How do I transfer an LLC membership interest in a North Carolina probate estate without losing liability protection?

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?

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…

What steps follow a sale of estate real property in North Carolina before heirs receive their distributions?

What steps follow a sale of estate real property in North Carolina before heirs receive their distributions? Detailed Answer After a personal representative sells estate real property in North Carolina, several steps must occur before heirs receive their share of the net proceeds. The process ensures the estate settles valid claims, complies with court requirements,…

What steps must a North Carolina personal representative take to handle SBA and other creditor claims in probate?

Handling SBA and Other Creditor Claims in North Carolina Probate Detailed Answer When you serve as a personal representative in a North Carolina estate, you carry a duty to protect estate assets, notify creditors of the probate, review claims, and pay valid debts. This process ensures fair treatment of the decedent’s creditors—whether private lenders, medical…

How long should I expect the lien verification process in a probate case to take, and what might cause delays?

How long should I expect the lien verification process in a probate case to take, and what might cause delays? Detailed Answer When you serve as a personal representative in a North Carolina probate, you must identify and verify any liens on estate property before you distribute assets to beneficiaries. Common liens include mortgages, judgment…