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 Happens to Credit Card Debit When Someone Dies in North Carolina? An area of confusion for many families is credit card debt after a loved one passes away. 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…
What Are Some Of The Duties and Responsibilities Of The Attorney and Personal Representative During Estate Administration? 1. Detailed Answer: Roles Under North Carolina Law Estate administration in North Carolina relies on teamwork between the personal representative (sometimes called the executor) and the attorney. Each has distinct duties, but both aim to carry out the…
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…
When a loved one passes away in North Carolina, the person named to settle the estate — called the personal representative (PR) — steps into a demanding fiduciary role. Every bill paid, asset sold, or fee approved must align with state law. This article delivers a clear, plain-English roadmap, helping PRs understand what counts as…
What Expenses Should Not Be Paid Out of a Probate Estate in North Carolina? Detailed Answer When you administer a probate estate in North Carolina, you must use estate funds only for debts and expenses that benefit the estate or arise from the decedent’s obligations. North Carolina law outlines which costs you can pay out…
What Is the Difference Between a Final Accounting and an Annual Accounting in North Carolina Probate? Detailed Answer When someone passes away in North Carolina, the court appoints a personal representative to handle the estate. As part of that duty, the representative must report the estate’s financial activity to the clerk of superior court. In…
What Is an Annual Accounting in the Probate Process in North Carolina? Detailed Answer In North Carolina probate, an annual accounting serves as an interim financial report that an executor or administrator must file with the clerk of court. Its goal is to track all estate assets received and all payments made during the preceding…
