What steps do I need to take to access and withdraw funds from my mother’s transferred 401(k)?: North Carolina probate guidance

What steps do I need to take to access and withdraw funds from my mother’s transferred 401(k)? – North Carolina Short Answer In North Carolina, a 401(k) that names you as beneficiary passes directly to you and is not a probate asset. To access it, submit the plan’s beneficiary claim forms, a certified death certificate,…

How can I pay state income taxes for an estate that has no available funds?: North Carolina guidance for insolvent estates and tax refunds

How can I pay state income taxes for an estate that has no available funds? – North Carolina Short Answer In North Carolina, you generally do not pay estate debts from your own pocket. The personal representative must pay valid claims in a strict priority order using estate assets. State income taxes are lower-priority than…

Can I deposit a decedent’s state tax refund into my personal account or must it go into the estate account?: Clear rules for North Carolina spouses and personal representatives

Can I deposit a decedent’s state tax refund into my personal account or must it go into the estate account? – North Carolina Short Answer In North Carolina, a decedent’s state income tax refund is partly or entirely an estate asset unless a specific spousal rule applies. If the North Carolina refund is $200 or…

Can my sibling sign a receipt to acknowledge repayment before estate distributions?: North Carolina Probate

Can my sibling sign a receipt to acknowledge repayment before estate distributions? – North Carolina Short Answer Yes. In North Carolina, the personal representative can reimburse a sibling who advanced verified estate expenses and should obtain a signed receipt at the time of repayment. That receipt is separate from the distribution receipts and releases beneficiaries…