How do I inventory and value my sibling’s estate assets, like the house, car, and bank account? – North Carolina

Short Answer

In North Carolina, an administrator must file an estate inventory with the Clerk of Superior Court and list probate assets with their fair market value as of the date of death. For common assets, that usually means a date-of-death value for the home (often supported by a real estate appraisal or comparable sales), a date-of-death value for the vehicle (often supported by a recognized pricing guide or appraisal), and the bank account balance shown on a statement that covers the date of death. If an asset’s value is still being determined, the inventory can be supplemented later when better information becomes available.

Understanding the Problem

In North Carolina, when an administrator is appointed to handle a deceased sibling’s estate, a key early duty is to prepare an inventory that lists the estate assets and assigns a value to each item. The question is how an administrator can identify which assets belong on the inventory and how to value major items such as a house, a car, and a bank account. The trigger is the administrator’s qualification before the Clerk of Superior Court, which starts the inventory phase and the need to gather records that support the listed values.

Apply the Law

North Carolina law generally requires a personal representative (including an administrator) to file an inventory with the Clerk of Superior Court and to value estate property at its fair market value as of the decedent’s date of death. The inventory should be detailed enough for the clerk to understand what the asset is, how it is identified (for example, account numbers or vehicle identification information), and how the value was determined. If additional property is discovered later, or a listed value turns out to be wrong or misleading, the personal representative should correct the record by reporting the change to the clerk (often through a supplemental filing or, depending on local practice, in a later accounting).

Key Requirements

Identify what is a “probate” asset: Include assets the administrator controls as part of the estate (as opposed to items that pass automatically to someone else, such as certain jointly held assets with survivorship or beneficiary-designated accounts).
Use date-of-death fair market value: List the value as of the date of death (not the later sale price), using reasonable support such as statements, pricing guides, or appraisals.
Provide enough detail and paperwork: Real property should be described clearly (address and recorded deed reference if available); vehicles should be identified by title/VIN and description; bank accounts should be identified and supported by statements showing the date-of-death balance.

What the Statutes Say

N.C. Gen. Stat. Chapter 28A (Administration of Decedents’ Estates) – Sets the overall framework for an administrator’s duties, including inventories and accountings; the exact section depends on the issue (inventory timing, supplemental inventories, and use of appraisers).

Analysis

Apply the Rule to the Facts: Here, the administrator knows about a residence, a vehicle, and a possible bank account. Each should be listed on the inventory if it is a probate asset under North Carolina law and within the administrator’s control, and each should be assigned a fair market value as of the date of death with backup records. Because the bank account requires statements from a financial institution, the administrator typically gathers a statement spanning the date of death (or a written date-of-death balance confirmation) and keeps that as support for the value reported to the Clerk of Superior Court.

Process & Timing

Who files: The administrator (personal representative). Where: The Estates Division of the Clerk of Superior Court in the North Carolina county where the estate is administered. What: The estate inventory form commonly used statewide (often an AOC-E series inventory form) plus supporting documentation (statements, appraisals, valuations). When: Many estates must file the inventory within 3 months after qualification, unless the clerk extends the deadline.
Gather proof of value: For the house, obtain the deed reference and tax parcel information and use a date-of-death appraisal or market comparables; also note any mortgage and keep the most recent mortgage statement(s). For the car, list the VIN, title number, make/model, and use a date-of-death value supported by a recognized pricing guide or an appraisal, especially if condition or mileage makes guide values unreliable. For the bank account, request a statement covering the date of death (or a bank letter showing the date-of-death balance) and list the account with identifying information and the balance on that date.
Update if something changes: If a hidden account is found later, if the home appraisal comes in after the filing, or if the initial value was a placeholder, the administrator should correct the inventory record (often with a supplemental inventory) and then carry the same values and identifiers forward into the next annual or final accounting.

Exceptions & Pitfalls

Listing non-probate assets by mistake: Certain assets pass outside the estate (for example, some jointly held assets with survivorship or payable-on-death accounts). Mixing these into the inventory can create confusion and delay.
Using the wrong value date: The inventory focuses on fair market value as of the date of death. A later sale price can differ, and the sale itself should be reported in later accountings as a transaction, not as the original inventory value.
Not enough identifying detail: Clerks often expect bank accounts to be identified with account information and supported by statements, vehicles to include VIN/title info, and real property to be described in a way that helps later title work (address and deed book/page reference).
Failing to correct the record: If a value is wrong or an asset is discovered later, the administrator should address it promptly rather than waiting until the very end, because corrections can affect fees, creditor handling, and the ability to close the estate.

Conclusion

In North Carolina, an administrator inventories estate assets by filing an inventory with the Clerk of Superior Court that lists probate assets and their fair market value as of the date of death, supported by records like bank statements, vehicle identification and valuation support, and real property descriptions and appraisals or comparable sales data. If a value is not final or a new asset is discovered, the administrator should update the filing so the court record stays accurate. Next step: file the estate inventory with the Clerk of Superior Court within three months of qualification (unless extended).

Talk to a Probate Attorney

If handling an estate inventory involves real estate values, vehicle valuations, and bank records that are hard to obtain, a probate attorney can help map what belongs in the probate estate, assemble the right supporting documents, and keep the filing deadlines on track. Call us today at (919) 341-7055.

Disclaimer: This article provides general information about North Carolina law based on the single question stated above. It is not legal advice for your specific situation and does not create an attorney-client relationship. Laws, procedures, and local practice can change and may vary by county. If you have a deadline, act promptly and speak with a licensed North Carolina attorney.