Your Guide to Wills and Trusts in Gastonia, NC

Having an estate plan in place helps guarantee your assets are distributed according to your wishes after your passing. But the idea of creating a will or trust can be intimidating. This guide to wills and trusts in Gastonia, NC, can help you have a better understanding of the process.

The Difference Between a Will and a Trust

According to recent studies, 67% of people have not created a will. Most people wait until retirement age to think about their final wishes, but only 76% of those 65 and older have completed the estate planning process. This figure grows smaller with younger adults, with only 20% of adults under 30 having a will in place.

Both wills and trusts are tools used for estate planning, but they serve different purposes.

• Wills. A will is a legal document that outlines how your assets and affairs should be handled after your death. It lets you specify beneficiaries for your property, appoint guardians for minor children, and designate an executor to carry out your final wishes. North Carolina’s intestacy laws will determine how your assets are distributed if you do not have a will in place at the time of your death.
• Trusts. A trust is an arrangement that allows a third party, known as a trustee, to hold and manage assets on behalf of your beneficiaries.

Probate is a court-supervised process that can be time-consuming and makes your estate public. Wills must go through this process. However, a trust, especially a living trust, can bypass probate. This helps keep your estate private and ensures a more efficient transfer of assets. Having a will in place alone does not protect your privacy.

Trusts also provide greater control over when and how your assets are distributed. They also manage your assets if you become incapacitated, whereas a will only takes effect after death.

Benefits of Having a Will or Trust

There are many benefits to creating a will or trust in Gastonia. These include:

• Asset distribution. Planning for your estate ensures your assets are distributed the way you want them to be. It can prevent potential disputes among your heirs.
• Guardianship. With proper planning, you can appoint guardians for minor children, which guarantees they are cared for by individuals you trust.
• Probate avoidance. In addition to making your affairs public, the probate process can take a long time to complete and comes with additional legal fees.
• Tax benefits. Proper estate planning minimizes estate taxes, helping to ensure your beneficiaries inherit more of your assets.
• Incapacity protection. Trusts can manage your affairs even if you become incapacitated.

How to Establish a Will or Trust in Gastonia

The first step in this guide to wills and trusts in Gastonia, NC, involves assessing your assets and goals. Taking an inventory of your assets helps determine your objectives, such as providing for family members, donating to charity, or minimizing payable taxes.

Next, you’ll want to consult a knowledgeable will and trust attorney experienced in North Carolina estate laws who can guide you through the process and ensure your documents comply with all state regulations. With the help of your estate planning attorney, you will begin drafting your will or trust. This involves creating a clear outline of your wishes and final instructions.

The documents become legally binding when they are signed in the presence of witnesses or receive proper notarization.

If you’ve chosen to create a trust, your next step involves funding the trust or transferring ownership of all relevant assets into the trust to ensure they are managed according to your wishes.

With both a will and a trust, you will want to periodically update your plans to reflect any changes in your assets or family situation or to comply with changes to North Carolina law.

FAQs

Is it Better to Have a Will or a Trust in NC?

The choice between a will and a trust in North Carolina depends on your goals and circumstances. A will is generally simpler and costs less upfront, but requires probate, which can be time-consuming and public. A trust, particularly a revocable living trust, avoids probate, offers more privacy, and can streamline the asset distribution process. Trusts are ideal for those with significant assets, blended families, or property in multiple states.

How Much Does It Cost to Set up a Will in NC?

The cost of drafting a will in North Carolina varies. It depends on the estate planning lawyer’s fees and the complexity of your estate. Simple wills cost less, while more comprehensive planning takes more time and comes at a higher cost. Hiring an experienced estate planning lawyer ensures your will is valid, meets state requirements, and aligns with your broader estate goals.

Do Wills Have to Be Filed with the Court in North Carolina?

North Carolina residents are not required to file their wills with the courts, but they can choose to do so for safekeeping. The Clerk of the Superior Court in each county provides a depository where wills can be securely stored. After your death, the will must be filed with the Clerk of Superior Court where you resided. For Newton residents, the Catawba County Courthouse is located at 100 Government Drive in Newton.

Does a Will in NC Need to be Notarized?

In North Carolina, a will does not need to be notarized to be legally valid. It does, however, need to be signed by the testator or the person who made the will, and at least two witnesses must sign as well. To help with probate, you may want to include a self-proving affidavit, which requires notarization and a signature from the testator and witnesses. This affidavit allows the will to be accepted without the witnesses appearing in court.

Contact a Gastonia Estate Planning Lawyer Today

For trusted guidance on your future, contact the experienced team at The Jonas Law Firm, PLLC. No matter what stage of the process you are in, we can guide you through the legal complexities and help you create a will or trust that will give you and your loved ones peace of mind. Reach out to our office today to schedule a consultation.