What happens to a power of attorney after death, and can we challenge transactions the agent made shortly before or after the death? – NC

What happens to a power of attorney after death, and can we challenge transactions the agent made shortly before or after the death? – North Carolina Short Answer In North Carolina, a power of attorney generally ends when the principal dies, and the agent no longer has authority to control the person’s property. After death,…

What debts and carrying costs can the estate administrator deduct from my share of the sale proceeds? NC

What debts and carrying costs can the estate administrator deduct from my share of the sale proceeds? – North Carolina Short Answer In North Carolina, an estate administrator generally can deduct (1) amounts needed to satisfy liens that attach to the property (like delinquent property taxes), (2) the estate’s reasonable costs to preserve, insure, maintain,…

How can I access account and asset information as a co-heir during estate administration? NC

How can I access account and asset information as a co-heir during estate administration? – North Carolina Short Answer In North Carolina, most information about a probate estate is available through the Clerk of Superior Court, including the estate file, the inventory, and required accountings. If a sibling is acting as the personal representative (executor/administrator)…

What steps do I need to take as a personal representative to avoid court compliance violations? – NC

What steps do I need to take as a personal representative to avoid court compliance violations? – North Carolina Short Answer In North Carolina, a personal representative avoids court compliance problems by filing the required inventory and accountings on time, keeping clean records and vouchers, and communicating in writing with heirs and the Clerk of…

When should I set up an estate bank account, and how do I keep estate funds separate from my personal accounts? NC

When should I set up an estate bank account, and how do I keep estate funds separate from my personal accounts? – North Carolina Short Answer In North Carolina, an administrator should usually open an estate checking account right after qualification (appointment) so incoming checks and estate expenses flow through one account. Estate funds must…

Who obtains the tax ID numbers for the testamentary trust and any subtrusts, and at what stage of probate should those be issued? NC

Who obtains the tax ID numbers for the testamentary trust and any subtrusts, and at what stage of probate should those be issued? – North Carolina Short Answer In North Carolina, the fiduciary who will act as trustee typically obtains the federal tax ID number (EIN) for a testamentary trust and for any separate sub-trusts…