Can I Be Reimbursed for Out-of-Pocket Costs as an Executor in North Carolina? When serving as an executor or personal representative in North Carolina, you may be required to pay certain costs out-of-pocket on behalf of the estate. It is important to understand that not every payment qualifies as an estate expense. Valid estate expenses…
How Long Does Probate Administration Take in North Carolina? Many families expect a quick wrap-up of the probate process. However, North Carolina law requires a minimum of three months to settle even the simplest estate. This is because the personal representative must allow at least 90 days for creditors to make claims against the estate.…
What Is the Difference Between a Will and a Trust in North Carolina Probate? In North Carolina probate matters, understanding the differences between a will and a trust is fundamental to protecting your inheritance rights. A will is a legal document that expresses the wishes of the deceased regarding the distribution of their assets. It…
What Happens to Credit Card Debit When Someone Dies in North Carolina? An area of confusion for many families is credit card debt. Some assume it vanishes when someone passes away, while others worry they might inherit the decedent’s obligations. In reality, the decedent’s credit card debt becomes a liability of the estate. The personal…
FAQ 1: What Happens When a Probate Hearing Orders the Sale of an Inherited Property in North Carolina? Detailed Answer When a North Carolina probate hearing orders the sale of an inherited property, it marks an important procedural milestone in settling an estate. In such cases, the court’s decision establishes that the property must be…
What Are Surplus Funds in a Tax Foreclosure Sale and How Can I Claim Them in North Carolina? In North Carolina, surplus funds arise when a property is sold at a tax foreclosure sale for an amount that exceeds the amount owed to the taxing authority, mortgage lenders, or other lien holders. These excess funds,…
What Is the Importance of the Annual Accounting in North Carolina Probate Administration? In North Carolina, one of the essential components of administering a decedent’s estate is preparing and filing the annual accounting. The annual accounting is a detailed report that explains every action taken on the estate since it was opened. It is comparable…
What Constitutes an Estate Expense and How to Be Reimbursed as an Executor in North Carolina Serving as an executor (also known as a personal representative) can be a complex and demanding responsibility, especially when it comes to understanding which costs you can pay with estate funds and how you may be reimbursed for any…
What Expenses Should Not Be Paid Out of a Probate Estate in North Carolina? The administration of a probate estate in North Carolina requires strict adherence to established rules regarding which expenses may be paid from estate funds. For example, during a recent case discussion in Buncombe County, it was made clear that payments for…
FAQ 1: What Is the Difference Between a Final Accounting and an Annual Accounting in North Carolina Probate? Detailed Answer In North Carolina probate cases, the terms “final accounting” and “annual accounting” refer to two distinct stages in the estate administration process. A final accounting is prepared when all estate issues are fully resolved. This…