Understanding North Carolina Abandoned Property Law: A Guide for Educators and Parents of Special Needs Children
Legal issues are often pushed to the outer fringes of what families need to deal with when raising children. Matters like the abandoned property regulations, while important, seem of only passing interest. When it comes to the specificities of raising children with special needs, an understanding of this law is critical for proper planning. Abandoned property law is about so much more than cash and bank accounts, and it’s vitally important for those planning for the future of a child with special needs.
What is Abandoned Property? Plainly put, abandoned property consists of assets that have been forfeited by the rightful owner due to a lack of activity. In North Carolina, foreclosure properties, bank accounts, safety deposit boxes, and any items or balances that have not been claimed or obtained are considered abandoned property.
Understanding the Specifics of the North Carolina Abandoned Property Law
The exact length of time that a particular asset must go unfound or unused to be considered property is up for debate. The courts provide some leeway in this area so that people can fight for their property rights. Some claim that three years is the standard, whereas others think it’s seven years.
How Abandoned Property Cases are Adjudicated
Abandoned property cases are typically heard in front of the district court, which retains jurisdiction over the matter. While these cases typically have a fairly straightforward process, there are complications that can arise should a second, third or even fourth party lay claim to an asset that may be rightfully abandoned property.
The Importance of Understanding All Aspects of the Law
For families that have children with special needs or American citizens who simply want to make a good investment, there is an inherent advantage to understanding the abandoned property law. For educators, the opportunity to teach about legal matters is also beneficial.
Four Practical Tips for Dealing with Abandoned Property Laws
By making sense of the specifics, it’s possible to follow the law while still keeping one’s options open. What’s more is that identifying abandoned property can have a real impact on a child’s educational experience.
Additional Thoughts
There are some 50 aspects of the north carolina abandoned property law that are regulated by the court system. This wealth of facts can provide parents, as well as teachers with a distinct benefit when working with children who have special needs.
