If the estate property was broken into and things went missing, what should the estate representative do and can the estate be held responsible? nc

If the estate property was broken into and things went missing, what should the estate representative do and can the estate be held responsible? – North Carolina Short Answer In North Carolina, the estate’s personal representative should treat a break-in as an urgent asset-preservation problem: document the loss, report it to law enforcement, notify the…

What happens to creditor claims that were filed after the deadline in a probate estate, and can they still be paid anyway? nc

What happens to creditor claims that were filed after the deadline in a probate estate, and can they still be paid anyway? – North Carolina Short Answer In North Carolina probate, most creditor claims that are presented after the statutory deadline are barred, meaning the personal representative generally should not pay them from estate assets.…

What happens to a life insurance policy with no beneficiary—does it go into the estate and can creditors reach it? nc

What happens to a life insurance policy with no beneficiary—does it go into the estate and can creditors reach it? – North Carolina Short Answer In North Carolina, if a life insurance policy has no living named beneficiary (and no contingent beneficiary), the proceeds are usually paid to the deceased person’s probate estate. Once the…

How is a deceased person’s interest in a small consulting business handled during probate, and who is authorized to act for that share? nc

How is a deceased person’s interest in a small consulting business handled during probate, and who is authorized to act for that share? – North Carolina Short Answer In North Carolina, a deceased person’s ownership interest in a small consulting business is usually treated as personal property that becomes part of the probate estate unless…

Can reaching out to a lienholder too early affect strategy or outcomes in an estate property matter involving creditors? nc

Can reaching out to a lienholder too early affect strategy or outcomes in an estate property matter involving creditors? – North Carolina Short Answer Yes. In a North Carolina estate matter where insolvency is likely and multiple creditors are competing, contacting a lienholder too early can affect leverage, timing, and the paper trail that later…

If a second mortgage was taken to help my sibling’s separate house, can that debt reduce my sibling’s share or be offset in distribution? nc

If a second mortgage was taken to help my sibling’s separate house, can that debt reduce my sibling’s share or be offset in distribution? – North Carolina Short Answer Sometimes, but not automatically. In a North Carolina intestate estate, a second mortgage on the decedent’s house is usually treated as an estate debt that must…