Legal Question in Wills and Trusts in North Carolina
My boyfriend and I live in NC. We own property together that is in both of our names and some in just one of the names. In the event of one of us death, who would be entitled to the estate? He is divorced has two children ages 12 and 10. I am divorced and have two children ages 25 and 19. Both of us have listed each other as our beneficiaries through on our life insurances through our jobs, but have nothing on our properties i.e. house, cars.
1 Answer from Attorneys
Property in both your names will go through your will or intestate estate if you are not married. In other words, if you own real estate in both your names and your boyfriend dies, 50% of the property will go to his heirs who will own it with you. If he has a will, it will go to the beneficiaies named in the will. If no will, it will go to his heirs which would be his children. The fact that they are young would create more problems with selling it, etc. so he would definitely want to have a will in place with some trust provisions.
If you own property together that has a right of survivorship, it will go to the survivor. If it has a payable on death designation, it will go to whoever is named.
Each property will depend on its specific character and the facts regarding it but this is a general answer.
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