NC H1865

Addresses the temporary expiration of federal estate tax and generation-skipping transfer tax that occurred on January 1, 2010, for one year by providing rules for interpreting formula clauses in wills and trusts created by decedents/settlors dying in 2010.

Applies to wills of decedents dying after December 31, 2009 and before January 1, 2011 (or before federal tax reinstatement), and does not apply to wills executed or amended after December 31, 2009, or those that clearly manifest contrary intent.

Treats formula clauses referring to terms like "applicable credit amount," "applicable exclusion amount," "GST exemption," "marital deduction," or similar federal tax provisions as referencing the tax laws as they existed on December 31, 2009.

Allows personal representatives, beneficiaries, and trustees to bring judicial proceedings in superior court within 12 months of death to determine whether a decedent/settlor intended formula clauses be construed under pre-2010 or post-2009 federal law.

Clarifies that clerk of superior court does not have jurisdiction over actions to construe formulas in trusts subject to these provisions, keeping such cases in the superior court division of the General Court of Justice.