When does an heir in North Carolina need full probate instead of summary administration for a bank account valued over summary limits?

When Full Probate Is Required in North Carolina North Carolina law provides a simplified path called summary administration for small estates. Under N.C. Gen. Stat. §28A-19-3, an estate qualifies for this procedure only if all of the following apply: The decedent was domiciled in North Carolina at death. All personal property located in North Carolina…

How can personal representative commissions and attorney fees be paid from a revocable trust under North Carolina law?

How can personal representative commissions and attorney fees be paid from a revocable trust under North Carolina law? 1. Detailed Answer When a revocable trust becomes irrevocable upon the settlor’s death, the successor trustee steps into a fiduciary role very similar to a personal representative in probate. Under North Carolina law, the trustee may pay…

Who must complete IRS Form W-9 before receiving probate distributions in North Carolina?

Who Must Complete IRS Form W-9 Before Receiving Probate Distributions in North Carolina? Detailed Answer When a personal representative distributes assets from a North Carolina probate estate, federal tax law requires a valid taxpayer identification number (TIN) for each recipient. The Internal Revenue Service uses Form W-9, Request for Taxpayer Identification Number and Certification, to…

What are typical attorney fee structures and billing practices in a North Carolina partition action to sell inherited property?

What are typical attorney fee structures and billing practices in a North Carolina partition action to sell inherited property? 1. Detailed Answer When heirs inherit real estate together and cannot agree on its use or sale, they can file a partition action under North Carolina General Statute § 46-2. A partition action forces the sale…