Do we need a formal appraisal or other valuation before a beneficiary can buy out another beneficiary’s share of an inherited home? – North Carolina Short Answer No. North Carolina law does not require a formal appraisal in every beneficiary buyout of an inherited home. In practice, some reliable valuation is still important because the…
Can a bank refuse to email estate account statements and only send them by fax, and what are my options if I need them electronically? – North Carolina Short Answer In North Carolina, a bank will often control the delivery method for estate account statements unless a law, court order, or the account’s own delivery…
How long does it usually take for a brokerage to transfer assets to beneficiaries, and are there tax forms I should expect? – North Carolina Short Answer In North Carolina, the timeline depends on whether the brokerage account passes outside probate (for example, a transfer-on-death (TOD) beneficiary designation) or must be moved into an estate…
If no beneficiary is listed on the account, does it have to go through probate before assets can be released? – North Carolina Short Answer In North Carolina, if a brokerage account has no valid beneficiary (for example, no TOD/POD designation) and is not owned in a way that passes automatically at death, the financial…
What happens if my parent died without a will and the only assets are a bank account and a vehicle? – North Carolina Short Answer In North Carolina, when someone dies without a will (intestate) and the only assets are a bank account and a vehicle, the heirs often can transfer or collect those assets…
How do I figure out who counts as next of kin for a deceased person? – North Carolina Short Answer In North Carolina, “next of kin” usually means the people who would inherit if the person died without a valid will. The order generally starts with a surviving spouse and children (or other descendants), then…
What documents and steps are required to retitle vehicles from the deceased to me or our adult children? – North Carolina Short Answer In North Carolina, a vehicle titled only in a deceased person’s name is usually retitled either (1) through an estate personal representative using Letters of Administration and a signed title assignment, or…
Can a property sale still be approved if one of the heirs is incarcerated and hard to communicate with? – North Carolina Short Answer Yes. In North Carolina, an estate-related sale of a decedent’s real property can still be approved even if an heir is incarcerated and communication is difficult, as long as the heir…
Do I need to file anything with the court after I send the creditor a written rejection of the claim? – North Carolina Short Answer Usually, no. Under North Carolina estate administration practice, a personal representative can reject a creditor’s claim by giving the creditor written notice, and the key “court” issue is proving that…
What’s the quickest way to close an estate when the only probate asset is a vehicle and there’s a small creditor claim? – North Carolina Short Answer In North Carolina, the quickest way to wrap up an estate when the only probate asset is a vehicle is often to avoid (or minimize) full estate administration…
