Fact: Chadwick Boseman died without a Will. And he's not alone in this. Research shows that nearly 70% of adults in the United States don't have Wills.
So, what happens if you die without a Will? In a nutshell: the laws of your state take over.
This is called "intestacy" or "intestate succession." It's the legal process that determines what happens to someone's property after they die without a Will. Aka a set of default state laws.
Here are some facts about intestacy:
The laws apply regardless of any evidence about what the deceased person would have wanted or the best way to use/distribute their property.
These laws are made (and changed) by elected officials.
The individual intestacy processes are generally administered and controlled by the local county courthouse.
Put another way: dying without a Will is equal to waiving your right to have a say in how your property is handled and distributed after your death. Even if you had some conversations about what you wanted. Even if you went as far as to write some things down.* Even if your loved ones expect to get, use, or even need your property - none of that matters. Your wishes and your loved ones' needs are irrelevant in this process. (*Unless that writing qualifies as a Will, which it probably doesn't.)
In North Carolina, the Intestate Succession Act determines what happens to your property after death. What matters under these laws? Whether you're married, have kids (and how many), and/or if your parents outlive.
Example: if you die without a Will in North Carolina and you were married with surviving children (2+) - this is how your assets get divided:
If that's not you (married with 2+ kids) and you want to know what would happen to your property - click here to request an infographic that applies to you.
Even if you understand how the intestacy laws would apply to you and your loved ones after your death and feel okay about it… Brace yourself; it's real talk time.
First things first, you may be okay with the Intestate Succession laws as they apply to you today. But those laws can change at the whim of the legislature, and how likely are you to keep up with updates to the North Carolina Probate and Estate laws?
Also, if you're married - you're probably thinking about what would happen if you died first. Step back and consider what would happen if your spouse dies first, and you are single at the time of your death.
Still comfortable? Consider how your family and loved ones will feel about this after you're gone. At best, they will wonder and worry if this is what you intended. At worst, they will fight with each other about the outcome and resent each other over this legal reality.
Remember - having an estate plan is about you, but it's actually for your loved ones.
Want more information? Book some time to chat with me!