Short Answer

Yes. In North Carolina, the personal representative (executor or administrator) has authority to obtain records and claim any retirement or insurance proceeds that are payable to the estate when no beneficiary is designated. If an account is “closed” or shows a zero balance, you still should confirm that status in writing, check plan/policy defaults, and search for unclaimed property. If proceeds are payable to the estate, they become probate assets and must be inventoried and used to pay valid claims before distribution.

Understanding the Problem

In North Carolina probate, can an executor manage retirement and insurance accounts that show no beneficiaries, or appear closed or depleted, especially where the decedent’s home is at risk of foreclosure? This question focuses on whether you can access information, confirm if anything is still payable, and, if so, bring those funds into the estate to handle debts and administration.

Apply the Law

Under North Carolina law, the personal representative (PR) must marshal the decedent’s personal property, including financial accounts and contract benefits payable to the estate, and file an Inventory with the Clerk of Superior Court. When a retirement account or life insurance policy has no living beneficiary, the plan or policy’s default terms often direct payment to the estate. The PR may request records from custodians, insurers, and plan administrators, and may bring an estate proceeding through the Clerk to compel information or turnover of property. The main forum is the Clerk of Superior Court (Estates Division) in the county of domicile, and a sworn Inventory is due within three months of qualification.

Key Requirements

• Authority to obtain information: As PR, you can request account and policy records, confirmation of balances, and payment instructions; if a holder refuses, you can seek an order to examine and compel turnover.
• Default payee rules: If no beneficiary survives, life insurance proceeds and certain retirement benefits commonly default to the estate under the contract; verify each plan/policy.
• Inventory and account: List any proceeds or confirmed zero balances appropriately and file supplemental inventories if assets are later found.
• Use of funds: Estate-received proceeds are probate assets and must be applied to costs of administration and valid creditor claims before any distribution.
• Unclaimed property: If a custodian reports an account as abandoned, the PR may claim it from the State Treasurer.
• Retirement distribution timing: If the estate is the beneficiary and the decedent did not take the year-of-death required minimum distribution (RMD), the PR should ensure it is taken by year-end; other payout rules depend on the decedent’s age at death and the plan type.

What the Statutes Say

• N.C. Gen. Stat. § 28A-13-3 (Powers of personal representative) – PR may take possession, receive assets, and act to collect estate property.
• N.C. Gen. Stat. § 28A-20-1 (Inventory within three months) – Sworn Inventory due within three months of qualification; supplement as needed.
• N.C. Gen. Stat. § 28A-15-12 (Proceedings to discover assets) – PR may examine persons believed to hold estate property and seek recovery.
• N.C. Gen. Stat. § 116B-67 (Claims for unclaimed property) – Process to recover abandoned property from the State Treasurer.

Analysis

Apply the Rule to the Facts: As executor, you may request complete records from insurers and retirement plan custodians to confirm whether any proceeds are payable to the estate. If no beneficiary was in place, many policies and plans default to the estate; those funds would be inventoried and can be used toward administration costs and valid debts, such as mortgage arrears. If an account is reported “closed” or $0, you should obtain written confirmation, check for any year-of-death distributions, and search unclaimed property; if a holder refuses to cooperate, you can seek an order through the Clerk.

Process & Timing

1. Who files: Personal representative (executor/administrator). Where: Clerk of Superior Court, Estates Division, in the decedent’s North Carolina county of domicile; and directly with insurers/plan administrators. What: Inventory (AOC‑E‑505) and, if needed, a verified petition to examine persons/property under § 28A‑15‑12. When: File the Inventory within three months of qualification; file a supplemental inventory if you later locate assets.
2. Request plan/policy documents and written confirmations (beneficiary status, balance at death, and payout/default terms). If the estate is the beneficiary, submit the insurer’s or plan’s claim forms with Letters, a death certificate, and any required disclosures. If a custodian is nonresponsive, file the § 28A‑15‑12 petition with the Clerk; the matter can proceed in the estate file and be transferred to Superior Court if appropriate.
3. Receive any proceeds into an estate account, report them on accounting, apply funds to costs and valid claims in proper order, and distribute any remainder per the will or intestacy. If nothing exists, maintain the confirmations in your file and proceed with closing once administration steps are complete.

Exceptions & Pitfalls

• Policy/plan defaults vary: some life insurance contracts without a beneficiary direct payment to heirs-at-law rather than the estate—read the policy.
• If a beneficiary existed at death, proceeds typically bypass probate and the PR usually has no authority to collect them; they are generally not available to estate creditors.
• Retirement accounts payable to the estate have required distribution rules; missing a year-of-death RMD can create tax exposure.
• Do not assume a “closed” or $0 account is finished—obtain written confirmation, check for trailing credits, and search unclaimed property before you move on.
• If a bank, insurer, or plan administrator refuses to share records or funds, use the Clerk’s § 28A‑15‑12 process to examine and compel turnover.

Talk to a Probate Attorney

If you’re dealing with beneficiary‑less retirement or insurance accounts and need to know what you can collect for the estate, our firm has experienced attorneys who can help you understand your options and timelines. Call us today at 919-341-7055.

Disclaimer: This article provides general information about North Carolina law based on the single question stated above. It is not legal advice for your specific situation and does not create an attorney-client relationship. Laws, procedures, and local practice can change and may vary by county. If you have a deadline, act promptly and speak with a licensed North Carolina attorney.