Can a minor child keep some of the deceased parent’s property from creditors, and how does that work? nc

Can a minor child keep some of the deceased parent’s property from creditors, and how does that work? – North Carolina Short Answer Yes—often a minor child can keep a limited amount of the deceased parent’s personal property away from the deceased parent’s creditors in North Carolina by claiming a child’s year’s allowance. The allowance…

If my deceased relative’s sibling is alive, does that mean the sibling inherits everything instead of counsins? nc

If my deceased relative’s sibling is alive, does that mean the sibling inherits everything instead of counsins? – North Carolina Short Answer Usually, yes—under North Carolina intestate succession, if a person dies without a will and has no surviving spouse, children, or parents, a living sibling is in the next “priority class” and can inherit…

Do I need to reopen the probate case to receive newly discovered assets, or can a small-estate affidavit be used instead? nc

Do I need to reopen the probate case to receive newly discovered assets, or can a small-estate affidavit be used instead? – North Carolina Short Answer In North Carolina, a “small-estate affidavit” (often called administration by affidavit) is generally a way to avoid opening a full probate estate at the start—not a way to collect…

Do retirement accounts go to the trust automatically, or do beneficiary designations control who receives them? nc

Do retirement accounts go to the trust automatically, or do beneficiary designations control who receives them? – North Carolina Short Answer In North Carolina, retirement accounts (like IRAs and many employer plans) usually pass to whoever is named on the account’s beneficiary designation, not automatically to a trust or under a will. The trust receives…