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Probate Q&A Series

When is the right time to file an insolvency petition if there’s also an out-of-state ancillary estate still pending? NC

When is the right time to file an insolvency petition if there’s also an out-of-state ancillary estate still pending? – North Carolina Short Answer In North Carolina, the practical “right time” to file an insolvency petition is usually when the executor can show the Clerk of Superior Court (estate division) a reliable, near-final picture of…

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Probate Q&A Series

How long does probate usually take when there is a will? NC

How long does probate usually take when there is a will? – North Carolina Short Answer In North Carolina, probate with a will often takes several months to more than a year, depending on how quickly the personal representative can gather assets, handle creditor issues, and file the required paperwork with the Clerk of Superior…

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Probate Q&A Series

What documents do I need to prove there were no cryptocurrency transactions in a brokerage account during certain periods? NC

What documents do I need to prove there were no cryptocurrency transactions in a brokerage account during certain periods? – North Carolina Short Answer In a North Carolina estate accounting, the cleanest way to show “no crypto activity” during specific periods is to obtain brokerage records that list all activity (not just buy/sell events) for…

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Probate Q&A Series

How do executor fees or commissions work when the estate is insolvent and the main asset is being sold to pay secured debt? NC

How do executor fees or commissions work when the estate is insolvent and the main asset is being sold to pay secured debt? – North Carolina Short Answer In North Carolina, an executor’s commission is not automatic in an insolvent estate. The Clerk of Superior Court typically allows a reasonable commission only after reviewing the…

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Surplus Funds Q&A Series

What happens to other debts like credit cards when surplus funds are being calculated and distributed? NC

What happens to other debts like credit cards when surplus funds are being calculated and distributed? – North Carolina Short Answer In North Carolina, surplus funds from a foreclosure sale are not automatically used to pay ordinary unsecured debts like credit cards. The sale proceeds are applied in a set order (sale costs, certain taxes/assessments,…

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