Jan22026
Probate Q&A Series

Do I need to file an inventory or interim accounting and adjust my executor bond based on the estate’s value? – North Carolina

Short Answer

In North Carolina, a personal representative (executor) generally must file a 90-day inventory with the Clerk of Superior Court within three months after qualification, and then file accounts (annual and final) showing all receipts and disbursements until the estate closes. The executor bond amount is tied mainly to the value of estate personal property under the executor’s control, not the value of real estate, and the Clerk can require a higher bond if the estate value or risk changes. If additional assets are discovered or values change materially, the estate may need a supplemental inventory or another filing the Clerk accepts to keep the record accurate.

Understanding the Problem

In North Carolina probate, an executor who has qualified before the Clerk of Superior Court must decide what filings are required to report what the estate owns and how money moves through the estate. The question is whether North Carolina requires an inventory or an interim accounting during administration, and whether the executor bond must be adjusted when the estate’s value becomes clearer after accounts are closed, debts are paid, and funds are moved into estate accounts. Timing matters because the inventory and later accountings are due on set schedules after qualification and during administration.

Apply the Law

North Carolina estate administration is supervised by the Clerk of Superior Court. After qualification, the personal representative typically must file an inventory within three months, listing estate property and values as of the date of death. After that, the personal representative must file accountings (often annually and then a final account) that show money coming in and going out, supported by documentation. Bond is intended to protect interested persons and creditors if the personal representative mishandles estate assets; the bond amount is generally based on the personal property the personal representative controls, and the Clerk can modify the bond if circumstances change.

Key Requirements

  • Timely inventory: File a detailed inventory of estate assets and date-of-death values with the Clerk within the required time after qualification (commonly called the “90-day inventory”).
  • Ongoing accounting: File accountings that list receipts and disbursements during administration (often an annual account and then a final account if the estate closes before the next annual due date).
  • Bond coverage matches controlled personal property: Maintain a bond amount that covers the estate personal property under the personal representative’s control, and be prepared to increase or modify the bond if the Clerk requires it after the inventory or later filings clarify values.

What the Statutes Say

Analysis

Apply the Rule to the Facts: Here, the estate’s U.S. probate assets appear limited to a bank account and a refund check, and the executor plans to close the decedent’s account, pay a margin loan, and move funds into new estate checking and investment accounts. Those steps place personal property under the executor’s control, which is exactly what the inventory and later accountings must track. If the inventory later shows higher (or lower) controlled personal property than expected, or if additional assets are discovered, the Clerk can require a bond modification to match the risk and the amount of personal property being administered.

Process & Timing

  1. Who files: The executor/personal representative. Where: The Estates Division of the Clerk of Superior Court in the county where the estate is opened in North Carolina. What: A 90-day inventory (often filed on AOC-E-505, Inventory for Decedent’s Estate, or a county-accepted equivalent) and, when required by the Clerk, an affidavit/proof related to the notice to creditors. When: File the inventory within 3 months after qualification, unless the Clerk grants a short extension for good cause.
  2. Interim/annual accounting: File an annual account covering receipts and disbursements for the accounting period the Clerk requires (many estates use a one-year cycle). Provide supporting documentation (“vouchers”) for disbursements as the Clerk requires.
  3. Final accounting and closing: After debts, expenses, and claims are handled and distributions are made, file a final account to close the estate. If the estate closes before the next annual account is due, the final account often replaces the annual account for that period.

Exceptions & Pitfalls

  • Bond can change after the inventory: If the preliminary information at qualification was incomplete, the Clerk may start with a minimum bond and then require an increase after the 90-day inventory clarifies what the executor controls.
  • Personal property control drives bond more than “estate value” in the abstract: Bond calculations usually focus on personal property under the executor’s control; real estate is often treated differently for bond purposes. Moving funds into new estate accounts can increase the amount of controlled personal property that must be covered.
  • Inventory must reflect date-of-death values: The inventory is not a rough estimate; it should use accurate balances/values as of the date of death. If values are unknown (for example, pending statements or appraisals), some Clerks accept an “undetermined” value temporarily, but the record should be corrected when information becomes available.
  • Supplemental inventory issues: North Carolina law contemplates a supplemental inventory when additional assets are discovered or the original inventory is materially wrong. In practice, some Clerks allow certain updates to appear on an annual or final account instead, but relying on that approach can create delays if the Clerk insists on a supplemental inventory.
  • Documentation and audit readiness: Annual/final accounts typically require backup for disbursements. Paying debts (like a loan payoff) and transferring funds between estate accounts should be clearly documented so the accounting ties out.

Conclusion

In North Carolina, an executor generally must file a 90-day inventory with the Clerk of Superior Court within three months after qualification and then file accountings (annual and final) showing receipts and disbursements until the estate closes. The executor bond is tied mainly to the personal property the executor controls, and the Clerk can require a bond modification if the inventory or later filings show a higher amount at risk. Next step: file the estate’s inventory with the Clerk within 3 months of qualification (or request an extension before the deadline if needed).

Talk to a Probate Attorney

If an estate has limited U.S. assets, foreign assets outside the probate, and planned transfers between accounts, it helps to confirm the required inventory, interim/annual accounting schedule, and whether the bond amount should be modified as values become clear. Our firm has experienced attorneys who can help explain 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.

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.