Thursday, December 1, 2011

Elective Share

Most people are not aware that North Carolina enacted a newly revised elective share statute in 2009.  This matters most for those in second marriages or those who wish not to leave everything to their spouses.  Essentially, a surviving spouse can elect against a will and beneficiary designations on on financial accounts, to receive either a half or quarter of all of the deceased spouse's assets.  This comes as a big shock to the named beneficiaries!