S336 - Estate Planning/Uniform Trust Code (SL 2015-205)

Overview: S.L. 2015-205, as amended by Sections 31.(a) and 31.(b) of S.L. 2015-264, is a recommendation of the North Carolina Bar Association that amends the law governing estate planning and fiduciaries, amends the Uniform Trust Code, and establishes the Uniform Power of Appointment Act. The act also does the following: (i) amends the standby guardian statute to provide for the appointment of standby guardians for incompetent adults; (ii) authorizes a living probate procedure allowing a person to petition the probate court for an order confirming the validity of that person's will; (iii) amends the valuation of life estates and contingent interests in property under the elective share statute to reflect the principle that the value used should be the fair market value, and (iv) amends the law providing for a conveyance of tenancy by the entireties to a trust.

This act has various effective dates. Please see the full summary for more details.