Can my will override the operating agreement to give my business interest to my son?

Can my will override the operating agreement to give my business interest to my son? — North Carolina Short Answer Usually, no. In North Carolina, your will cannot override a company’s operating agreement, shareholder agreement, or buy–sell agreement. Those governing documents control what happens to your ownership interest at death (including any required buyout or…

What happens if our LLC operating agreement doesn’t address what happens to my share when I die?

What happens if our LLC operating agreement doesn’t address what happens to my share when I die? — North Carolina Short Answer In North Carolina, if the operating agreement is silent, your LLC interest is treated as personal property that passes to your estate. Your personal representative can receive economic benefits (like distributions) and may…

Can we use a small estate affidavit in North Carolina for an intestate estate under the small estate threshold instead of formal probate?

Can we use a small estate affidavit in North Carolina for an intestate estate under the small estate threshold instead of formal probate? — North Carolina Short Answer Yes. North Carolina allows “collection by affidavit” for intestate estates when the decedent’s personal property, minus liens and encumbrances, is $20,000 or less (up to $30,000 if…