Wills and Trusts in Wilmington, NC
Few conversations in life are as important—or as often delayed—as the ones about what happens to your property and loved ones after you are gone. It is human nature to avoid thinking about death, yet postponing these decisions can leave your family facing confusion, unnecessary expenses, and disputes at a time when they most need clarity.
James S. Price of Price & Williams in Wilmington, NC, believes that creating a will or trust is not just a legal exercise—it is an act of love and responsibility. By taking the time to plan now, you give your family the gift of peace of mind and ensure that your wishes, not the state’s default rules, determine how your legacy is carried forward.
Why Wills and Trusts Matter
Wills and trusts form the foundation of any solid estate plan. Without them, you leave critical decisions in the hands of the state. In North Carolina, if you pass away without a will, the courts determine how your property is divided, who cares for your minor children, and even how family heirlooms are handled. This one-size-fits-all solution rarely reflects your values, intentions, or your family’s unique needs.
With proper planning, you can:
- Control How Your Property Is Distributed Rather Than Leaving It to State Law
- Name Guardians for Your Children, Ensuring They Are Cared For by the People You Choose
- Minimize Family Conflict by Making Your Wishes Clear and Legally Enforceable
- Protect Your Loved Ones Financially, Reducing Probate Costs and Delays
- Establish Trusts That Provide Long-Term Guidance and Support for Your Heirs
Understanding Wills
The Role of a Will
A will is the cornerstone of estate planning. It is a legally binding document that communicates your wishes regarding property distribution, guardianship of minor children, and other personal matters.
With a valid will in place, you—not the state—determine who receives your assets, who carries out your instructions, and how your affairs are settled.
What Happens Without a Will
In North Carolina, dying without a will means the state applies intestacy laws. This process often divides property in ways that may not reflect your relationships or intentions. For example, close friends, unmarried partners, or charitable causes you care about may receive nothing, regardless of your wishes.
Understanding Trusts
Why Create a Trust?
While wills are vital, trusts offer unique benefits, particularly for families seeking to avoid probate. A trust is a legal arrangement in which you (the grantor) transfer assets to a trustee, who manages them for the benefit of your chosen beneficiaries.
Trusts can:
- Bypass Probate, Saving Time and Money
- Protect Privacy, as Trusts Are Not Public Record
- Provide Ongoing Support for Children or Loved Ones With Special Needs
- Offer Tax Advantages in Certain Cases
- Ensure Responsible Management of Assets Long After Your Passing
Types of Trusts
There are many forms of trusts, but one of the most common is the
revocable living trust. This allows you to maintain control of your assets during your lifetime and specify exactly how they should be distributed after death. Other trusts, such as irrevocable trusts, may be used for tax planning or asset protection in more complex situations.
Choosing Between a Will and a Trust
Some families benefit most from a simple will. Others need the additional structure and flexibility of a trust. Often, the best solution is a combination of both.
James S. Price of Price & Williams
takes
the time to learn about your family’s situation, financial picture, and goals before recommending the right tools.
Frequently Asked Questions
Do I Need Both a Will and a Trust?
Not always. Some people only need a will, while others benefit from a trust as well. It depends on the complexity of your estate and your goals.
Will My Family Have to Go Through Probate?
With a will alone, probate is required. With certain types of trusts, you can avoid probate and streamline the process.
Can I Update My Will or Trust Later?
Yes. Wills and many trusts can be updated or amended to reflect life changes such as marriage, divorce, or new children.
Who Should I Choose As My Executor or Trustee?
Pick someone trustworthy, organized, and willing to carry out your wishes. Often this is a spouse, adult child, or close friend.
Is Estate Planning Only for Wealthy Families?
No. Anyone who owns property, has children, or wants a say in how their affairs are handled should have at least a will in place.
Take the Next Step
Planning ahead is one of the most meaningful acts you can do for your loved ones. By creating a will, establishing a trust, or doing both, you provide a roadmap that eases their burden and ensures your legacy is honored.
James S. Price of Price & Williams is here to guide you through the process with clarity and compassion.
Call us today at
(910) 791-9422 to schedule your consultation and take control of your future.
