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Probate Q&A Series

How do I match estate tax returns with partnership records to separate estate assets in the State of North Carolina probate and partition?

How do I match estate tax returns with partnership records to separate estate assets in the State of North Carolina probate and partition? Detailed Answer When a decedent holds a partnership interest, the personal representative must identify and value that interest before distribution. Start by reviewing the federal estate tax return (IRS Form 706) if…

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Probate Q&A Series

What are the steps to transfer a deceased spouse’s corporation and open an estate bank account in North Carolina?

Transferring a Deceased Spouse’s Corporation and Opening an Estate Bank Account in North Carolina When a spouse passes away owning shares in a corporation, you must navigate both probate and corporate law to transfer ownership and manage estate funds. This guide walks you through the process under North Carolina law. 1. Apply for Probate and…

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Probate Q&A Series

How do I transfer my late spouse’s corporate interests into his intestate probate estate in North Carolina?

How to Transfer Your Late Spouse’s Corporate Interests into His Intestate Probate Estate in North Carolina Detailed Answer When your spouse dies without a will in North Carolina, the estate passes under the intestacy rules in Chapter 29 of the North Carolina General Statutes. Corporate interests—like shares in a corporation or membership units in a…

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Probate Q&A Series

How are IRAs and Roth IRAs transferred to beneficiaries or through probate after the account holder’s death in North Carolina?

How are IRAs and Roth IRAs transferred to beneficiaries or through probate after the account holder’s death in North Carolina? 1. Detailed Answer When an IRA or Roth IRA owner dies in North Carolina, the account normally passes directly to the named beneficiary. This transfer relies on the beneficiary designation form maintained by the financial…

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