Legal Question in Wills and Trusts in North Carolina
Estate questions
My father recently died without a will in North Carolina. He has a surviving spouse and 4 children all still alive. I've read through a lot of info and think I have a handle on things but would like to get clarification on a couple of things.
1. He and my mother are both on the deed to their residence. I checked the deed and it didn't really say anything about the type of tenancy. Presumably, this house would go completely to my mother with no need to probate his share?
2. He owned 2 rental properties outright in his name only and the deeds for both state fee simple. My understanding is that these properties do not pass through the estate but somehow go directly to the heirs. If so, seems like there is no need to include them on the estate inventory? Also, what is the process for actually getting these assets into the hands of the heirs? Would they be divided according to the real property sections described in the intestate succession articles?
3. The total estate is going to be under 1 million dollars. I think this means the estate is not subject to federal estate tax nor would it be subject to estate tax in North Carolina?
Thanks for your time.
1 Answer from Attorneys
Re: Estate questions
You are essentially correct. If your mother is on the deed - it should go directly to her. The estate tax annual exclusion amount is actually now 2 million dollars for people dying in 2008. The other properties WOULD go on the inventory in Section 2 Part 4 - other properties which can be added to estate if necessary to pay claims. It is not part of the probate estate and does go directly to heirs but needs to be included in that section because it could be brought back into the estate if there were not enough assets to pay claims. Also, you will probably want to consult with an attorney before you try to sell it.
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