How do I verify or dispute an unexpected increase in a mortgage balance on inherited property?: North Carolina

How do I verify or dispute an unexpected increase in a mortgage balance on inherited property? – North Carolina Short Answer In North Carolina, heirs and devisees generally take real estate subject to any existing mortgage. To verify or dispute a sudden balance increase, the personal representative (or an heir with proper authority) should request…

Can I use the estate’s EIN to manage assets in a family business formed during probate?: North Carolina guidance for personal representatives

Can I use the estate’s EIN to manage assets in a family business formed during probate? – North Carolina Short Answer In North Carolina, the estate must have its own EIN for estate banking and tax reporting. You should not use the estate’s EIN to operate or manage a separate company; that company needs its…

How do I open a bank account under the estate’s EIN to deposit unclaimed property?: Practical steps for North Carolina administrators

How do I open a bank account under the estate’s EIN to deposit unclaimed property? – North Carolina Short Answer In North Carolina, the administrator opens a separate estate bank account using the estate’s Employer Identification Number (EIN), not the decedent’s Social Security number. Bring your Letters of Administration and the estate’s EIN to the…

What steps are required to update the mailing address on unclaimed property claims with the Treasury?: North Carolina

What steps are required to update the mailing address on unclaimed property claims with the Treasury? – North Carolina Short Answer In North Carolina, the court-appointed personal representative can update the mailing address on an unclaimed property claim by sending a signed request to the Department of State Treasurer’s Unclaimed Property Division that references the…

Can beneficiaries challenge asset valuations and request additional distributions?: North Carolina

Can beneficiaries challenge asset valuations and request additional distributions? – North Carolina Short Answer Yes. In North Carolina, any interested beneficiary can object to inventory values and the proposed final account and ask the Clerk of Superior Court to correct values and adjust distributions. If the personal representative serves a written notice of the proposed…

How does a settlement reimbursement for valuation differences work in an estate administration?: North Carolina

How does a settlement reimbursement for valuation differences work in an estate administration? – North Carolina Short Answer In North Carolina, a personal representative may resolve a dispute over asset values by documenting the true value, correcting the record, and making a settlement payment that is shown on the final account. Practically, you gather evidence…