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How do we figure out the land’s value so we can negotiate a buyout or settlement instead of going through a partition sale? nc

How do we figure out the land’s value so we can negotiate a buyout or settlement instead of going through a partition sale? – North Carolina Short Answer In North Carolina, the most settlement-friendly way to value inherited co-owned land is usually a written opinion from a licensed real estate appraiser, supported by recent comparable…

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Probate Q&A Series ·

Do life insurance payouts and a final retirement or pension check have to go through probate, or do they pass directly to a beneficiary? nc

Do life insurance payouts and a final retirement or pension check have to go through probate, or do they pass directly to a beneficiary? – North Carolina Short Answer In North Carolina, life insurance and most retirement/pension death benefits usually pass directly to the person named on the beneficiary form, so they do not go…

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Probate Q&A Series ·

How do I make sure my minor child actually receives life insurance and retirement benefits when they are the named beneficiary? nc

How do I make sure my minor child actually receives life insurance and retirement benefits when they are the named beneficiary? – North Carolina Short Answer In North Carolina, a minor cannot usually receive and control life insurance or retirement benefits directly, even if the child is the named beneficiary. To make sure the money…

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Probate Q&A Series ·

If my child is the main heir but is a minor, what legal setup is required to hold and manage the inheritance until adulthood? nc

If my child is the main heir but is a minor, what legal setup is required to hold and manage the inheritance until adulthood? – North Carolina Short Answer In North Carolina, a minor generally cannot directly receive and control an inheritance or beneficiary payout. The usual legal setups are (1) a court-appointed guardian of…

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If we agree on a buyout number, can we finalize it without going to court, and what paperwork is needed to transfer my interest? nc

If we agree on a buyout number, can we finalize it without going to court, and what paperwork is needed to transfer my interest? – North Carolina Short Answer Yes. In North Carolina, co-owners can usually complete a voluntary buyout without filing a partition case, as long as everyone signs a written agreement and the…

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