When people pass away without a will or an estate plan, state laws determine who receives their property. These laws, called intestate succession statutes, create a specific order for property distribution. The following guide will help you understand the specifics for North Carolina and the importance of estate planning for your personal and business assets.

How the Intestate Succession Act Works

In North Carolina, courts first distribute real and personal property to a surviving spouse, children, and grandchildren when an individual dies without a will. The amount that a spouse receives depends on whether the deceased person has one, two or more, or no children or grandchildren.

If a deceased person does not have such heirs, their parents receive equal shares of the estate. If only one parent is alive, that parent receives the whole estate. If the deceased person's parents are not alive, then any siblings will receive the estate property. Aunts and uncles or their descendants are next in line for their loved one’s assets. If the deceased isn’t survived by any children, parents, grandparents, siblings, aunts, or uncles, then their assets pass to the state of North Carolina. 

Benefits of Wills

By writing your will, you control the timing, amount, and beneficiaries of your assets and how they’re distributed. For example, you can give property to your minor children in a testamentary trust and appoint a trustee to manage it until they become mature enough to handle it themselves. You might decide they are mature at 25 years old. Without a will and trust, they receive the property at age 18. Your will also allows you to make gifts to individuals who are not your natural heirs, including friends, religious or charitable organizations, and educational institutions.      

Writing wills enables people to place their property where they want it when they pass away. Drawing on 80 years of combined experience, the estate administration attorneys at Wood & Rabil, LLP Attorneys At Law in Winston-Salem, NC, help individuals throughout Forsyth County avoid the pitfalls of intestate succession. Receive wise counsel on personal, business, and real estate law matters and get peace of mind that your loved ones will be protected after you’re gone. Visit the law firm’s website for more information and call (336) 722-5700 to schedule a consultation today.