Understanding Intestacy in North Carolina (Part2)

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Category: Education
     
 

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Because the question of inheritances and intestacy is so important, everyone creating an estate plan should have a basic understanding of what intestacy is and how it works.

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Understanding Intestacy in North Carolina (Part 2) What Is It? How Does it Affect You?

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Insolvency

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What happens if my estate has debts?

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If you leave behind more debts than ASSETS, you leave behind an insolvent estate

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In this situation, your creditors will have to be repaid first, and your heirs will likely not receive anything at all

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Personal Representative

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Who takes control of my property after I die intestate?

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The probate court will appoint someone to manage your property after you are gone

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This person is called personal representative

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Executor

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Can I choose my personal representative?

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If you die intestate you have no control over who your personal representative is

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However, if you leave behind a last will and testament you can choose we want to serve in this position

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A personal representative you choose in your will is called an executor

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Avoiding Intestacy

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Can I avoid intestacy?

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Absolutely

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Even if you create a very simple last will and testament, this will allow you to avoid intestacy

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What’s more, creating other estate planning tools, such as revocable living trusts, will not only allow you to avoid intestacy, but will also allow you to keep your affairs private

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Learn More About Trusts in North Carolina LEARN MORE ABOUT INTESTACY IN NORTH CAROLINA

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