How do I verify whether a loan claim against the estate was valid or improperly included? – North Carolina Short Answer In North Carolina, a creditor’s loan claim is valid only if it was timely presented in writing, properly delivered, and paid according to the statutory priority of claims. Start by pulling the estate file…
What steps do my aunts need to take to renounce their executor roles so I can serve instead? – North Carolina Short Answer In North Carolina, because your aunt already served and closed the estate, she cannot “renounce” now; she can either decline reappointment when the estate is reopened or file a resignation. If the…
How can I reopen my father’s closed estate in North Carolina to recover undisclosed brokerage assets? – North Carolina Short Answer In North Carolina, you can ask the Clerk of Superior Court to reopen a closed estate when new estate property is discovered. A child or other “interested person” files a short petition explaining the…
How do I calculate a court clerk’s commission on estate assets when debts exceed assets? – North Carolina Short Answer In North Carolina, the Clerk of Superior Court sets a personal representative’s commission at a reasonable amount not to exceed 5% of commissionable receipts and disbursements. In an insolvent estate (debts exceed assets), commissions are…
What evidence is needed to prove the existence of a stock account at a brokerage when reopening an estate? – North Carolina Short Answer In North Carolina, bring reliable documents that link the decedent to a specific brokerage account and file a sworn petition to reopen. Useful proof includes recent or year-end brokerage statements, IRS…
Can a loan personally guaranteed by a decedent be partially settled by an estate? – North Carolina Short Answer Yes. In North Carolina, a decedent’s personal guaranty is a claim against the estate. If estate assets are insufficient, the claim can be compromised or paid only in part after costs of administration and higher‑priority claims.…
How can I negotiate a reduced loan payoff through an estate probate process? – North Carolina Short Answer In North Carolina, a personal representative (PR) may negotiate and compromise creditor claims, including loans guaranteed by the decedent. When an estate is insolvent, claims are paid by statutory priority and then pro rata within each class,…
Will I receive a tax form for any loan balance forgiven and what are my obligations? – North Carolina Short Answer In North Carolina, if a lender cancels or forgives a debt owed by a decedent or the estate, the lender may issue IRS Form 1099-C to the estate. Your obligations as personal representative are…
What rights does my parent’s separated spouse have to estate assets when there is no will? – North Carolina Short Answer In North Carolina, a separated but still-married spouse is treated as the “surviving spouse” unless a statute cuts off their rights or they waived them. If not disqualified, the spouse may claim a $60,000…
How does the small estate procedure work for assets under the threshold in North Carolina? – North Carolina Short Answer North Carolina allows “collection by affidavit” when a decedent’s net personal property is at or below the small-estate limit ($20,000 in most cases; $30,000 only if the surviving spouse is the sole heir). You must…
