What is a Year's Allowance?

Every surviving spouse is entitled to an allowance of $60,000 from the personal property of their deceased spouse for their support and maintenance. This right must be claimed within one year of the decedent’s death. This amount has just been increased from $30,000 to $60,000 effective January 1, 2019. This claim comes ahead of any other creditor’s claims and ahead of the rights of any other heir. Minor children of the deceased are also entitled to up to $5,000 a piece from the decease’s personal property. Here is a link to the new legislation. https://www.ncleg.net/EnactedLegislation/Statutes/PDF/ByArticle/Chapter_30/Article_4.pdf

Claiming a Year’s Allowance can be an efficient way to administer the estate if there is not alot of value. If you have questions about this process please give me a call.