How does a personal representative resign in North Carolina probate and how is a successor selected?

How does a personal representative resign in North Carolina probate and how is a successor selected? 1. Detailed Answer In North Carolina probate, a personal representative (sometimes called an executor or administrator) may step down before completing estate administration. State law sets out the steps for resignation and the process for selecting a new fiduciary.…

What is the timeline, cost, and procedure to recover surplus funds after a tax foreclosure sale in North Carolina?

Detailed Answer When a property sells for more than the amount owed in back taxes, interest, and costs, North Carolina law designates those excess proceeds as surplus funds. Recovering these funds requires you to follow a defined process under state statutes. Here’s what you need to know: 1. Statutory Framework North Carolina General Statute §…

What steps are required to prepare and record a quitclaim deed for inherited property in North Carolina probate?

What steps are required to prepare and record a quitclaim deed for inherited property in North Carolina probate? Detailed Answer When someone inherits real estate in North Carolina through probate, transferring title to a beneficiary typically requires a quitclaim deed. A quitclaim deed conveys whatever interest the executor or administrator holds without warranty. Follow these…

What bank statements and records are required for a personal representative’s annual probate accounting in North Carolina?

What bank statements and records are required for a personal representative’s annual probate accounting in North Carolina? Detailed Answer Under North Carolina law, a personal representative must file an annual account with the clerk of superior court until the estate closes. North Carolina General Statutes section 28A-22-18 requires this accounting at the end of the…

How does tenancy by the entirety in North Carolina avoid probate and automatically transfer property to the surviving spouse?

How Tenancy by the Entirety in North Carolina Avoids Probate and Automatically Transfers Property to the Surviving Spouse Detailed Answer In North Carolina, married couples can hold real estate as tenants by the entirety. This form of ownership treats both spouses as a single legal unit. When one spouse dies, the surviving spouse automatically owns…