understanding intestacy in north carolina (part2)
DESCRIPTION
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.TRANSCRIPT
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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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www.cheryldavid.com