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This form is a living trust form prepared for your state. It is for an individual who is either single, divorced or widowed with one or more children. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.
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Nc Living Trust FAQ
North Carolina Intestate Succession LawsNo spouse or children, with parent(s) living: Your entire estate will pass to and be divided equally among your parents. If only one parent is still living, then everything will pass to the living parent.
Dying without a will is known as having died intestate. It means the court will appoint an administrator to distribute your bank accounts, real estate, household goods, jewelry, and other assets according to the requirements of North Carolina probate law.
If you die intestate, i.e., without a will, then North Carolina law specifies who gets your property. In some instances, the people receiving your assets will be the persons whom you would want. For instance, if you die unmarried, with living children, your estate will go to your children.
Children - if there is no surviving married or civil partner If there is no surviving partner, the children of a person who has died without leaving a will inherit the whole estate. This applies however much the estate is worth. If there are two or more children, the estate will be divided equally between them.
Spouses in North Carolina Inheritance Law Descendants include children, grandchildren, and great-grandchildren. If you have no living parents or descendants, your spouse will inherit all of your intestate property.
North Carolina Intestate Succession Laws Under the North Carolina statutes, if you are survived by: 1. No spouse or children, with parent(s) living: Your entire estate will pass to and be divided equally among your parents. If only one parent is still living, then everything will pass to the living parent.
A decedent's natural children and adopted children are considered next of kin under North Carolina law. Under N.C. Gen. Stat. 29-17, legally adopted children will receive an intestate share of a decedent's estate just like biological children.
In divorces, states have two options for dividing property: community property division (where marital property belongs to both spouses equally, regardless of who bought it) or equitable division (where the court divides marital property equitably (justly.) North Carolina is not a community property state.
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