Can we close the estate bank account now and use the law firm’s trust account while completing the final accounting? – North Carolina Short Answer Under North Carolina probate law, a personal representative is expected to keep estate funds in an estate bank account, in the estate’s name and tax ID, until the final account…
If only small amounts remain uncollected, is it reasonable to leave them and proceed with final distributions? – North Carolina Short Answer Under North Carolina probate practice, a personal representative is expected to collect estate assets with reasonable diligence before filing a Final Account. The Final Account must show that all assets on hand have…
What should I do if some checks are past the issuer’s void date—can they be reissued without slowing the estate closing? – North Carolina Short Answer Under North Carolina probate practice, dividend or stock checks that are past the issuer’s void date generally cannot be deposited, but they can often be reissued by the transfer…
What should I do if some checks are past the issuer’s void date—can they be reissued without slowing the estate closing? – North Carolina Short Answer A personal representative in North Carolina may usually collect dividend or stock checks issued to a decedent, but stale or “void-date” checks typically must be reissued by the payer…
How can I endorse and deposit dividend or stock checks made out to the decedent into the estate account? – North Carolina Short Answer A personal representative in North Carolina may generally collect dividend or stock checks payable to a decedent by presenting the transfer agent or paying bank with the personal representative’s certified Letters…
If only small amounts remain uncollected, is it reasonable to leave them and proceed with final distributions? – North Carolina Short Answer Yes — in North Carolina a personal representative can sometimes complete distribution despite small uncollected amounts, but only after reasonable efforts to collect, proper accounting and disclosure, and either holding a reserve, obtaining…
Which documents do transfer agents usually require to verify I’m the personal representative and release statements or reissue checks? – North Carolina Short Answer In North Carolina, transfer agents generally accept a certified copy of the personal representative’s letters (letters testamentary or letters of administration), a certified death certificate, proof of the estate’s tax identification…
Can we close the estate bank account now and use the law firm’s trust account while completing the final accounting? – North Carolina Short Answer Under North Carolina law, estate funds must be kept separate and clearly accounted for, so the safest approach is to keep the estate bank account open until the final accounting…
What documents or proof of authority do you require to release escrowed real‑estate proceeds to the estate’s representative? – North Carolina Short Answer In North Carolina, an escrow holder releases real-estate sale proceeds only to a duly appointed estate fiduciary. Typically, that means certified Letters Testamentary or Letters of Administration from the Clerk of Superior…
Who is responsible for starting probate and how long does it usually take once we begin? – North Carolina Short Answer In North Carolina, the person named as executor in the will has first priority to start probate; if there is no will, a surviving spouse or next of kin generally applies to serve as…
