30-3.1. Right of elective share. (a) Elective Share. – The surviving spouse of a decedent who dies domiciled in this State has a right to claim an "elective share", which means an amount equal to (i) the applicable share of the Total Net Assets, as defined in G.S. 30-3.2(4), less (ii) the value of Net […]
30-3.2. Definitions. The following definitions apply in this Article: (1) Claims. – Includes liabilities of the decedent, whether arising in contract, in tort, or otherwise, and liabilities of the decedent’s estate that arise at or after the death of the decedent, including funeral and administrative expenses, except for: a. A claim for equitable distribution of […]
30-3.3A. Valuation of property. (a) Basic Principles. – Unless otherwise expressly stated to the contrary in this section, the value of property shall be that property’s fair market value, taking into consideration any applicable discounts. The value shall be determined as of the date of death, except for (i) property transferred to persons other than […]
30-3.4. Procedure for determining the elective share. (a) Exercisable Only During Lifetime. – The right of the surviving spouse to file a claim for an elective share must be exercised during the lifetime of the surviving spouse, by the surviving spouse, by the surviving spouse’s agent if the surviving spouse’s power of attorney expressly authorizes […]
30-3.5. Satisfaction of elective share. (a) Repealed by Session Laws 2009, c. 368, s. 1, effective August 27, 2009, and applicable to decedents dying on or after October 1 , 2009. (a1) Apportionment. – The personal representative shall apportion the liability to the surviving spouse for the amount of the elective share among all responsible […]
30-3.6. Waiver of rights. (a) The right of a surviving spouse to claim an elective share may be waived, wholly or partially, before or after marriage, with or without consideration, by a written waiver signed by the surviving spouse, by the surviving spouse’s attorney-in-fact if the surviving spouse’s power of attorney expressly authorizes the attorney-in-fact […]
