What steps do I need to open an estate bank account and publish a notice to creditors? – North Carolina Short Answer In North Carolina, once you receive Letters Testamentary or Letters of Administration from the Clerk of Superior Court, you should promptly obtain an EIN for the estate and open a separate estate bank…
How can I find out who transferred funds from a deceased person’s account after they passed away? – North Carolina Short Answer In North Carolina, a duly appointed executor can request bank and credit union records using their Letters to see who accessed or moved funds after death. If an institution or person will not…
How do I identify and reach payable-on-death beneficiaries on bank accounts? – North Carolina Short Answer In North Carolina, payable-on-death (POD) accounts transfer directly to the named beneficiaries outside probate. As executor or administrator, present your Letters to each bank or credit union and request the account agreement, signature card, and POD designation to identify…
What steps should I take to report and include a post-death account transfer in the estate inventory and accounting? – North Carolina Short Answer In North Carolina, list every probate asset at its date-of-death value on the Inventory within three months of qualifying, even if the asset was later closed or transferred. Payable-on-death (POD) accounts…
Can I allocate a portion of the condo sale proceeds to grandchildren and have that documented in the estate distribution? – North Carolina Short Answer In North Carolina, the executor must distribute probate assets exactly as the will directs unless the law provides another path. You can lawfully redirect part of your own inheritance to…
What deadlines apply for correcting an SSN discrepancy on a decedent’s IRS filing? – North Carolina Short Answer Respond by the deadline printed on the IRS notice; many mismatch letters require a reply within a few weeks, and the IRS will not resolve the return until it receives the correction. In North Carolina, the court‑appointed…
What happens if estate sale proceeds don’t cover all the debts? – North Carolina Short Answer In North Carolina, if an estate is insolvent (not enough assets to pay all debts), the personal representative pays claims in the statutory order of priority and prorates within any class when funds are short. Secured debts (like a…
How can I find out if the sale of inherited property will cover my parent’s debts? – North Carolina Short Answer In North Carolina, liens and sale costs come off the top of a judicial commissioner’s sale before any money reaches the estate. Only the decedent’s share of the net proceeds becomes available to pay…
Can I be held responsible for a car loan deficiency after my parent’s vehicle was repossessed? – North Carolina Short Answer In North Carolina, heirs are not personally responsible for a deceased person’s debts, including a car loan deficiency, unless they co-signed or otherwise agreed to be liable. The lender’s deficiency becomes a claim against…
What estate administration forms and deadlines must I meet as executor? – North Carolina Short Answer In North Carolina, an executor must qualify with the Clerk of Superior Court, publish and mail a notice to creditors, file a 90-day inventory, and submit annual or final accounts. Key timelines include mailing known creditors within 75 days…
