§ 35A-1342. Who deemed specific and residuary legatees and devisees of incompetent under § 35A-1341. - North Carolina Statutes

§35A‑1342.  Who deemed specific and residuary legatees and devisees ofincompetent under § 35A‑1341.

For purposes of G.S. 35A‑1341(6)aand G.S. 35A‑1341.1(4) and (5), if the paper‑writing provides forthe residuary estate to be placed in trust for a term of years, or if the paper‑writingnames as beneficiary a revocable trust created by the incompetent, and thetrust or trusts include dispositive provisions which provide that assetscontinue in trust for a term of years with stated amounts of income payable todesignated beneficiaries during the term and stated amounts payable todesignated beneficiaries upon termination of the trust or trusts, thedesignated beneficiaries shall be deemed to be specific legatees, devisees, andbeneficiaries and those taking the remaining income of the trust or trusts and,at the end of the term, the remaining principal shall be deemed to be residuarylegatees, devisees, and beneficiaries who would take under the paper‑writingor revocable trust or both if the incompetent died contemporaneously with thesigning of the order of approval of the gifts. In no case shall any prospectiveexecutor or trustee be considered either a specific or residuary legatee,devisee, or beneficiary on the sole basis of prospective service as executor ortrustee. (1963, c. 112, s. 3; 1987, c. 550, s. 5; 1999‑270,s. 7.)