Understanding Intestacy in North Carolina (Part2)

UNDERSTANDING INTESTACY IN NORTH

CAROLINA (PART 2)What Is It?How Does it Affect You?

INSOLVENCY

What happens if my estate has debts?

If you leave behind MORE DEBTS THAN ASSETS,

you leave behind an insolvent estate

In this situation, your creditors will have to be repaid first,

and your heirs will likely not receive anything at all

PERSONAL REPRESENTATIVE

Who takes control of my property after I die intestate?

The probate court will appoint someone to manage your

property after you are gone

This person is called personal representative

EXECUTOR

Can I choose my personal representative?

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

However, if you leave behind a last will and testament

you can choose we want to serve

in this position

A personal representative you choose in your will is

called an executor

AVOIDING INTESTACY

Can I avoid intestacy?

ABSOLUTELY

Even if you create a very simple

last will and testament, this will allow you to avoid

intestacy

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

LEARN MORE ABOUT

TRUSTS IN NORTH CAROLINA

LEARN MORE ABOUT INTESTACY

IN NORTH CAROLINA

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