How can I receive an annuity or life insurance payout without losing Medicaid, and are there options to disclaim, defer, or shelter the funds? – North Carolina Short Answer In North Carolina, annuity and life insurance proceeds paid directly to a named beneficiary usually are not probate assets, but they can still count for Medicaid…
What steps must the executor take to transfer mortgage payoff funds into a trust? – North Carolina Short Answer In North Carolina, an executor typically transfers mortgage payoff funds into a testamentary trust by (1) confirming the trust exists under the will and that a trustee is in place, (2) moving the funds into the…
How do I determine where the proceeds from my parent’s house sale are held if it was sold pre-death? – North Carolina Short Answer In North Carolina, the best way to determine where pre-death house-sale proceeds ended up is to trace the closing paperwork and then compare it to what (if anything) was filed with…
How will the condo sale proceeds be divided between estate debts, unpaid child support, and any remainder for me as the heir? – North Carolina Short Answer In North Carolina, condo sale money generally gets applied in layers. First, closing costs and any valid liens that attach to the condo (like a mortgage or a…
How does a year’s allowance protect me from creditors in a small estate? – North Carolina Short Answer In North Carolina, a years allowance (also called a family allowance) lets a qualifying surviving spouse and certain children receive a set amount of the decedents cash and personal property that is generally exempt from the decedents…
What are my options if my co-heir lives out of state and won’t participate in naming an administrator? – North Carolina Short Answer In North Carolina, a co-heir does not get to block an estate from moving forward just by living out of state or refusing to sign paperwork. If multiple heirs have equal priority…
Can I challenge the personal representative for failing to notify all heirs of the estate administration? – North Carolina Short Answer Yes. In North Carolina, an heir (an “interested person”) can ask the Clerk of Superior Court overseeing the estate to require the personal representative to comply with required notice and reporting duties, and in…
What happens if the title company won’t clear title until the creditor notice period is complete? – North Carolina Short Answer In North Carolina, a title company may refuse to insure (and therefore refuse to “clear” title for closing) until the estate has published the general notice to creditors and the claim period has run,…
How can I get the bank to release funds from a locked joint account using a year’s allowance claim? – North Carolina Short Answer In North Carolina, a surviving spouse can ask the Clerk of Superior Court for a year’s allowance and have specific personal property (including cash in a bank account that is treated…
Can heirs bypass a court petition for property sale if the estate vests automatically after two years? – North Carolina Short Answer In North Carolina, heirs usually do not need a court-ordered “petition to sell” just because more than two years have passed since the death. Title to real estate typically passes to the heirs…
