How do I obtain and validate satisfaction of creditor claims for paid credit accounts?

How do I obtain and validate satisfaction of creditor claims for paid credit accounts? – North Carolina Short Answer In North Carolina, the personal representative gathers written claims, pays valid claims in statutory priority, and proves satisfaction with vouchers such as paid-in-full letters, final account statements showing a zero balance, and canceled checks. The Clerk…

What income tax filings does the estate need to complete once business asset information is collected?: North Carolina

What income tax filings does the estate need to complete once business asset information is collected? – North Carolina Short Answer In North Carolina, an estate is a separate taxpayer. After you gather business asset and income details, you generally file: (1) the decedent’s final individual returns (IRS Form 1040 and NC Form D-400) and…

How can I transfer the decedent’s business interests, including obtaining asset valuations and changing ownership?

How can I transfer the decedent’s business interests, including obtaining asset valuations and changing ownership? – North Carolina Short Answer In North Carolina, the executor inventories the business interests, obtains a fair‑market‑value appraisal as of the date of death, and either sells the interest or distributes it in kind after addressing creditor claims. The executor…

What rights do I have as a disinherited surviving spouse when the decedent named someone else executor?: North Carolina Probate

What rights do I have as a disinherited surviving spouse when the decedent named someone else executor? – North Carolina Short Answer In North Carolina, a disinherited spouse can claim a statutory “elective share” of the decedent’s estate, even if someone else is the executor. You must file the elective share claim with the Clerk…

Can I recover funds spent from my spouse’s IRA or other accounts before probate?: Practical options in North Carolina

Can I recover funds spent from my spouse’s IRA or other accounts before probate? – North Carolina Short Answer In North Carolina, you generally cannot personally claw back pre‑death spending from your spouse’s IRA or bank accounts. However, you can file an elective share claim that pulls both probate and many non‑probate assets (including IRAs…

Do I have to post a probate bond if the sole beneficiary consents to waive it?: Clear guidance for North Carolina estates

Do I have to post a probate bond if the sole beneficiary consents to waive it? – North Carolina Short Answer Usually yes. In North Carolina, a personal representative must post a bond before the Clerk of Superior Court issues letters, unless a specific exception applies. In an intestate estate, a North Carolina resident administrator…