Are life insurance proceeds and IRA distributions subject to equitable distribution claims in North Carolina after a spouse’s death?

Are life insurance proceeds and IRA distributions subject to equitable distribution claims in North Carolina after a spouse’s death? 1. Detailed Answer In North Carolina, equitable distribution applies only during a divorce proceeding, under G.S. 50-20. Once a spouse dies, the court no longer divides marital property. Instead, assets pass according to beneficiary designations, a…

What steps are required to open an intestate estate in North Carolina when someone dies without a will?

What Steps Are Required to Open an Intestate Estate in North Carolina? Detailed Answer When someone dies without a valid will in North Carolina, the estate proceeds through intestate administration under state law. North Carolina General Statutes Chapter 28A and Chapter 29 set the requirements for opening and administering an intestate estate. Below are the…

Can stepchildren inherit under the State of North Carolina intestacy laws without legal adoption or a will?

Can Stepchildren Inherit Under North Carolina Intestacy Laws Without Legal Adoption or a Will? Detailed Answer Under North Carolina law, intestate succession governs who inherits property when someone dies without a valid will. The statutes in Chapter 29 of the North Carolina General Statutes list close blood relatives and legally adopted children as beneficiaries. Stepchildren…

How does inheriting property with a mortgage affect its probate and sale process in North Carolina?

Detailed Answer When you inherit real property in North Carolina that still carries a mortgage, the mortgage remains attached to that property through probate and any subsequent sale. Under North Carolina law, the decedent’s secured debts—including mortgages—must be handled before beneficiaries receive a clear title. Here’s how the process typically unfolds: 1. Identification of Assets…

What are my options when the costs of a property partition action outweigh the estate’s available equity in North Carolina?

What Are My Options When the Costs of a Property Partition Action Outweigh the Estate’s Available Equity in North Carolina? Detailed Answer When an estate holds real property and the expenses of partition—including appraisals, court costs, commissioner’s fees and attorney’s fees—exceed the property’s equity, pursuing a partition action under Chapter 46 of the North Carolina…