Should my financial advisor be involved when I’m making changes to my will, or is it handled just with the attorney? – North Carolina

Short Answer

In North Carolina, the legal changes to a will should be handled with the estate planning attorney, because the will must be drafted and signed with specific legal formalities. A financial advisor can still be very helpful, but usually in a supporting role—providing account information, confirming how assets are titled, and coordinating beneficiary designations so the overall plan works as intended. The attorney typically leads the legal decisions and document language, while the advisor helps align the financial “implementation” with the updated plan.

Understanding the Problem

In North Carolina estate planning, the decision is whether a financial advisor should participate when a client updates an existing will to change a gift—such as switching from equal shares to percentages—while keeping the rest of the will the same. The core issue is coordination: a will controls certain assets at death, but many financial accounts pass under beneficiary designations or ownership rules that may not follow the will’s wording. The question also involves timing and logistics, because the engagement agreement may be signed electronically, but the updated will still needs a proper signing process to be valid.

Apply the Law

Under North Carolina law, an updated will (or a codicil) must be signed and witnessed using the state’s required formalities. That legal work is the attorney’s job. A financial advisor is not required for the will change itself, but can be important for making sure the estate plan “matches” the way assets are held—especially where accounts have named beneficiaries, transfer-on-death features, or joint ownership. If the will includes gifts to a relative’s descendants, the wording also matters because North Carolina has default rules that can substitute descendants in certain situations unless the will says otherwise.

Key Requirements

  • Valid will formalities: The updated will must be signed by the testator and properly witnessed; otherwise, the change may not be effective.
  • Clear gift structure: The will needs clear directions on whether beneficiaries receive equal shares, specific percentages, or another formula, and what happens if a beneficiary dies before the testator.
  • Asset coordination: The plan should account for which assets pass under the will versus which pass by beneficiary designation or ownership, so the intended gift structure actually happens.

What the Statutes Say

Analysis

Apply the Rule to the Facts: Because the plan is to keep most of the will the same but revise a gift (for example, equal shares versus a percentage), the attorney should draft the change so the gift language is precise and fits with the existing will structure. Since the will already includes gifts to a relative’s descendants, the attorney should also confirm how the will handles a beneficiary who dies before the testator and whether the default substitution rule should apply or be overridden. A financial advisor can contribute by confirming which accounts and assets are expected to fund the gift and whether any beneficiary designations would bypass the will and defeat the intended equal-share or percentage approach.

Process & Timing

  1. Who files: No one files a will update while the testator is living in the normal course. Where: The updated will is signed in person with the required witnesses, typically coordinated by the attorney in North Carolina. What: The attorney prepares either a new will or a codicil, and often a self-proving affidavit to reduce probate proof issues later. When: The engagement agreement can be signed electronically before the signing appointment, but the will signing must follow North Carolina execution rules.
  2. Coordination step: After the draft is settled, the attorney should confirm the “funding” assumptions (what assets are expected to pass under the will). This is the point where a financial advisor can be helpful by providing current account statements, ownership/titling details, and beneficiary designation summaries for review.
  3. Final step: The will is executed with witnesses (and often notarized for self-proving). After signing, the attorney typically provides guidance on storing the original and updating related items (like beneficiary designations) so the plan operates as written.

Exceptions & Pitfalls

  • Beneficiary designations can override the will: Retirement accounts, life insurance, and many payable-on-death accounts often pass to the named beneficiary regardless of what the will says, so the advisor’s input can matter most here.
  • “Equal shares” versus “percentages” can behave differently: If the estate value changes, percentages adjust automatically while equal-dollar gifts may not; the attorney should draft the clause to match the intended outcome and the likely asset mix.
  • Descendants language needs careful drafting: Gifts “to descendants” can raise questions about who is included and what happens if someone dies before the testator; North Carolina’s default substitution rule may apply unless the will clearly states a different intent.
  • Improper execution: If the will is not signed and witnessed correctly, the change may fail. This is a key reason the attorney should control the signing process.
  • Over-involving nonlawyers in legal decisions: A financial advisor can provide financial facts and implementation help, but the attorney should handle legal interpretation, drafting choices, and the final wording to reduce ambiguity and disputes.

Conclusion

In North Carolina, changing a will is primarily handled with the estate planning attorney because the document must be drafted and signed with specific legal formalities and clear gift language. A financial advisor can still play an important supporting role by confirming how assets are titled and whether beneficiary designations could bypass the will and disrupt an equal-share or percentage gift. The most important next step is to sign the updated will with the required witnesses under N.C. Gen. Stat. § 31-3.3.

Talk to a Estate Planning Attorney

If you’re dealing with updating a will while trying to keep your financial accounts and beneficiary designations aligned, our firm has experienced attorneys who can help you understand your options and timelines. Call us today at [919-341-7055].

Disclaimer: This article provides general information about North Carolina law based on the single question stated above. It is not legal advice for your specific situation and does not create an attorney-client relationship. Laws, procedures, and local practice can change and may vary by county. If you have a deadline, act promptly and speak with a licensed North Carolina attorney.

Category: Estate Planning Q&A Series

Author: Pierce Law

Pierce Law Group is a North Carolina law firm focused on probate administration, real estate partition matters, and surplus funds claims across North Carolina. We know these situations often come with stress, family dynamics, and time-sensitive decisions—so we prioritize clear communication, steady guidance, and a practical plan from day one. Our goal is to make a complicated process feel manageable, while protecting what matters most to you.