Dec272025
Probate Q&A Series

Can unclaimed property held in a brokerage account after death be listed as estate receipts? – North Carolina

Short Answer

Yes, in North Carolina, unclaimed property proceeds that are received by the personal representative after the date of death are typically reported as estate receipts on the estate accounting, even if the underlying asset existed at death. Separately, the asset (or claim) should also be reflected on the inventory as of the date of death if it was owned at death, with a date-of-death value (or listed as undetermined if a value cannot yet be confirmed). The key is to avoid counting the same value twice by clearly tying the later receipt to the inventory item.

Understanding the Problem

In North Carolina estate administration, a personal representative often asks: can money that shows up later as “unclaimed property,” and is then deposited into a brokerage account after the decedent’s death, be treated as a receipt on the estate’s accounting? The decision point is whether the item is being reported as property owned on the date of death (inventory) or as money collected by the estate during administration (receipts), and how to report both without double counting.

Apply the Law

North Carolina requires a personal representative to file an inventory that lists property owned as of the date of death, using fair market value as of that date. If additional estate property is discovered later, the personal representative generally must report it to the Clerk of Superior Court, either by filing a supplemental inventory or by reporting it through the annual/final account practice accepted in many counties. Separately, the annual and final accounts report what happened after qualification, including receipts collected and disbursements paid, while estate assets remain in the personal representative’s possession or control.

Key Requirements

  • Date-of-death inventory concept: Assets owned by the decedent at death are listed on the inventory with a date-of-death value (or “undetermined” when valuation is pending and cannot be confirmed yet).
  • Receipts vs. assets on hand: Money or property actually collected by the estate during administration (for example, a check or ACH deposit from an unclaimed property claim) is reported as a receipt on the estate accounting for the period in which it is received.
  • Supplemental reporting of later-discovered items: When property not included in the inventory later becomes known, North Carolina law directs the personal representative to file a supplemental inventory, though local practice may allow the change to be reflected in the accounting if it is clearly described.

What the Statutes Say

Analysis

Apply the Rule to the Facts: The facts describe unclaimed property records tied to the grandparent, including liquidation proceeds deposited into a brokerage account after death, and some items that were created years later. If an asset belonged to the grandparent at death (for example, a brokerage position or cash balance that was later identified and recovered), it fits the inventory concept and should be described on the inventory as of the date of death, with a date-of-death value if it can be documented. When the unclaimed property claim is paid during administration and deposited to an estate-controlled account, that deposit is a receipt for the accounting period in which it was received, and the accounting description should cross-reference the inventory line item so the value is not counted twice.

Process & Timing

  1. Who files: The personal representative. Where: The Clerk of Superior Court (Estates) in the county where the estate is administered in North Carolina. What: File the inventory (commonly on the AOC inventory form used for decedents’ estates) listing property owned at death, including brokerage holdings and any claimable property identified as belonging to the decedent at death. When: File the inventory within the deadline set by North Carolina practice (often referred to as the “90-day inventory” deadline from qualification).
  2. Track unclaimed property recovery as administration activity: When a holder or the State returns funds (or liquidation proceeds) and they are deposited into an estate account or estate brokerage account, record the deposit date, payer/source, and what it represents. Report that deposit as a receipt on the next annual or final account covering that period.
  3. Update the inventory if needed: If the inventory did not include the asset/claim at all, consider filing a supplemental inventory, or (if local practice allows) make the accounting entry detailed enough to show the later-discovered asset and its connection to the estate, and be prepared for the Clerk to request a supplement.

Exceptions & Pitfalls

  • Double counting: A common mistake is listing the same recovered amount as a date-of-death asset (inventory) and also treating the same amount as a “new” asset in the accounting without a cross-reference. The safer approach is: inventory shows what existed at death; accounting shows collection of it, tied back to the inventory line.
  • Asset did not exist at death: If an “unclaimed property” item was created years later and did not represent something owned at death, it generally does not belong on the date-of-death inventory as an asset owned at death. It is more appropriately shown as a receipt when received (with an explanation of the source and why it became payable later).
  • Title and account control issues: With brokerage assets, firms often require the account to be retitled into the estate before allowing transactions. If liquidation occurred after death, the accounting should reflect what was held at death (inventory) and then show the conversion to cash as part of administration activity.
  • Escheat/no-heirs situations: Different reporting rules can apply where an intestate estate has no known heirs and unclaimed assets must be paid to the State Treasurer and shown as a disbursement in the final account.

Conclusion

In North Carolina, unclaimed property proceeds that come into the personal representative’s control after death are generally reported as estate receipts on the accounting for the period received. If the underlying property was owned on the date of death, it should also appear on the inventory as of the date of death at fair market value (or as undetermined), with the later receipt clearly tied to that inventory item to avoid double counting. The next step is to file the inventory with the Clerk of Superior Court within the applicable inventory deadline.

Talk to a Probate Attorney

If an estate accounting needs to separate date-of-death assets from later receipts (including unclaimed property and brokerage proceeds), our firm has experienced attorneys who can help explain what the Clerk will expect and how to document the entries. 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.

Category: Probate Q&A Series

Author: jpierce

Attorney Jared Pierce is the founder of Pierce Law Group in Raleigh, North Carolina, a firm he established with a dedicated focus on probate administration and estate planning across North Carolina. Born and raised in the Republic of South Africa, Jared moved to Durham with his family in 2001, bringing with him a rich cultural background and a distinctive accent that often serves as a conversation starter.