Reasons you should have a will
Although no one wants to think about their own death, having a will is imperative to those with children under the age of 18, or any assets whatsoever.
1. Name who gets your property
If you don’t have a will, your state will have full jurisdiction over where your belongings go. Suppose you have a wife, a one year old child, and $100,000.00. If you die without a will, the wife will get $50,000 + 50% of the remainder. This leaves your one year old child with $25,000. This money does not belong to your wife.
2. You can determine how much each person gets.
3. Name executor of your will
4. Ability to name who will take care of your children
5. Ability to give to charity
6. Tax savings
In North Carolina, and possibly in the United States, a person can pass up to 1.5 million dollars without taxes. If you die without a will, your wife will have to pay tax on the money that is automatically passed to her.