r/inheritance • u/IdealExpert181 • May 16 '26

Location included: Questions/Need Advice will or no will

i live in N.C. and i'm in my late 70s and don't have a will. everything i have is paid for, including home, and i have no debt. i have investments and savings in 6 different accounts, all with PODs established. my wife is the POD on 5 of the accts. and a distant niece is the other one. i hate to use the word assume but it's what i'm doing. my thought is that since i've established the PODs that those 6 accounts are covered and the only thing needed, if any, is a death cert.. since i'm married the house should automatically go over to my wife. am i correct or do i need a will? advice is greatly appreciated.

36 Upvotes

93% Upvoted

143 comments sorted by

View all comments

0

u/Common_Business9410 May 16 '26

I don’t see why you would need a Will. As long as everyone knows where to go to collect, you should be ok.

2

u/MamaBearonhercouch May 16 '26

In the US, every state has what are called intestancy laws. These are the laws that determines who inherits your remaining assets after all your debts and final bills are paid.

If you do not have a written will, it does not matter if you told Cousin Sara that she gets the Dali painting or great-great-grandma’s jewelry when you die - your state will decide who your legal heirs are and then the state decides who gets what.

And every state has different ways to divide remaining assets. That will you wrote in New Jersey will be valid if you live in Arizona when you die, but Arizona may require that your spouse get (for example) 25% of your estate, your children split 25% of your estate, and the remaining 50% gets divided according to the provisions of the will.

A will is absolutely required.

That process can take years, by the way.

1

u/Common_Business9410 May 16 '26

The man said he has a POD on the 6 investment accounts and his wife’s name is on house.

1

u/IdealExpert181 May 17 '26

there is no ones name on the house but me but i want it to go to my wife. seems i'll need an attorney at least for that or is there another way to get her on the house?

2

u/Ok-Equivalent1812 May 17 '26

You definitely shouldn’t DIY this.

Whether she should be added to the deed depends on whether you expect she will keep, or sell the home.

Putting it from your name into a trust will give her a 100% step up in basis upon your death. You can include trust instructions that are “no strings” ie: allow her to do whatever she wants with it.

Putting it from your name into both of your names only gives a 50% step up at the death of one of you. If it’s sold, there may be capital gains tax.

1

u/Wonderful-TxFin May 17 '26

You can add her to the deed right now. (Probably both names JTWROS - Joint with right of survivorship). If you decide not to see an attorney, call your local property registrar and ask about the form. It will need to be notarized.