How Are Household Furnishings Valued, Amended, and Reported in North Carolina Probate?
1. Detailed Answer
When someone dies in North Carolina, the personal representative must identify and value all estate assets, including household furnishings. North Carolina law treats household furnishings as personal property. The process involves three main steps: appraisement, amendment (if needed), and reporting.
Appraisement of Household Furnishings
- Who Appraises? Your personal representative selects three disinterested adults to serve as appraisers. See N.C.G.S. § 28A-23-1 for appointment rules.
- Oath and Inspection Each appraiser takes an oath to value assets fairly and inspects the furnishings in the home. They rank items by category or list individual pieces.
- Fair Market Value Appraisers assign the fair market value on the date of death. Fair market value is the price a willing buyer would pay a willing seller in an open market.
- Inventory Form The personal representative compiles the appraised values on the official inventory form. North Carolina requires that this form reach the clerk of superior court within 90 days of qualification. See N.C.G.S. § 28A-19-3.
Amending an Inventory
Sometimes the personal representative discovers new assets or corrects errors in the original inventory. North Carolina allows amendments:
- Prepare an Amended Form Mark the new inventory as “Amended.” List only the items and values that changed, along with a brief explanation.
- File with the Court Deliver the amended inventory to the clerk of superior court as soon as possible. North Carolina does not set a strict deadline for amendments, but you should act promptly after discovery.
- Notify Interested Parties Send a copy of the amended inventory to all heirs, devisees, and creditors to ensure full notice of the corrected values.
Reporting to the Court and Tax Authorities
- Court File The clerk of superior court keeps all original and amended inventories in the estate file. These records remain public unless the court orders sealing.
- Estate Tax Returns If the estate exceeds federal or North Carolina filing thresholds, the personal representative reports the fair market values on the required returns. Consult North Carolina Department of Revenue guidelines.
- Family Allowance Computation Household furnishings figure into the family allowance under N.C.G.S. § 28A-18-2. A surviving spouse may claim up to $30,000 in household furnishings as part of the allowance.
2. Key Takeaways
- Household furnishings qualify as personal property under North Carolina probate law.
- Three disinterested appraisers assign fair market values on the date of death (N.C.G.S. § 28A-23-1).
- An original inventory must reach the clerk within 90 days of the personal representative’s qualification (N.C.G.S. § 28A-19-3).
- File an amended inventory promptly upon discovering omissions or errors; serve all interested parties.
- Report values on estate tax returns if thresholds apply and include furnishings in the family allowance calculation (N.C.G.S. § 28A-18-2).
Need Help with Probate Valuations?
Valuing, amending, and reporting household furnishings in probate can feel overwhelming. Our attorneys at Pierce Law Group guide you through each step. We handle inventory preparation, amendments, and filings so you meet all deadlines and comply with North Carolina law.
Contact Pierce Law Group today. Email intake@piercelaw.com or call (919) 341-7055 to schedule a consultation.
