How are estate debts prioritized during a co-owned property sale in North Carolina probate cases? Understanding Debt Priority in Probate When a decedent owned real estate jointly with another person, the surviving co-owner often retains ownership or receives full title by right of survivorship. If the property must be sold through probate—either because the decedent…
How Are Estate Debts Resolved When an Inherited Property Is Sold During a North Carolina Probate Partition Sale? Detailed Answer When someone dies owning real property, that asset becomes part of the estate. In North Carolina, the personal representative (formerly called the executor) manages the estate under Chapter 28A of the General Statutes. If heirs…
What do ongoing dividend checks indicate about estate stock liquidation under North Carolina probate law? 1. Detailed Answer When a personal representative continues to receive dividend checks on estate-owned stock, it shows the estate still holds those shares. Under North Carolina law, a personal representative must manage and preserve estate assets until the clerk of…
How dividend checks indicate that estate stock shares have not been liquidated in North Carolina probate 1. Detailed Answer When someone dies owning corporate stock, those shares become part of the probate estate. The personal representative must locate, preserve, and account for every asset, including stock certificates and any income generated by them. Dividend checks…
How can I liquidate a probate stock account in North Carolina, and what does receiving dividend checks indicate? Detailed Answer When someone passes away owning a brokerage account in their name, that account becomes part of their probate estate. A personal representative (also called an executor or administrator) must follow specific steps under North Carolina…
Who is legally authorized to evict tenants from a probate property in North Carolina? Who Holds the Authority to Evict? When a property owner dies, tenants may remain in the home or rental unit. Only an appointed personal representative may legally evict tenants from probate property. A personal representative, sometimes called an administrator or executor,…
How Are Attorney Fees and Trust Funds Managed During North Carolina Probate Estate Administration? Detailed Answer Attorney Fees in North Carolina Probate When you open a probate estate in North Carolina, you pay for professional services out of estate assets. That includes both the personal representative’s allowance and attorney fees. North Carolina law sets the…
How Are Legal Fees Collected and Trust Funds Managed During North Carolina Probate Administration? 1. Detailed Answer Collection of Legal Fees in Probate When someone dies in North Carolina, a personal representative steps in to handle probate. The representative hires an attorney to guide the estate through court processes. To pay for those legal services,…
How are legal fees and trust funds managed separately during North Carolina probate administration? Detailed Answer During probate administration in North Carolina, an executor or administrator handles two distinct pools of money: assets belonging to the estate and assets held in trust. The law requires that fiduciaries keep these pools separate at all times to…
How and When Are Creditor Claims Negotiated During State of North Carolina Probate Proceedings? Detailed Answer When someone passes away in North Carolina, the probate process ensures that their debts get paid before beneficiaries receive any inheritance. The person in charge of settling the estate, called the personal representative, handles creditor claims. Negotiation of those…
