Need a NC attorney who has expertise in wills/probate. Will was probated in Currituck County.: Will was probated by executor not attorney. Spoke with probate officer. Told will was settled in Oct 2011 as it was under $5,000. I am a beneficiary in the will. Have not been contacted by executor at all. Happen to know there was a home sold for over 1 million dollars. There is jewelery, contents of home and automobile which were not disclosed when probated as was told by probate officer.
Cheryl's answer: Since the annuity was established by the person who died, prior to her death, and you were not named as a beneficiary of the annuity,you do not have any legal rights to the proceeds of the annuity. Annuities, IRAs, 401ks and life insurance policies usually have designated beneficiaries. These assets pass by operation of law and are not overturned by a will.
I am a 74 year old widow living in NC. Could I benefit from putting assets in an irrevocable trust?: My total estate is worth $1.2M. I have two heirs that I want to share in my estate equally upon my death.
Cheryl's answer: There are numerous benefits to using a trust instead of a will. When a trust is done correctly, and all of the assets are transferred accordingly, probate can be avoided. This will keep your family out of court. Moreover, the trust has provisions which can shelter the money for your heirs, so that your heirs have use of the money during their life, but at death, per your trust, it passes on to other beneficiaries you've selected. Trust provisions, if drafted properly, can also protect an inheritance from divorce, lawsuits and creditors. Should you become ill, an irrevocable trust may offer protection from all of your assets being lost to end of life illness. The benefits of properly constructed trusts are numerous and I would encourage you to seek the advice of a specialist in this area.
Should my stepson receive the same amount of property and/or funds as my two biological sons?: I inheritated the property, which has been in my family for over 100 yrs.It is a tradition to keep the property in the family. It is in my name. My spouse and stepson built the home. My stepson received a salary in assisting the building of the home. He lived with us for 8 yrs. & I care about him.The majority of the funds to build the home came from my inheritance although my spouse put everything he had in the home, including the building. My spouse wants his son to receive the same amount of property as my biological sons. He also has a daughter out of state that he has not mentioned to be included in my will. Does NC Law address the contribution of wills to stepchildren? If not, what is the best option for my sons?
Cheryl's answer: Legally, in NC, you don't have to leave anything in your estate to your stepson. However, it appears you may feel compelled by your spouse and stepson's efforts to leave a gift to your step son, so that is your choice. The gift does not have to be an interest in the family land, but, of course, that is an option.