Category Archives: Probate Q&A Series

Can the trust assets be transferred to a new corporate trustee without selling the stocks, so the holdings move “in kind” instead of being liquidated? nc

Can the trust assets be transferred to a new corporate trustee without selling the stocks, so the holdings move “in kind” instead of being liquidated? – North Carolina Short Answer Often, yes. Under North Carolina trust administration, a change from one corporate trustee to another can frequently be handled by transferring the trust’s brokerage assets…

How do we get a clear, itemized fee breakdown for a trust setup that includes both short-term pass-through distributions and ongoing sub-trust administration? nc

How do we get a clear, itemized fee breakdown for a trust setup that includes both short-term pass-through distributions and ongoing sub-trust administration? – North Carolina Short Answer In North Carolina, the cleanest way to get an itemized fee picture is to (1) request the trustee’s written compensation method and a sample annual trust report…

Do I have to open probate if my parent’s bank accounts have beneficiary designations, but the named beneficiary has already died? nc

Do I have to open probate if my parent’s bank accounts have beneficiary designations, but the named beneficiary has already died? – North Carolina Short Answer Often, yes. In North Carolina, a payable-on-death (POD) bank account only avoids probate if at least one named beneficiary survives the account owner. If the only named beneficiary died…

Can I review the estate documents with an attorney before I sign or return them? nc

Can I review the estate documents with an attorney before I sign or return them? – North Carolina Short Answer Yes. Under North Carolina law, estate administration paperwork often affects legal rights (including the right to inherit, the right to serve as personal representative, or the right to receive notices), so it is reasonable to…

What happens if the representation paperwork lists the wrong role for me in the estate matter? nc

What happens if the representation paperwork lists the wrong role for me in the estate matter? – North Carolina Short Answer In North Carolina, if an engagement letter or other representation paperwork lists the wrong role (for example, calling someone an “heir” when the person is really pursuing a property claim), the safest approach is…

Do I have to redo previously filed estate or fiduciary accountings if the clerk now wants everything on the standardized AOC forms? nc

Do I have to redo previously filed estate or fiduciary accountings if the clerk now wants everything on the standardized AOC forms? – North Carolina Short Answer Sometimes, yes. In North Carolina, the Clerk of Superior Court can require a fiduciary to file a correct and complete account, and the clerk can also require “other…

What can I do if there are old estate transactions I can’t remember or fully explain in the accounting? nc

What can I do if there are old estate transactions I can’t remember or fully explain in the accounting? – North Carolina Short Answer In North Carolina, a personal representative generally must file annual accountings until the estate can be closed, and the Clerk of Superior Court can require the accounting to be complete and…

Can I close the estate if I personally agree to pay the remaining creditor claim instead of the estate paying it? nc

Can I close the estate if I personally agree to pay the remaining creditor claim instead of the estate paying it? – North Carolina Short Answer Yes—sometimes a North Carolina estate can be closed even if the estate does not write the check, but only if the creditor is properly resolved. The cleanest path is…

Do I still have to go through probate if the will leaves everything to a trust, and what is my role as executor versus trustee? nc

Do I still have to go through probate if the will leaves everything to a trust, and what is my role as executor versus trustee? – North Carolina Short Answer Often, yes. In North Carolina, a “pour-over” will that leaves probate assets to a trust still usually requires opening an estate with the Clerk of…

If I’m a signatory on one of the deceased person’s bank accounts, can I access it without going through probate? nc

If I’m a signatory on one of the deceased person’s bank accounts, can I access it without going through probate? – North Carolina Short Answer In North Carolina, being a “signatory” alone usually does not mean the account automatically becomes the signatory’s money at death. Access without probate depends on how the account is titled…