FAQs About North Carolina Probate and Estate Planning 1. How Is Property Owned as “Tenants in Common” Affected by Probate? Property ownership has a significant impact on how assets are managed during the probate process. In North Carolina, property held as “tenants in common” is treated differently from other forms of ownership, making it essential…
Frequently Asked Probate Questions in North Carolina FAQ 1: What is a Small Estate Procedure in North Carolina? Understanding how small estates work in North Carolina can save time and money for families managing a loved one’s affairs. This guide covers the key exceptions to formal estate administration under North Carolina law, focusing on the…
Probate Administration in North Carolina: Frequently Asked Questions 1. How is Property Distributed Without a Will in North Carolina? When someone passes away without a valid will in North Carolina, their property is distributed according to the state’s intestate succession laws. These laws provide a structured process for determining how assets are passed down to…
Frequently Asked Questions: Probate Administration in North Carolina 1. What Happens If the Named Executors in a Will Are Deceased? When someone creates a will, they typically designate an executor to manage their estate and carry out their final wishes. But life can be unpredictable, and sometimes the named executor predeceases the testator (the person…
Frequently Asked Questions: Understanding Probate Administration in North Carolina What is a Surety Bond in Probate Administration? Answer: A surety bond is a crucial element of probate administration in North Carolina, acting as a safety net to protect the estate’s assets and ensure the personal representative (PR) fulfills their duties. This article provides detailed information about…
Frequently Asked Questions – Probate Administration in North Carolina 1. What is a Surplus Funds Case in North Carolina? In North Carolina, a surplus funds case arises when a foreclosure sale results in funds exceeding the debts owed by the property owner. These funds, known as “surplus funds,” are held by the clerk of court…
Frequently Asked Questions about Probate Administration in North Carolina 1. How does the ownership of real estate between spouses get handled during probate? Answer: In North Carolina, real estate ownership between spouses can often be held as “tenants by the entirety.” This means both spouses are treated as a single legal entity regarding property ownership.…
FAQs on Probate and Partition Actions in North Carolina What is a Partition Action in North Carolina? Inheriting property with multiple owners can be complicated. If you find yourself sharing ownership of real estate and disagree with your co-owners about what to do with it, a legal solution exists: a partition action. This article explores…
Frequently Asked Questions: Probate Administration in North Carolina What Happens When a Loved One Dies Without a Will in North Carolina? When a person passes away without a will, they are considered to have died “intestate.” In North Carolina, the state’s intestacy laws determine how the deceased’s assets will be distributed. Typically, the intestate succession…
Frequently Asked Questions about Probate Law in North Carolina FAQ: What is the Role of an Administrator vs. Executor in North Carolina Probates? The terms “executor” and “administrator” refer to the personal representative (PR) of a decedent’s estate. Both are fiduciaries who carry out estate administration. The main difference lies in how they are appointed…