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| Wills, Trusts, Estates Wills, trusts, estates, gift tax planning, etc. |
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#1 |
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With an estate where assets are only furniture and personal items valued at $12,800 should the will be probated or not. The will is valid and there is a memo of specific distribution of some items to each heir with the remaining to be equally divided per terms of the will. We are not sure if by law we must probate. State is North Carolina. There are no title, deed, or stocks to be transferred, personal property.
Thanks Last edited by top_admin : Aug 11th, 2008 at 09:37 PM. |
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#2 |
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North Carolina offers a probate shortcut for "small estates." This makes it easier for survivors to transfer property left by a person who has died. You may be able to transfer a large amount of property using the following probate shortcut -- saving time, money, and hassle.
Simplified Probate Procedures North Carolina has a simplified probate process for small estates. To use it, an executor files a written request with the local probate court asking to use the simplified procedure. The court may authorize the executor to distribute the assets without having to jump through the hoops of regular probate. You can use the simplified small estate process in North Carolina if the value of personal property, less liens and encumbrances, is $10,000 or less ($20,000 if the surviving spouse is the sole heir). N.C. Gen. Stat. §§ 28A-25-1 and following. Last edited by top_admin : Aug 11th, 2008 at 09:38 PM. |
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