GREENSBORO, N.C. — You may think only people who live in fancy houses and have stocks and bonds are the ones that need a will. The misconception is a will is about money, but really, a will is about what you want to be done with whatever it is you have.
“Certainly wealthy people need wills, but average people need wills just to decide who does get what. But you don't want your 2-year-old to own your house with your spouse,” said Theodora Vaporis, a lawyer with Tuggle Duggins P.A.
WHAT HAPPENS TO YOUR STUFF IF YOU DIE WITHOUT A WILL
Why would your 2-year-old own your house? That sounds ridiculous, right? Under North Carolina law, if you die without a will:
#1 Your estate is shared by your surviving spouse and your kids, no matter what their ages.
#2 Your estate is shared by your surviving spouse and your parents if you don’t have children
WHY YOU SHOULDN'T DIY YOUR WILL
Before you think about doing a will yourself because it's too expensive to see a lawyer, Vaporis says there are options.
“They can absolutely shop around if the price point is important to them, but what we don't want to do is have them do it themselves because the errors that get made are oftentimes not found until the person passes away and then they're irreparable. I think you can find an affordable will, ask the lawyer to work with you, we have clients that split up the payments over a few months,” said Vaporis.
POWER OF ATTORNEY/HEALTH CARE POWER OF ATTORNEY
What about Power of Attorney or Health Care Power of Attorney? These designations can make it seem like you're no longer in control of your money or health, but in reality, when you put it on paper, you can add special instructions and boundaries.
"It doesn't have to be a family member, you can love your children and not choose them if they are not the right person, and when I say the right person, I counsel my clients, don't choose someone who you know spends too much, has a spouse that spends too much. I think the counseling for the Power of Attorney is so important, which is why I don't want you to pull it off the internet. We can fine-tune it so they can't spend money in a way you don't want them to, so they can't spend it on themselves," said Vaporis.
If you don't put it on paper, the court then appoints someone, and you don't get to choose.
NEED TO TALK TO A LAWYER?
Sometimes, you just need to talk to a lawyer. You can do that for free this week. You can ask about whatever your situation is: family law, employment, traffic tickets, estates, taxes, divorce, housing, etc.
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