What steps are involved in probating a parent’s estate that includes a house, bank accounts, and life insurance? nc

What steps are involved in probating a parent’s estate that includes a house, bank accounts, and life insurance? – North Carolina Short Answer In North Carolina, probating a parent’s estate usually means opening an estate with the Clerk of Superior Court, getting someone officially appointed (executor or administrator), gathering and valuing probate assets, paying valid…

How do I claim a state employee life insurance or retirement death benefit that only releases to an estate administrator, and who receives it? nc

How do I claim a state employee life insurance or retirement death benefit that only releases to an estate administrator, and who receives it? – North Carolina Short Answer In North Carolina, if a state-employee life insurance or retirement-related death benefit is payable only to the decedent’s “legal representative,” the benefit generally cannot be released…

If stocks are sold from an account opened in my name while I’m serving as personal representative, am I personally responsible for the taxes? nc

If stocks are sold from an account opened in my name while I’m serving as personal representative, am I personally responsible for the taxes? – North Carolina Short Answer Usually, no. In North Carolina, taxes triggered by selling estate-owned stocks are generally taxes on the estate’s income (reported under the estate’s tax ID and paid…

If some beneficiaries don’t want their share, how can they refuse it and where does that share go instead? nc

If some beneficiaries don’t want their share, how can they refuse it and where does that share go instead? – North Carolina Short Answer In North Carolina, a beneficiary generally refuses an inheritance by signing a written renunciation (disclaimer) and filing it with the Clerk of Superior Court as an estate matter. When done correctly,…

What documents will I need to provide next after I’m appointed as administrator to start handling the estate? nc

What documents will I need to provide next after I’m appointed as administrator to start handling the estate? – North Carolina Short Answer In North Carolina, once the Clerk of Superior Court appoints an administrator, the key document needed to start acting for the estate is typically the Letters of Administration (often along with any…

Can I request certified copies of the court appointment papers to send to banks or other companies? nc

Can I request certified copies of the court appointment papers to send to banks or other companies? – North Carolina Short Answer Yes. In North Carolina, once the Clerk of Superior Court qualifies someone as the personal representative (executor or administrator), the clerk can issue certified copies of the appointment papers—most commonly certified Letters Testamentary…