In lieu of an intestate share or elective share, a surviving spouse may choose to take a life estate in one-third of the value of all real property owned by a deceased spouse during the marriage. A life estate is not the same as full ownership; rather, a life estate is an interest in land…
My mother left quite a large estate which included many valuable pieces of jewelry. My sister and her daughters have gone through the jewelry and taken several items even though we haven’t been through probate. Can we decrease her share of the estate by the estimated value of the jewelry? Assuming that this estate is…
As lawyers like to say, “It depends.” When a person dies, his or her entire financial life must be wound up, and every estate is different. Assets must be found, creditors identified and paid, and assets distributed to the proper beneficiaries. Probate is a process, not an event. Since we don’t know which estates will…
Anyone who has an interest in your estate may contest your Will, however he or she would need to prove one of the following: a) That you were not of sound mind (that you lacked sufficient mental capacity when you signed your will) b) That you were subject to undue influence or were under duress…
Here are some of the more common reasons to consider revising your Will, Trust, Power of Attorney, Health Care Power of Attorney, and other estate planning documents: • Change in your marital status – marriage, separation, divorce, or death of a spouse. • Birth or adoption of a child unless your Will already provides for…
It may be – only an attorney can give a legal opinion on the legality of the document. Every state has its own laws governing what constitutes a valid Will. Even if the out-of-state Will is valid, a North Carolina attorney could include special provisions under North Carolina law in your Will which could save…
It may be – only an attorney can give a legal opinion on the legality of the document. With these types of Wills, there is a greater risk that unintended mistakes could occur on how the Will was prepared or executed (signed). The language in the Will could be ambiguous or incomplete, or may not…
When a person dies without a Will, it is said that he or she dies “intestate.” In that case, the North Carolina Intestate Succession Laws govern who will inherit your property. Who inherits your property depends on your marital and family status at the time of your death. Here are some examples: • Married with…
Almost everyone owns assets, such as bank accounts, automobiles, tangible personal property, stocks, bonds, mutual funds, or real property. Without a Will, the State determines who inherits your property and who administers your estate. With a valid Will, you can do the following: > Designate who receives your property when you die. You can also…