Understanding Intestacy in North Carolina (Part2)
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Transcript of 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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