How to Obtain Bank Statements and Identify Business Assets in North Carolina Probate
1. Detailed Answer
When you serve as a personal representative in a North Carolina probate estate, you must locate and value all assets, including bank accounts and business interests. You follow steps set out in Chapter 28A of the North Carolina General Statutes to collect records and list assets accurately.
Request Bank Records
First, contact each financial institution holding accounts in the decedent’s name. Provide the bank with your Letter of Testamentary or Letters of Administration. These letters prove your authority. You can ask the bank to send statements for a specified period. If a bank refuses, you may file a petition under G.S. 28A-12-3 (ncleg.gov/GS_28A-12-3) to issue an order requiring disclosure.
Search Personal Records
Review the decedent’s home, office, safe deposit boxes, and email. Look for bank statements, check registers, or online banking printouts. Cross-check account numbers and balances with the banks’ records to confirm completeness.
Identify Business Interests
Many decedents own business assets in corporations, partnerships, or sole proprietorships. To identify these:
- Examine articles of incorporation or partnership agreements.
- Check Annual Reports filed with the Secretary of State.
- Review the decedent’s tax returns for S-corporation, partnership, or Schedule C information.
Once you locate ownership documents, obtain certified copies. Determine the value by reviewing recent financial statements, tax returns, or a market-based appraisal.
Prepare the Inventory
Under G.S. 28A-15-2 (ncleg.gov/GS_28A-15-2), you must file an inventory listing every asset and its value. Include bank account balances as of the date of death. For business assets, list each entity, percentage interest, and fair market value. Failing to report an asset can expose you to personal liability.
2. Key Steps to Obtain Bank Statements and Identify Business Assets
- Gather letters of testamentary or administration.
- Contact each bank with your letters and request statements.
- Search the decedent’s records for account information.
- Review corporate or partnership filings with the Secretary of State.
- Inspect tax returns to uncover business interests.
- Obtain certified copies of ownership documents.
- Determine fair market value through statements, returns, or appraisal.
- File a complete inventory under G.S. 28A-15-2 within the required timeframe.
Conclusion and Call to Action
Collecting bank statements and identifying business assets can feel overwhelming. Proper documentation and timely filings protect you from liability and ensure the estate administration proceeds smoothly. If you need guidance, Pierce Law Group has attorneys with years of probate experience ready to help. Contact us today by emailing intake@piercelaw.com or calling (919) 341-7055.
