Do I need appraisals for real estate, vehicles, and personal property listed in the inventory? – North Carolina

Short Answer

North Carolina law does not automatically require appraisals to file the estate inventory. The personal representative must report fair market value for each asset as of the date of death, and may use a disinterested appraiser when needed. If an appraisal is used, list the appraiser’s name and address with the item. If a valuation is still in progress, the item can be marked as “undetermined” and updated later.

Understanding the Problem

In North Carolina probate, the question is whether a personal representative must obtain appraisals for real estate, vehicles, and other personal property when filing the inventory. The decision centers on how to report fair market value within the required filing window after qualification with the Clerk of Superior Court.

Apply the Law

Under North Carolina law, the personal representative files an inventory that lists estate assets with fair market values as of the date of death. Appraisals are optional tools to help establish value; the clerk can require more detail or support if values appear incomplete or inaccurate. Real property is listed only when it is part of the estate the personal representative controls or when proceeds from a sale come into the estate. The Clerk of Superior Court is the filing forum, and the inventory is due within three months of qualification unless the clerk grants more time.

Key Requirements

• File on time: Submit the inventory within three months of qualification with the Clerk of Superior Court; request a short extension if needed.
• Use date-of-death value: Report fair market value as of the date of death for each listed asset.
• Appraisals are optional: A disinterested appraiser may be used to determine value; include the appraiser’s name and address if used.
• Detail matters: Identify vehicles by VIN, title number, make/model, and value; identify real property by address and legal description or PIN if it is part of the estate being administered.
• Update when needed: If an item’s value is unknown at filing, note it as “undetermined” and file a supplemental inventory when the value is established.

What the Statutes Say

• North Carolina Gen. Stat. § 28A-20-1 (Inventory contents and timing) – Requires a just and true inventory; due within three months after qualification.
• North Carolina Gen. Stat. § 28A-20-2 (Failure to file; extensions) – Clerk may order filing, grant time, or take enforcement action.
• North Carolina Gen. Stat. § 28A-20-3 (Supplemental inventory) – File updates if assets or values change or were omitted.
• North Carolina Gen. Stat. § 28A-20-4 (Appraisers) – Allows, but does not require, use of disinterested appraisers and requires listing their name and address if used.

Analysis

Apply the Rule to the Facts: No facts were provided. For a typical estate, vehicles can be valued using market guides or dealer quotes as of the date of death without a formal appraisal, unless the items are unusual or heavily modified. Household goods and ordinary furnishings are usually valued at resale/estate-sale fair market value; an appraisal becomes useful for collectibles or fine art. Real property is listed only if it is part of the estate the personal representative controls or if sale proceeds will come into the estate; in those cases, a comparative market analysis or appraisal may be helpful but is not mandated.

Process & Timing

1. Who files: Personal representative or collector. Where: Clerk of Superior Court in the county of appointment (North Carolina). What: Inventory for Decedent’s Estate (AOC‑E‑505). When: Within three months after qualification; request an extension from the clerk in writing if needed.
2. Valuation support: Gather bank/financial statements, vehicle details (VIN, title number, make/model), and fair market value sources; use a disinterested appraiser when necessary. If an appraisal is pending, list value as “undetermined” and supplement once received. County practices on supporting documents can vary.
3. Finalize: File any supplemental inventory if new assets are discovered or values change. Continue with annual/final accounts as required by statute.

Exceptions & Pitfalls

• Real property scope: Do not list real property unless it is part of the estate the personal representative controls or the proceeds will come into the estate; otherwise, describe it only where required by the form rules.
• Undervaluing assets: Inventory fees are based on personal property value and certain realty proceeds received by the estate; undervaluation can cause issues later. Use credible sources or an appraiser for unique items.
• Missing identifiers: Omitting VINs or legal descriptions can trigger clerk requests for more detail and delay acceptance.
• Forgetting to update: If values were estimated or undetermined, file a supplemental inventory once you have accurate figures.
• Appraiser disclosure: If you use an appraiser, include the appraiser’s name and address with the item in the inventory.

Talk to a Probate Attorney

If you’re dealing with how to value real estate, vehicles, and personal property for an estate inventory, 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.