Short Answer

In North Carolina, start by separating nonprobate assets (like life insurance and retirement accounts with named beneficiaries) from probate assets. As co-personal representatives, you can request information from insurers, employers, and financial institutions using a death certificate and your Letters. File the estate inventory within three months and use court tools if a third party will not cooperate. Beneficiary designations usually control unless the estate is the named beneficiary.

Understanding the Problem

In North Carolina probate, co-personal representatives want to know whether they can identify a deceased parent’s life insurance or retirement accounts and what steps they must take, and when, to do that. One key fact: the estate includes joint bank accounts and there may be an LLC interest.

Apply the Law

North Carolina law distinguishes between probate assets (estate-controlled) and nonprobate assets (which pass by title or beneficiary designation). Life insurance and retirement benefits usually pay directly to the named beneficiary and skip probate. If the estate is the beneficiary, or if there is no valid beneficiary, those proceeds become estate assets. Co-personal representatives must inventory estate assets within three months of qualifying, publish notice to creditors, and can compel third parties to disclose or deliver estate property. Joint accounts with rights of survivorship pass to the survivor, but in limited cases a portion can be reached to pay valid estate claims if other assets are insufficient.

Key Requirements

• Authority to request records: Use your Letters and a death certificate to request policy and plan information from insurers, employers, and plan custodians.
• Nonprobate vs. probate: Benefits with a named beneficiary (life insurance, 401(k), IRA) usually bypass probate; if the estate is beneficiary or there is no valid designation, they are probate assets.
• 90-day inventory: File an inventory of estate assets within three months of qualification; file a supplemental inventory when new assets are found.
• Notice to creditors: Publish promptly and mail notice to known creditors; the claims period runs for at least three months from first publication.
• Compel disclosure/delivery: If someone holds estate property or information and will not cooperate, petition the Clerk to examine them and order delivery.
• Joint accounts nuance: Survivorship funds pass to the survivor, but a limited portion may be pulled back to pay claims if estate assets are insufficient.

What the Statutes Say

• North Carolina Gen. Stat. § 28A-20-1 (Inventory due in 3 months) – sets the 90-day inventory requirement.
• North Carolina Gen. Stat. § 28A-15-12 (Proceeding to discover assets) – allows the Clerk to examine third parties and order delivery of estate property.
• North Carolina Gen. Stat. § 41-2.1 (Joint accounts; survivorship; claims access) – explains survivorship accounts and the limited access for estate claims.
• North Carolina Gen. Stat. § 28A-14-1 (Notice to creditors) – governs publication and mailing of creditor notices.

Analysis

Apply the Rule to the Facts: As co-personal representatives, you can contact insurers and plan administrators using your Letters and a death certificate to confirm whether policies or accounts exist and who is listed as beneficiary. Because your parent died intestate, any insurance or retirement benefits payable to a named beneficiary will pass outside probate; if the estate is listed (or no beneficiary is valid), include them in the inventory. Your joint bank accounts likely pass to the survivor, but you must still list the estate’s accessible assets and may seek limited recovery to pay claims if estate funds fall short. The possible LLC interest should be requested from the company (operating agreement, K-1s) and listed as an asset if owned at death.

Process & Timing

1. Who files: Co-personal representatives. Where: Clerk of Superior Court, Estates Division in the county of domicile. What: File the INVENTORY FOR DECEDENT’S ESTATE (AOC‑E‑505); file AFFIDAVIT OF NOTICE TO CREDITORS (AOC‑E‑307) after publication/mailing. When: Inventory due within 3 months of qualification; publish creditor notice promptly after qualifying.
2. Send written requests to insurers, employers/HR, and custodians (banks, brokerage, IRA/401(k) providers) with your Letters and a certified death certificate asking for policy/plan confirmation and beneficiary information. If a company refuses to cooperate, initiate a proceeding to discover assets with the Clerk.
3. File supplemental inventory if you uncover new assets; after the claims window closes and debts/expenses are resolved, complete the final account and close the estate.

Exceptions & Pitfalls

• Beneficiary designations control; if a child or spouse is named, those benefits bypass the estate. They become estate assets only if the estate is the beneficiary or the designation fails.
• Joint accounts with survivorship are nonprobate; do not rely on them to fund estate expenses unless other estate assets are insufficient and the statute allows limited recovery.
• If a third party will not disclose records, use the Clerk’s proceeding to discover assets to compel information or delivery.
• If the surviving spouse has diminished capacity, an agent under a power of attorney or a court‑appointed guardian may need to act to claim benefits like a year’s allowance or to manage inherited funds.
• Fee choices (flat vs. hourly) depend on complexity, unknown assets, and potential disputes; ask for a written fee agreement and updates as the inventory develops.

Talk to a Probate Attorney

If you’re dealing with locating life insurance or retirement accounts during a North Carolina 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.