Crafting a last will and testament ensures your final wishes are legally carried out when you pass away. This important legal document outlines exactly how you want your assets and property distributed after your death.
Without a valid last will and testament in place, you relinquish control over what happens to your assets when you’re gone.
Instead, the state’s intestacy laws will dictate who inherits your belongings, potentially against your preferences. Understanding how to create or update a last will and testament is crucial to protect your family and distribute your assets as you intend.
What Exactly is a Last Will and Testament?
A last will and testament is a legal document that states how you wish your assets to be distributed after your death. It ensures your belongings are transferred according to your wishes. Your will identifies the people or organizations (known as beneficiaries) that will inherit your property when you pass away.
Without a will dictating this transfer of assets, the state intestacy laws will determine who gets what. The probate court may distribute your property in a manner that doesn’t align with your intentions. For instance, distant relatives you’re not close with could end up with a share of your estate while loved ones get nothing.
To prevent outcomes like this, the last will and testament expresses your desires and makes legally enforceable arrangements for asset distribution. It acts as the primary document for executing your estate plan when you die.
In North Carolina, a last will must be a written document voluntarily created and signed by you as the testator. At least two competent adults must also witness it as you sign it to be considered valid. We’ll detail these requirements more throughout this guide.
What Are the Different Types of Wills You Can Create in North Carolina?
There are a few varieties of wills you can create depending on your specific estate planning needs. The most common types of wills in North Carolina are:
Simple Will
This standard last will and testament is a straightforward legal document that identifies your beneficiaries, what assets they’ll receive, and who will administer your estate (the executor). It allows you to distribute possessions like financial accounts, real estate, vehicles, jewelry, etc.
Most people’s estate planning needs are met with a simple will. This inexpensive option ensures your property is dispersed as you desire upon your death.
Testamentary Trust Will
This type of will establishes a trust that comes into effect once you pass away. Often, testamentary trusts are created to provide long-term support for beneficiaries who may be too young to manage an inheritance responsibly.
For example, you may set up a testamentary trust to distribute assets to a minor child or grandchild over a period of time. You can include instructions on how the trustee should use the trust funds for needs like education, housing, healthcare, etc., until the beneficiary reaches a certain age stated in the trust terms.
Joint Will
A joint will is one document prepared for two testators, often a married couple. It states that upon the death of the first spouse, the surviving spouse inherits everything. Once the second spouse dies, the will dictates how the assets will be distributed to the remaining beneficiaries.
This type of will requires both spouses to agree not to update or revoke the will without the other’s consent. Due to the restrictions this places on the surviving spouse, joint wills are becoming less common.
Holographic Will
North Carolina recognizes handwritten wills as legally valid without witness signatures in certain circumstances. Known as holographic wills, these must be entirely handwritten and signed by you. While this option doesn’t require witnesses, the handwriting can often be contested in probate court as a fraud risk. Using a typed document with proper witnessing is much safer.
For most people, a simple will is sufficient to carry out estate planning wishes legally and efficiently. But you may want to consider a testamentary trust will if you need to provide extended financial support for young beneficiaries unable to manage an inheritance responsibly.
How to Write Your Own Last Will and Testament in North Carolina
Writing your own last will and testament lets you detail your final wishes thoroughly and saves on legal fees. While an estate planning attorney can provide expert assistance, do-it-yourself will creation is straightforward when you follow these steps:
1. Make a Comprehensive List of Assets and Property
Catalog all your significant assets and possessions to get an accurate picture of what your estate encompasses. This inventory helps ensure you don’t unintentionally omit any belongings from your will. It also assists in assigning the correct assets to beneficiaries.
Your list should note details like:
- Checking, savings, retirement accounts, and any other financial assets
- Life insurance policies with beneficiaries and payout information
- Real estate and properties owned, including location and value
- Vehicles such as cars, RVs, boats, etc.
- Valuable physical possessions like jewelry, art, collectibles, etc.
- Business investments and ownership stakes
- Any outstanding debts or liabilities
Keeping an up-to-date list makes writing your will much easier. Review it at least annually and update it as needed for major life events.
2. Select a Will Executor
Your will must name an executor who is responsible for ensuring your estate is properly managed and distributed. Consider choosing a spouse, adult child, close friend, or trusted advisor.
Requirements for an executor in North Carolina:
- Must be over 18 years old
- Should be organized and comfortable with financial matters
- Needs to be someone you trust to follow your wishes obediently
You can also select a backup executor in case your first choice is unavailable. Inform them about your decision to give time to prepare for duties like:
- Filing the will in probate court after your death
- Using estate assets to pay any outstanding debts
- Handling taxes on the estate
- Transferring property to beneficiaries according to your will
Naming a responsible, capable executor is one of the most important decisions when writing your will. Choose wisely, as the court will hold them accountable for executing your wishes properly.
3. Designate Beneficiaries for Your Assets
The main purpose of your will is to identify who receives your property when you pass away. You’ll need to designate beneficiaries by name, along with details on what each person gets.
Common beneficiaries often include:
- Spouse
- Children or grandchildren
- Parents or siblings
- Other relatives or friends
- Trusts for minors to receive inheritance at a later age
- Charities or non-profit organizations
You can leave beneficiaries a percentage of the total estate or specific possessions. For instance, you may give 50% of your estate assets to your spouse and split the remaining 50% equally among your children. Or you can leave your vintage car collection to your nephew, who shares your love of old vehicles.
Clearly document each beneficiary’s name, their relationship to you, contact details, and what they’ll inherit. Define contingencies for beneficiaries who pass away before you do.
4. Indicate Guardianship Arrangements for Minor Children
If you have minor children or other dependents requiring guardianship, your last will is vitally important for selecting a guardian to care for them. Without your written instructions, the probate court will appoint a guardian, potentially not your preferred choice.
Your will should:
- Name the individual(s) you wish to assume guardianship
- State the guardian will manage any inheritance left to the children
- Define an age when your selected guardian is no longer responsible
Consider alternatives if your first guardian choice becomes unavailable. Discuss your decision with proposed guardians before finalizing arrangements in your will.
5. Choose Witnesses for Signing
North Carolina requires at least two adult witnesses when signing your will to make it legally valid. Witnesses provide third-party verification that you willingly signed the document and were of sound mind at the time of signing.
Good witness candidates are people who:
- Are over 18 years old
- Have no interest in your estate (not beneficiaries)
- Are not your executor or guardian appointee
- Are not your spouse
Have witnesses sign immediately after your signature. You and the witnesses should sign using full legal names and list residential addresses.
6. Sign Your Will in Front of Witnesses
Finally, once your will meets all legal requirements, it’s time to sign and execute the document officially. Carefully follow this process:
- Sign your full name at the end of the document, along with the date and location.
- Have your selected witnesses watch you sign.
- Witnesses should then sign their names and provide addresses underneath their signature.
- If desired, you can take the extra step of having the will notarized for added legal security. This involves having a notary public formally certify and seal your signed will.
Be sure to keep the signing process controlled and formal. Only sign when witnesses are directly observing to prevent claims of fraud later.
Once signed according to these procedures and witnessed, your DIY last will and testament becomes a legally binding document under North Carolina law.
Storing Your Last Will and Testament Securely
After going through the proper signing protocol, store your executed will in a protected yet accessible place. Inform trusted individuals (your executor, attorney, close family, etc.) where your current will is located. Some options for safe storage are:
- A fireproof safe or lockbox at your home
- A safe deposit box at your bank (ensure executor can access)
- With your attorney or legal advisor
- Filed securely with the North Carolina probate court
Wherever you keep the original will, make several copies to distribute to your executor, guardian, attorney, and any family members who should see it.
Keep digital files or scans of your will secure as well. But understand the physical original with your signature is the legal document that matters. Destroy old unused wills to avoid confusion or disputes between versions.
When to Update or Change Your North Carolina Last Will and Testament
Review your will regularly and update it whenever major life events occur. Some examples of when to revise your will are:
- Marriage or divorce
- Birth or adoption of a child
- Minor children reaching adulthood
- executor or guardian can no longer fulfill role
- Beneficiary death
- Changes in assets or property owned
- Move to another state
- Developing a chronic illness
- Death of a spouse or close family member
- Substantial increase/decrease in wealth
Modifying your will is easy. You can make minor changes by adding a signed and witnessed amendment called a codicil. Writing an updated will that replaces your previous one works best for more significant revisions.
Ideally, review your will every 1-2 years. Meet with an estate planning or probate attorney if you need guidance updating your documents. Keeping your will current gives you confidence it accurately reflects your wishes.
Key Differences Between a Will, a Living Trust, and a Living Will
When creating an estate plan, you’ll encounter terms for documents like a will, a living trust, and a living will. These are distinct legal instruments used for different purposes.
| Type of Document | Purpose | Goes Into Effect |
| Last will and testament | Outlines desired asset distribution upon your death | After death |
| Living trust | Holds assets to transfer property outside of probate | During life |
| Living will | Provides healthcare and end-of-life treatment instructions if unable to communicate wishes | If incapacitated |
A last will only governs the transfer of assets that go through probate after you die, unlike a living trust, which manages assets while you’re alive. A living will communicates preferences for medical decisions if you become incapacitated, unlike a last will, which distributes possessions.
While tools like living trusts and living wills complement a will in an estate plan, only a last will finalizes how to distribute your estate upon death. No other document can fully replace the role and importance of a last will and testament in estate planning.
Helpful Estate Planning Terms to Know
As you start your estate planning process, you may encounter some unfamiliar terms. Here are a few common ones related to last wills and their definitions:
- Testator/Testatrix – The person making the will.
- Executor – The individual named to carry out instructions in the will.
- Beneficiary – A person or organization inheriting assets from the estate.
- Guardian – Someone legally responsible for dependents unable to care for themselves.
- Testamentary Trust – A trust created by the terms of a will coming into effect after death.
- Probate – The legal process of administering an estate pursuant to a will.
- Letters Testamentary – A document proving the executor has authority over the estate.
- Codicil – A signed and witnessed amendment or change made to an existing will.
Familiarizing yourself with essential estate planning vocabulary makes understanding and creating your last will and testament much easier.
Let a Cary, NC Estate Planning Attorney Help You Craft Your Will
The experienced team at Cary Estate Planning can provide legal assistance in drafting an airtight last will and testament customized for your needs.
Their wills lawyers guide you through every aspect of creating this essential document. Contact their office in Cary, NC, today to schedule a consultation.
