When you boil them down, North Carolina?s inheritance laws are really quite simple. A person with property in North Carolina can either choose how he or she wants to distribute property after death, or that person can rely upon the laws that already exist to make that determination. If, for example, you choose not to use a will, trust, or other estate planning tool, all of your property will be inherited by others in accordance to North Carolina?s intestacy laws.
Unfortunately, these laws make no allowance for what your personal desires may be. This means that your property will pass only in accordance to what the law dictates, and not in accordance with what you would have wanted. In rare situations, the state of North Carolina could actually inherit your property if you should die without an estate plan. This is known as escheat.
Escheat takes place because a person dies without an estate plan and does not leave behind any close surviving relatives. If, for example, you die leaving behind property and do not have a surviving spouse, children, siblings, cousins, aunts and uncles, grandparents, or other relatives, your property will pass to the state. Escheat is a particularly rare occurrence, though it can happen. If you are concerned about it at all, you can easily guarantee it will not happen by taking the time to create an estate plan.
The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.
Source: http://www.cheryldavid.com/blog/estate-planning/escheat-matter/
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