What steps are required to file a collection affidavit for a small estate? – North Carolina Short Answer In North Carolina, a “collection by affidavit” (often called a small-estate collection affidavit) lets a qualifying heir, devisee, or creditor collect and distribute a decedent’s personal property without opening a full probate estate. In most cases, the…
How do I calculate potential capital gains tax when selling inherited real property? – North Carolina Short Answer For inherited real property, the starting point for calculating potential capital gain is usually the property’s fair market value on the decedent’s date of death (often called a “stepped-up” basis). Potential gain is generally the sale price…
How do I confirm that all of the accounts have correct beneficiary designations? – North Carolina Short Answer In North Carolina, the most reliable way to confirm beneficiary designations is to obtain the bank’s or brokerage firm’s governing account contract records (often the signature card, account agreement, or beneficiary designation form), not just monthly statements.…
How can I appoint a trustee for both a testamentary trust and its subtrusts? – North Carolina Short Answer In North Carolina, the starting point is the will itself: if the will names a trustee (or a person with power to appoint one), that person typically fills the trustee role for the testamentary trust and…
How do we stop a sibling from taking over the house, changing locks, or claiming to be the sole owner while probate is pending? – North Carolina Short Answer In North Carolina, the fastest way to stop a sibling from taking control of a deceased person’s home and other assets during probate is usually to…
What can I do to recover my share of proceeds from a property sale that happened before probate? – North Carolina Short Answer In North Carolina, the usual way to recover a missing share of real-estate sale proceeds tied to a death is to open (or participate in) the estate and ask the Clerk of…
What documents should I request from the bank to confirm the debt owed by the deceased? – North Carolina Short Answer In North Carolina probate, the estate’s representative can and should ask the bank for documents that (1) prove the deceased was legally obligated on the debt, (2) show the date-of-death payoff amount and how…
How is inheritance distributed among heirs after creditor claims are resolved in probate? – North Carolina Short Answer In North Carolina probate, heirs inherit only what is left in the decedent’s “net estate” after the personal representative pays (or properly resolves) administration expenses and valid creditor claims in the required priority order. If the estate…
If my name was added to my parent’s bank account only so I could help pay bills as power of attorney, do I have access to that money now or does it go through probate? – North Carolina Short Answer In North Carolina, being on a parent’s bank account for bill-paying help (including as power…
How do I protect sale proceeds from claims if a sibling or relative tries to take the money? – North Carolina Short Answer In North Carolina, sale proceeds from an estate home should be treated as estate property and kept under the personal representative’s control—not in anyone’s personal account—until valid debts, liens, and the creditor-claim…
