If all beneficiaries agree to a valuation approach that’s different from what the trust language seems to require, can the trustee rely on that agreement without risking personal liability? NC

Probate Q&A Series

If all beneficiaries agree to a valuation approach that’s different from what the trust language seems to require, can the trustee rely on that agreement without risking personal liability? – North Carolina Short Answer Sometimes, but not always. In North Carolina, a trustee generally should follow the trust’s valuation instructions, and a private agreement among…

Can I reimburse myself from the estate for expenses I paid out of pocket, such as funeral costs and personal loan payments? NC

Probate Q&A Series

Can I reimburse myself from the estate for expenses I paid out of pocket, such as funeral costs and personal loan payments? – North Carolina Short Answer Often, yes—North Carolina law generally allows a personal representative to repay themselves from estate funds for reasonable, necessary expenses that were properly advanced for the estate, as long…

If I suspect the will was hidden or destroyed, what evidence would I need and is that worth pursuing compared to proceeding without a will? NC

Probate Q&A Series

If I suspect the will was hidden or destroyed, what evidence would I need and is that worth pursuing compared to proceeding without a will? – North Carolina Short Answer In North Carolina, a missing original will often triggers a presumption that the person revoked it, so proving a “lost or destroyed will” usually requires…

Which options should I select on the renunciation form when I’m declining the role and nominating a replacement? – NC

Probate Q&A Series

Which options should I select on the renunciation form when I’m declining the role and nominating a replacement? – North Carolina Short Answer In North Carolina, the usual renunciation form for a named executor is the AOC-E-200. When declining the role and nominating someone else, the selections should match two actions: (1) renouncing (declining) the…

What records and bank statements are needed for the estate accounting, and when is that accounting due after the inventory is filed? – NC

Probate Q&A Series

What records and bank statements are needed for the estate accounting, and when is that accounting due after the inventory is filed? – North Carolina Short Answer In North Carolina, the estate accounting (an Annual Account or Final Account) must show every receipt, disbursement, and other transaction handled by the personal representative during the accounting…