A common question I receive regarding Estate Planning – “What’s the threshold? When do I really need to think about a will?” Well, that’s a loaded question and it assumes the only benefit of a will is the monetary aspect. So, when do you need a will?
You Have Over $20,000 in Assets
That seems like an arbitrary amount, but I used that number for a reason. If you have more than $20,000 in personal property, your estate no longer qualifies for the expedited probate process and will have to have a full estate administration/probate (depending on whether you have a will or not) after you pass.
You Own a House
If you own a house and die without a will, depending on your family situation at the time you could have a messy distribution of your house after you pass. The easiest way to pass your house is through a will – no mess, no worries.
You Have Minor Children
Wills are not just tools to pass wealth – they also allow you to protect your children. You can name a guardian to take care of your children after you’re gone. Most people think, “Yea, but my spouse would still be here to care for the kids.” True, but what if you both die at the same time? A will for both spouses allows you to plan for who will take care of your children after both of you are gone. Without it, you’re leaving your children to the State’s discretion.
It’s always a good idea to have a will and there’s really no set date or milestone to start planning. If you meet any of the three above, you absolutely need a will, there’s no point in waiting any longer.
Do the right thing. Get a will. You’ll be glad you did it.
Cheers,
Paul Yokabitus
Author Bio
Paul Yokabitus
Founder & Estate Planning Lawyer
Paul Yokabitus is the founder of Cary Estate Planning, where he helps North Carolina families protect what matters most through wills, trusts, probate, and special needs planning. Known for his “planning, not paperwork” approach, Paul turns complex legal concepts into clear, practical strategies so clients feel informed and confident at every step. He has been recognized as a Business North Carolina Legal Elite attorney and a Super Lawyers Rising Star, and was named to the Triangle Business Journal’s 40 Under 40. A graduate of Campbell University School of Law, Paul lives in the Triangle with his wife, Alix, and their two sons.
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How We Help North Carolina Families
Paul and his team at Cary Estate Planning are fully committed to creating a personalized experience to develop thorough and comprehensive estate plans. They value their clients and go above and beyond to make sure that no details are missed. I would highly recommend Paul to anyone looking to create an estate plan.
I was referred to Paul by my Real Estate Attorney and I could not say enough about how exceptional the client service has been from everyone I spoke to. The communication is prompt and I feel like they really took the time to answer all my questions and set things up exactly as I wanted, but also recommended things to make it easier on my family down the line.
After attending one of Paul’s estate planning seminars, my husband and I knew we wanted Paul to assist us with our estate planning. His honest, professional approach to this necessary part of life put us at ease with the process. We will continue to recommend Paul and Cary Estate Planning.
We had a great experience working with Paul Yokabitus and the team at Cary Estate Planning to set up our Will and Estate Plan. The process was clear and easy, and in the age of COVID, our signing session was very well done, easy, and safe.
The Cary Estate Planning team will make sure that you have the information you need to be confident in your estate planning decisions. I learned so much from videos, a one-on-one in-person consultation, the website, emails, and a newsletter mailed the old fashioned way. The fee is very reasonable given the importance of estate planning. No matter the size or number of your assets, don’t procrastinate like I did!
Paul is a masterful attorney. He’s very good at taking your intentions and defining that into a durable Trust and Will. Best of all he is as simple and plain-spoken as you like. Or as fast as intellectual as you may be. It’s all about your your speed and your desired outcomes. Would strongly recommend this firm.
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Attorney Offices in Cary, Raleigh, and Chapel Hill
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