Category Archives: Probate Q&A Series

What steps are needed to close the estate bank account, obtain a zero-balance statement, and distribute funds to heirs?: North Carolina guidance

What steps are needed to close the estate bank account, obtain a zero-balance statement, and distribute funds to heirs? – North Carolina Short Answer In North Carolina, the executor first accounts for every asset (including anything found after the initial inventory), resolves valid creditor claims, and then makes final distributions so the estate account ends…

How can I transfer inherited real property via a quitclaim deed and prepare for its sale?

How can I transfer inherited real property via a quitclaim deed and prepare for its sale? – North Carolina Short Answer In North Carolina, title to a decedent’s real estate passes to the heirs or devisees at death, but within two years of death and before the estate’s final account is approved, the personal representative…

Can I adjust the inventory value of a vehicle and how do I document that loss in the final account?

Can I adjust the inventory value of a vehicle and how do I document that loss in the final account? – North Carolina Short Answer In North Carolina, you generally do not change an accurate date-of-death inventory value just because a vehicle later depreciates or sells for less. If the original value was wrong, file…

How can I transfer the motorcycle title to my sibling before the estate closes?: North Carolina probate guide

How can I transfer the motorcycle title to my sibling before the estate closes? – North Carolina Short Answer In North Carolina, an executor may transfer estate personal property like a motorcycle to a beneficiary before final closing if the estate is or will remain solvent and creditor claims are provided for. After the 90-day…

What should I do when a creditor files a claim after the notice period; can I reject it outright?

What should I do when a creditor files a claim after the notice period; can I reject it outright? – North Carolina Short Answer In North Carolina, you may reject a creditor’s claim that is presented after the estate’s notice-to-creditors deadline if the claim is subject to the nonclaim statute and no exception applies. Give…

Can I use part of my inheritance to pay off my debts?: North Carolina law explained

Can I use part of my inheritance to pay off my debts? – North Carolina Short Answer Yes. After the estate pays the decedent’s expenses and claims, your share belongs to you and you may use it to pay your debts. If you sign a renunciation (disclaimer) of an inheritance—like an annuity benefit—you will not…

What happens if I disclaim my rights to an annuity in a probate administration?: North Carolina probate answer

What happens if I disclaim my rights to an annuity in a probate administration? – North Carolina Short Answer In North Carolina, a valid, timely disclaimer means you are treated as if you died before receiving the annuity. The annuity then pays to the next eligible beneficiary under the contract (or as the contract defaults),…

Do I need to serve notice on any parties when filing for release of surplus funds?: Answered for North Carolina

Do I need to serve notice on any parties when filing for release of surplus funds? – North Carolina Short Answer Yes. In North Carolina, you must give notice to everyone who may have a legal claim to the foreclosure surplus before the Clerk of Superior Court will release the money. That typically includes the…

How can I claim surplus funds after my home was foreclosed?: North Carolina

How can I claim surplus funds after my home was foreclosed? – North Carolina Short Answer In North Carolina, if a foreclosure sale brings in more than what’s owed on the deed of trust plus costs, the extra (the “surplus”) belongs to those next in priority—usually junior lienholders, and then the former record owner. To…

Can I dispute the reported surplus amount if I believe more funds are available?: North Carolina Surplus Funds

Can I dispute the reported surplus amount if I believe more funds are available? – North Carolina Short Answer Yes. In North Carolina, you can ask the Clerk of Superior Court to determine the correct amount of foreclosure surplus and who gets it. After the 10-day upset bid period closes, you may file a verified…