Does an insurance policy payable to named beneficiaries bypass the estate entirely?: North Carolina Probate

Does an insurance policy payable to named beneficiaries bypass the estate entirely? – North Carolina Short Answer Yes. In North Carolina, life insurance payable to named beneficiaries is a non-probate asset and is paid directly by the insurer to those beneficiaries, not into the estate. Key exceptions apply if the estate is the named beneficiary,…

What happens to our inheritance if the will is found invalid or unprobated and intestacy rules apply?: North Carolina

What happens to our inheritance if the will is found invalid or unprobated and intestacy rules apply? – North Carolina Short Answer In North Carolina, if no valid will is admitted to probate, the estate is distributed under the Intestate Succession Act. The surviving spouse’s share depends on whether the decedent had children or surviving…

What steps are required to sell inherited property through probate to cover estate debts?: North Carolina

What steps are required to sell inherited property through probate to cover estate debts? – North Carolina Short Answer In North Carolina, the personal representative (executor or administrator) must determine that selling the real estate is in the estate’s best interest, then file a special proceeding with the Clerk of Superior Court in the county…