Can the estate pay for a CPA to prepare the decedent’s final tax return and the estate’s income tax return related to investment sales? – North Carolina Short Answer Yes. In North Carolina, a personal representative (executor) can generally use estate funds to hire and pay a CPA to prepare the decedent’s final income tax…
If an annuity was closed out right before death but the check was deposited after death, does that count as estate income? – North Carolina Short Answer In North Carolina, an annuity payout that was triggered before death but received (or deposited) after death is often treated as an estate receipt, but whether it is…
Do I need to open an estate to receive settlement money that was awarded after the other parent died? – North Carolina Short Answer Often, yes—some type of North Carolina estate proceeding is required because many settlement checks can only be paid to a court-appointed personal representative (executor/administrator). A major exception is a wrongful death…
Can the estate sell the home and the other parcel of land without a court hearing if all heirs agree? – North Carolina Short Answer Usually not when the sale is needed to pay estate debts. In North Carolina, selling a decedent’s real estate to “create assets” for creditors is typically done through a clerk…
Can an executor require a buyer to assume the business’s existing loans or credit card debt as part of the sale? – North Carolina Short Answer Yes—under North Carolina law, an executor (personal representative) can propose a deal where the buyer assumes certain business debts, but the buyer generally does not have to accept that…
What happens if estate items like a tractor or other equipment were never listed on the inventory and are still sitting on someone else’s property? – North Carolina Short Answer In North Carolina, estate personal property that was missed on the inventory generally still belongs to the estate and should be gathered, protected, and reported…
How do we complete the estate inventory if we don’t know what bank accounts my parent had, and how can we find them? – North Carolina Short Answer In North Carolina, the personal representative must make a good-faith effort to identify, gather, and list the decedent’s probate assets on the estate inventory, even when some…
Can I challenge a will if it was signed shortly before death and the changes are drastic? – North Carolina Short Answer Yes. In North Carolina, a last-minute will with major changes can be challenged through a will contest called a “caveat,” usually filed with the Clerk of Superior Court in the estate file. Timing…
What steps have to happen in probate before an estate can sell a deceased owner’s interest in an LLC? – North Carolina Short Answer In North Carolina, an estate generally needs an appointed personal representative (executor/administrator) with Letters issued by the Clerk of Superior Court before the estate can sign a binding sale of the…
Do I need to file a final income tax return for my deceased grandparent if there wasn’t enough taxable income? – North Carolina Short Answer In North Carolina, a final state income tax return is generally required only if the deceased person’s gross income for the year (through the date of death) exceeds the filing…
