What proof do I need to show an executor is acting under a conflict of interest? – North Carolina Short Answer Under North Carolina law, the Clerk of Superior Court can revoke an executor’s letters if the executor has a private interest that could hinder or be adverse to a fair administration of the estate,…
What is the process for calculating and reporting capital gains from stocks sold by the estate? – North Carolina Short Answer In North Carolina, the executor calculates the estate’s capital gains on stock sales using the estate’s basis (generally the fair market value at the decedent’s death, adjusted for any allowable elections) and reports them…
How can I set up a brokerage account in the estate’s name to sell remaining shares under the estate EIN? – North Carolina Short Answer In North Carolina, once you qualify as personal representative and have your Letters, you may open a brokerage account in the estate’s name using the estate EIN and sell the…
How do I collect all required tax documents from banks and brokerages to report estate income under the estate EIN? – North Carolina Short Answer In North Carolina, the executor collects tax documents by retitling the decedent’s cash and investment accounts into the estate’s name, using the estate EIN, and requesting year-end tax forms (like…
Do I need separate forms for interest and dividends earned under the estate EIN versus the decedent’s SSN? – North Carolina Short Answer Yes. In North Carolina, income through the date of death (reported under the decedent’s SSN) goes on the decedent’s final individual returns (IRS Form 1040 and NC Form D-400). Income after death…
How does a family allowance priority work against creditor claims in probate? – North Carolina Short Answer In North Carolina, a spouse’s and eligible child’s “year’s allowance” comes off the top of the decedent’s personal property before most creditor claims are paid. The allowance is generally exempt from general debts and judgment liens, though it…
How long do I have to let a deceased relative’s family sort and remove belongings from my property? – North Carolina Short Answer In North Carolina, a deceased person’s belongings belong to the estate, not to individual family members. Only a court‑appointed personal representative (PR) or a small‑estate collector using an affidavit has legal authority…
Can I use a deficiency judgment if the estate is insolvent to reject creditor claims? – North Carolina Short Answer No. In North Carolina, a “deficiency judgment” relates to funding a spouse’s or child’s year’s allowance when personal property is insufficient; it is not a tool to deny or wipe out creditor claims. To reject…
Can I compel witnesses to provide affidavits or testimony to validate a contested will? – North Carolina Short Answer Yes. In North Carolina, once there is an active probate matter or will contest, you can use subpoenas to require subscribing witnesses, the notary, and others to testify or produce documents. You generally cannot force someone…
What happens if a judge refuses to admit a will to probate because the witnesses are questionable? – North Carolina Short Answer In North Carolina, the Clerk of Superior Court can refuse to admit an attested will if the proof of due execution is lacking or the witnesses are not credible. When that happens, the…
