1. Detailed Answer

If you own real estate or other assets located outside North Carolina, your estate generally must go through a secondary or “ancillary” probate in each state where property sits. Ancillary probate adds time, expense, and paperwork. You can take steps now to transfer out-of-state assets smoothly to your heirs without opening a separate proceeding in North Carolina.

a. Use a Revocable Living Trust

Place out-of-state real estate, bank accounts, and investment accounts into a revocable living trust. You transfer title into the trust while you’re alive, and name successor trustees and beneficiaries. At your death, the trustee distributes assets per the trust terms without probate. North Carolina recognizes trusts under the Uniform Trust Code (Chapter 36C).

b. Hold as Joint Tenants with Right of Survivorship

Co-own property with another person as joint tenants with right of survivorship. When you die, your share passes automatically to the surviving joint tenant. Each state applies its own deed formalities, but North Carolina permits joint tenancy under Chapter 47.

c. Transfer-on-Death (TOD) Deeds

North Carolina law allows you to record a revocable beneficiary deed. You name a person to receive your real property at your death. Until you die or revoke, you keep full ownership. See N.C. Gen. Stat. § 47-20.1 et seq.

d. Beneficiary Designations on Financial Accounts

Most states let you name payable-on-death or transfer-on-death beneficiaries on bank and brokerage accounts. These designations work across state lines and bypass probate.

e. Lifetime Gifts

You may gift out-of-state property outright. North Carolina doesn’t impose a gift tax, but consider federal gift tax rules. Gifts reduce your estate and remove property from probate altogether.

By combining these techniques, you can assemble a plan that holds property outside your will, bypasses ancillary probate courts, and gets assets to loved ones faster.

2. Key Strategies at a Glance

• Revocable living trust: centralizes assets under trust law (N.C. Gen. Stat. Chapter 36C).
• Joint tenancy: automatic right of survivorship under North Carolina deed statutes.
• Transfer-on-death deed: name a beneficiary on real estate (N.C. Gen. Stat. § 47-20.1 et seq.).
• Payable-on-death accounts: designate beneficiaries on bank and investment accounts.
• Lifetime gifting: transfer ownership now to reduce your probate estate.

Next Steps

Planning ahead prevents ancillary probate, saves fees, and speeds up asset transfer. Pierce Law Group has experienced probate attorneys ready to guide you through every step of your estate plan. Contact us today to review your out-of-state holdings and craft a strategy that keeps your estate clear and simple.

Email: intake@piercelaw.com
Call: (919) 341-7055