Why Should a Personal Representative Transfer Estate Funds into a Client Trust Account Before Final Distribution in North Carolina? Detailed Answer When you serve as a personal representative for an estate in North Carolina, you hold a fiduciary duty to manage the estate’s assets with the highest care. One best practice is to transfer estate…
How to Obtain Proof of Death to Open a North Carolina Intestate Estate When the Death Certificate Is Missing Detailed Answer In North Carolina, the clerk of superior court requires proof of death before issuing letters of administration in an intestate estate. The usual proof is a certified copy of the death certificate. If the…
Detailed Answer When a foreclosure sale in North Carolina brings in more money than the amount owed on the mortgage, the extra funds are called surplus funds. Under North Carolina law, anyone with a valid claim to those surplus funds can petition the court for payment. The key steps and deadlines are outlined in N.C.…
How can an executor obtain missing 1099 forms for a North Carolina estate? Detailed Answer When you serve as the executor (personal representative) of an estate in North Carolina, you must gather all income information to file the decedent’s final federal and state tax returns. Form 1099s report various types of income, including interest, dividends,…
Can an executor unilaterally sell inherited real estate if the will doesn’t order its sale? 1. Detailed Answer In North Carolina, an executor (known as a personal representative) holds only the powers granted by the will or by statute. If the will does not explicitly authorize the sale of inherited real estate, the executor cannot…
How to Open an Intestate Estate in North Carolina Detailed Answer When someone dies without a valid will in North Carolina, their assets pass through a process called intestate administration. To begin, you must petition the clerk of superior court in the county where the decedent lived. Under N.C. Gen. Stat. § 28A-7-1, the petition…
How Does a North Carolina Personal Representative Locate, Verify and Secure Insurance Proceeds for a Decedent’s Accident Claim? Detailed Answer When someone dies after an accident, a personal representative (formerly called an executor or administrator) oversees the probate process in North Carolina. One of the representative’s key duties is to find and collect all assets…
How do I transfer an LLC membership interest in a North Carolina probate estate without losing liability protection? 1. Detailed Answer When a member of a North Carolina limited liability company (LLC) dies, their membership interest becomes part of the decedent’s probate estate. Transferring that interest correctly ensures the new owner enjoys the same liability…
Can an heir hire separate counsel and intervene in a North Carolina wrongful death suit handled by the personal representative? Detailed Answer In North Carolina, only the personal representative may file and maintain a wrongful death action. Under N.C.G.S. § 28A-18-2, the personal representative holds exclusive authority to bring the claim for the benefit of…
