Bill Summary for H 736 (2019-2020)
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| View NCGA Bill Details | 2019-2020 Session |
AN ACT TO LIMIT SPOUSAL SHARE WITH RESPECT TO JOINTLY HELD PROPERTY TO A REBUTTABLE PRESUMPTION OF IN-KIND CONTRIBUTION UNLESS OTHERWISE ESTABLISHED BY CLEAR AND CONVINCING EVIDENCE AND TO REQUIRE A FEE FOR FILING A CLAIM FOR AN ELECTIVE SHARE.Intro. by Zachary, Conrad, Howard.
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Bill summary
Amends GS 30-3.2, which sets forth definitions regarding the surviving spouse elective share provisions of Article 1A of the Chapter.
Modifies the provisions regarding property held by the entirety or jointly with right of survivorship concerning the calculation of total assets. Eliminates the inclusion of one-half of any property held be the decedent and the surviving spouse as joint tenants with right of survivorship without regard to contribution. Now limits the inclusion of property held by the decedent and one or more other persons as joint tenants with right of survivorship to the extent of the decedent's pro rata share of property attributable to the decedent's contribution. Creates a presumption that the decedent and all other joint tenants are presumed to have contributed in-kind in accordance with their respective shares for the jointly owned property, rebuttable by clear and convincing evidence (previously the presumption was that the decedent contributed the jointly owned property).