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Surplus Funds Q&A Series

Once the surplus-funds petition is filed, what happens next and how long does it usually take to get a hearing and receive the funds? NC

Once the surplus-funds petition is filed, what happens next and how long does it usually take to get a hearing and receive the funds? – NC Short Answer In North Carolina, a surplus-funds claim usually moves first through the clerk of superior court in the county where the foreclosure sale happened. After the petition is…

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Probate Q&A Series

Who is allowed to speak with a credit card company about a deceased person’s account during probate, and what proof of authority is typically needed? – NC

Who is allowed to speak with a credit card company about a deceased person’s account during probate, and what proof of authority is typically needed? – NC Short Answer In North Carolina, the person usually allowed to speak with a credit card company about a deceased person’s account during probate is the duly appointed personal…

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Probate Q&A Series

Does the executor’s authorization letter to release account information have to be notarized? NC

Does the executor’s authorization letter to release account information have to be notarized? – NC Short Answer Usually no. Under North Carolina probate practice, an executor generally proves authority with letters testamentary or letters of administration, and a creditor may also ask for a signed written authorization if the executor wants the creditor to speak…

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Probate Q&A Series

How long can a trust company take to approve a trust distribution when they already have the beneficiary paperwork and account information? – NC

How long can a trust company take to approve a trust distribution when they already have the beneficiary paperwork and account information? – NC Short Answer In North Carolina, there is usually no single fixed number of days for a trustee or trust company to approve a beneficiary distribution. The trustee must act in good…

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Probate Q&A Series

What can I do if the person handling the estate is selling or giving away the deceased person’s belongings before the inventory is filed? NC

What can I do if the person handling the estate is selling or giving away the deceased person’s belongings before the inventory is filed? – NC Short Answer In North Carolina, an executor or administrator must protect estate property and file a 90-day inventory with the Clerk of Superior Court. If the person handling the…

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Probate Q&A Series

How do I update the ownership registration on a deceased shareholder’s account once the estate is opened? NC

How do I update the ownership registration on a deceased shareholder’s account once the estate is opened? – NC Short Answer In North Carolina, once an estate is opened, the transfer agent usually will not change ownership on a deceased shareholder’s account until the duly appointed personal representative proves authority to act for the estate.…

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Probate Q&A Series

How do I get reimbursed from an estate or trust for mortgage or equity-line payments, property taxes, and homeowners insurance I paid out of pocket to keep the property from going into default? – NC

How do I get reimbursed from an estate or trust for mortgage or equity-line payments, property taxes, and homeowners insurance I paid out of pocket to keep the property from going into default? – NC Short Answer In North Carolina, a trustee can usually reimburse properly documented out-of-pocket expenses that were reasonably incurred to preserve…

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