What is a division of assets upon death?
A division of assets upon death, also known as inheritance law, is a set of rules that explains what will happen to a person’s assets after they die. In North Carolina, assets can include real estate, bank accounts, investments, and even personal items like furniture and jewelry. In short, anything a person owns that has value is considered an asset. When a person dies, the assets are typically passed on to the individual’s heirs according to the will of the deceased or, if there was no will, to a designated group of relatives. North Carolina has an order of precedence to determine heirs; this order is based on the relationship between the deceased and potential heirs. The process of dividing the assets among the heirs is referred to as an estate settlement. Sometimes, this process is simple, and all that is required is a form to be filled out and sent to the appropriate authority. Other times, the assets are complicated and require an attorney to help straighten out who gets what. Regardless of the complexity of the situation, it is important to note that in North Carolina, inheritance law is determined by state and federal laws. This means that any division of assets upon death must comply with those laws. In some cases, the assets must be divided according to a certain formula or in a certain way.
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