a will, but that’s not normally the case.
How your assets will be distributed under the intestate succession rules will depend on your family situaiton at the time of your death. There are specific rules meant to protect the interests of surviving spouses and children. Below is a summary of the intestate succession rules for most family situations:
Here’s where it gets more complicated. Anything other than the two options listed above requires some math to be successful:
These are the state’s default rules in North Carolina. If you wish to have some distribution other than what’s set out above, you have to use a Will or Trust. A future post will discuss the practical and administrative ramifications of dying without a will, other than just the intestate succession rules set out above.