How can a personal representative determine if a decedent’s frozen bank or credit-union accounts include payable-on-death designations and access them?

How a North Carolina Personal Representative Confirms Payable-on-Death (POD) Designations on Frozen Bank or Credit-Union Accounts Short Answer In North Carolina, payable-on-death (POD) accounts bypass probate. A personal representative (PR) can learn whether a decedent’s frozen accounts carry POD designations by supplying the financial institution with a death certificate and certified Letters Testamentary or Letters…

Can a Surviving Spouse Claim a Spousal Allowance and an Elective Share in the Same Estate Distribution?

Can a Surviving Spouse Claim a Spousal Allowance and an Elective Share in the Same North Carolina Estate? Detailed Answer Yes. Under North Carolina law, a surviving spouse may request both the spousal year’s allowance and an elective share in the same estate. However, the allowance is credited against (subtracted from) the final elective-share payment,…

What Are the Procedural Steps to Negotiate a Buyout and Transfer Deeds to Consolidate Property Interests in North Carolina?

Procedural Steps to Negotiate a Buyout and Transfer Deeds to Consolidate Property Interests in North Carolina 1. Detailed Answer Overview When several people own the same real estate, each owner holds an undivided share. This arrangement can complicate refinancing, improvements, or a future sale. A voluntary “buyout”—where one or more owners purchase the others’ interests—can…

What Is the Expected Timeline for a Coverage Decision on an Insurance Claim in North Carolina?

Detailed Answer: When Will the Insurer Decide? North Carolina law requires insurance companies to handle claims promptly and fairly. While the statutes do not impose one hard deadline for every type of policy, the North Carolina Department of Insurance has adopted regulations that spell out a reasonable timeline most carriers must follow when deciding whether…

What Information Must Be Included in a Notice of Hearing Regarding Courtroom Location and Procedure?

What Information Must Be Included in a Notice of Hearing Regarding Courtroom Location and Procedure? Detailed Answer In a North Carolina partition action, the Clerk of Superior Court schedules most hearings. Whether the matter is an initial petition for partition, a motion to confirm the commissioners’ report, or an objection to a proposed sale, every…

What rights does a beneficiary have to a full accounting of trust assets and their values?

Beneficiary Rights to a Full Trust Accounting in North Carolina Quick Answer In North Carolina, every current trust beneficiary has a statutory right to receive information reasonably related to the administration of the trust—including a complete accounting of all trust assets, their values, income, and expenses. N.C. Gen. Stat. § 36C-8-813 requires the trustee to…