Opening and Inventory of Decedent’s Safe-Deposit Box
§ 28A-15-13. Opening and inventory of decedent’s safe-deposit box. In an estate, many valuable are kept in a safe deposit box. These boxes should be opened with care and with due caution. It is recommended in the situation where it is not required (See below), that the executor open the box in the presence of an independent person and the beneficiaries. That way everyone is present who has an interest in the contents of the safe-deposit box. If no one has the Clerk’s authority, no one can enter an individual’s safe deposit box without the Clerk (see section (b) below)....
Read MoreLis Pendens NC & freezing estate assets
Lis Pendens is one of the more important filings in a Will Contest or Fiduciary Litigation in North Carolina (NC). Lis Pendens roughly means ‘litigation pending’ and puts persons on notice that the real estate involved in the estate, trust or fiduciary matter is part of a lawsuit. In North Carolina litigation matters, this is an extremely powerful tool. Without the lis pendens, it’s possible for real estate that could be brought into the case gets transferred. One of the main questions to be asked before pursuing an estate litigation claim is whether there are still assets...
Read MorePlan for Dividing up Assets of Parent’s estate
Issue: How to prevent estate litigation between heirs Parents/Testators- be specific in your gifts. Have a plan for dividing up personal property. Beware of just saying “all my personal property to be divided in equal shares between my four children”. If you do that, you may cause the kids to fight over the same items. Tracy Bennett, a clinical psychologist, experienced this. She learned from the experience and designed methods to help families divide estates. A link to a NY Times article is below. She makes this point: “I ask parents to think just for a second what it would be like on...
Read MoreEstoppel & Challenging last will & testament in NC
Will Caveat Issue: What if the caveator has already accepted property under the will he/she wants to attack? Does the Doctrine of Estoppel apply? Estoppel General Rule: one who accepts the benefits under a will is estopped to contest the will’s validity. Said another way: one who accepts the benefits of a transaction or under an instrument can’t turn around to take a later position inconsistent with that previous transaction/instrument. Estoppel Rule 2/Distinction/Exception: ‘One cannot be estopped by accepting that which he would be legally entitled to receive in any...
Read MorePower of Attorney Embezzlement Case in NC Top 25 Verdicts & Settlements
NC Fiduciary Litigation Attorney, Kirk Sanders, victory on behalf of his octogenarian client made NC Lawyers Weekly’s Top 25 Verdicts & Settlements for 2015. NC Lawyers Weekly Top 25 Verdicts & Settlements of 2015 This was a case where an octogenarian’s child wiped out all his accounts, valued at $1,000,000 and deeded all his property to herself as a life estate remainderman. The lawsuit filed by Sanders alleged power of attorney embezzlement, POA misappropriation, POA misuse of funds, and breach of fiduciary duty. Mr. Sanders and co-counsel, Bryan Thompson, worked...
Read MoreContesting a Will in NC – Testamentary Capacity
When contesting a will in NC based on lack of capacity, the general rule is: A testator-decedent has testamentary capacity if he: – comprehends the natural objects of his bounty; – understands the kind, nature, and extent of his property; – knows the manner in which he desires his act to take effect; and – realizes the effect his act will have upon his estate. This is the general rule. It means that even if someone is insane, they could still possibly have testamentary capacity. In addition, just because someone cannot read or write, they can still make a will. The...
Read More