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Probate Q&A Series

What happens if the remainder beneficiaries want to force a sale while the surviving spouse has a life estate? nc

What happens if the remainder beneficiaries want to force a sale while the surviving spouse has a life estate? – North Carolina Short Answer In North Carolina, remainder beneficiaries usually cannot force the surviving spouse (the life tenant) to move out just because they want to sell. However, the remainder beneficiaries can file a partition…

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Probate Q&A Series

How do we decide whether to sell all of the inherited land or only enough to cover the estate’s debts and expenses? nc

How do we decide whether to sell all of the inherited land or only enough to cover the estate’s debts and expenses? – North Carolina Short Answer In North Carolina, the personal representative (executor/administrator) decides what estate assets to use to pay valid debts, taxes, and administration expenses, and the decision should be based on…

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Probate Q&A Series

Do beneficiaries have any right to stop or delay a sale if the executor is rushing to accept an offer or won’t communicate with the family? nc

Do beneficiaries have any right to stop or delay a sale if the executor is rushing to accept an offer or won’t communicate with the family? – North Carolina Short Answer In North Carolina, beneficiaries usually do not have to “sign off” on an executor’s sale of estate property, and an executor can often move…

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Probate Q&A Series

What happens to sale proceeds from corporate property when there is a dispute over who owns a minority interest—can the company distribute the money to someone else? nc

What happens to sale proceeds from corporate property when there is a dispute over who owns a minority interest—can the company distribute the money to someone else? – North Carolina Short Answer In North Carolina, when a closely held corporation knows there is a real dispute about who owns a minority interest, distributing sale proceeds…

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Guardianship Q&A Series

How do I stop a stranger or new acquaintance from becoming the representative payee or controlling my adult child’s disability benefits? NC

How do I stop a stranger or new acquaintance from becoming the representative payee or controlling my adult child’s disability benefits? – North Carolina Short Answer In North Carolina, the most practical way to reduce the risk of a stranger controlling an adult child’s disability benefits is to (1) move quickly to establish a court-supervised…

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Guardianship Q&A Series

Will a memory care facility accept my out-of-state guardianship paperwork, or do I need the new state’s court order first? NC

Will a memory care facility accept my out-of-state guardianship paperwork, or do I need the new state’s court order first? – North Carolina Short Answer In North Carolina, a memory care facility will often review out-of-state guardianship documents, but many facilities will not treat them as fully usable authority until the guardianship is recognized in…

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Probate Q&A Series

What can I do if a bank only provides partial statements for a deceased account holder’s accounts? nc

What can I do if a bank only provides partial statements for a deceased account holder’s accounts? – North Carolina Short Answer In North Carolina, the personal representative (executor/administrator) generally has authority to collect the decedent’s financial records needed to administer the estate. If a bank sends only partial statements, the usual next steps are…

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Probate Q&A Series

Can the estate distribute retirement-plan funds before the final income tax and estate tax issues are resolved? nc

Can the estate distribute retirement-plan funds before the final income tax and estate tax issues are resolved? – North Carolina Short Answer Sometimes, but it depends on who legally owns the retirement-plan funds and whether the personal representative can safely hold back enough money to cover taxes and other estate costs. In North Carolina, a…

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Real Estate Q&A Series

Should I buy the building through a separate property-holding company, and should my other business entities guarantee the loan? nc

Should I buy the building through a separate property-holding company, and should my other business entities guarantee the loan? – North Carolina Short Answer Often, a North Carolina commercial purchase is structured with a separate property-holding entity (commonly an LLC) as the borrower and owner, because it can help isolate real estate risks from operating-business…

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