Can beneficiary-designated (POD) accounts replace the need to fund a trust? – North Carolina Short Answer Not by themselves. In North Carolina, payable-on-death (POD) and transfer-on-death (TOD) designations pass those specific accounts outside probate, but they do not move your home, manage incapacity, protect against creditors, or coordinate backup plans. A properly funded revocable or…
How do Lady Bird deeds help shield a home from Medicaid or nursing home costs? – North Carolina Short Answer In North Carolina, the law does not provide a clear, statewide path for using “Lady Bird” (enhanced life estate) deeds. Medicaid estate recovery here targets assets in the decedent’s estate that are available to pay…
What’s the difference between a living trust, an irrevocable trust, and a supplemental needs trust? – North Carolina Short Answer In North Carolina, a living (revocable) trust helps assets you title into the trust avoid probate but does not shield those assets from your or your estate’s creditors. An irrevocable trust can provide creditor and…
How can I set up an irrevocable trust to protect my mom’s house and keep it in the family? – North Carolina Short Answer In North Carolina, you can place your mother’s home into a carefully drafted irrevocable trust to keep it in the family and reduce probate involvement. The trust must be funded during…
What records or schedules should I review to confirm all erroneous withdrawals were properly repaid? – North Carolina Short Answer In North Carolina, start with the estate’s Inventory (AOC-E-505) and the most recent Annual or Final Account (AOC-E-506). On the Account, verify a deposit in the Receipts section that matches the erroneous withdrawals, trace it…
What steps are required to close the estate after resolving tax issues and bond concerns? – North Carolina Short Answer In North Carolina, you close an estate by paying or providing for all claims and taxes, completing a final account with receipts and vouchers, distributing what remains, and obtaining the Clerk of Superior Court’s approval…
Can I include the cost of a headstone as a reimbursable estate expense? – North Carolina Short Answer Yes. In North Carolina, reasonable headstone (gravestone) and burial plot costs are estate expenses that rank as a third-class claim up to $1,500; any amount above that is treated like a general unsecured claim unless the Clerk…
How can I convert a small estate administration into a full probate administration? – North Carolina Short Answer In North Carolina, you convert a small estate (collection by affidavit) to a full probate by petitioning the Clerk of Superior Court to appoint a personal representative and issue Letters. The small-estate affiant must stop collecting assets,…
What steps do I need to take to get back the retainer and funeral expenses I paid? – North Carolina Short Answer In North Carolina, you are reimbursed through the estate. Submit a claim with receipts to the personal representative (PR), and the PR pays allowed expenses in order of priority. Funeral costs are prioritized…
Do I need court approval to negotiate with creditors or pay them out of order as administrator? – North Carolina Short Answer In North Carolina, you may negotiate with ordinary creditors and decide whether to accept, reject, or settle claims without a prior court order—so long as you follow the required payment priority and treat…
