Estate Planning

NC Revises Spousal Elective Share Law

By Gregory Herman-Giddens

The Elective Share is the value of property a surviving spouse is entitled to get from a deceased spouse.  In the absence of a valid prenuptial or postnuptial agreement waiving such rights, when the deceased spouse leaves less than the elective share amount to the survivor, he or she can enforce the elective share.

North Carolina revised its elective share law effective for decedents dying on or after October 1, 2009.  The revisions include expended definitions of what property is included in the determination of property subject to the elective share and provisions for valuation of the property.

SL 2009-368 - NCGS Chapter 30, Article 1A

Full post as published by North Carolina Estate Planning Blog on November 13, 2009 (boomark / email).