Short Answer

In North Carolina, the personal representative (executor or administrator) must first qualify with the Clerk of Superior Court and open an estate checking account using the estate’s EIN. Then, ask the brokerage to retitle the decedent’s account into the name of the estate and liquidate or transfer assets so proceeds can be deposited into the estate account. Brokers typically require your Letters (recently dated), death certificate, an affidavit of domicile, and a medallion signature guarantee. If the account was joint or TOD, it may pass outside the estate unless needed to pay debts.

Understanding the Problem

You want to move a deceased person’s stocks, mutual funds, or cash held in a brokerage account into the estate checking account to pay bills and administer the estate. This is a probate step in North Carolina handled by the court‑appointed personal representative with authority from the Clerk of Superior Court.

Apply the Law

Under North Carolina law, once appointed, the personal representative controls the decedent’s personal property, including brokerage assets, and may sell or transfer them as needed to administer the estate. The estate must be opened in the county of domicile, and a 90‑day inventory is due after qualification. Brokerages usually won’t allow transactions until the account is retitled into the estate’s name. If the brokerage account was set up with survivorship or transfer‑on‑death (TOD) terms, those assets may not be estate property unless the estate needs them to pay valid claims.

Key Requirements

• Qualification and Letters: Be appointed by the Clerk of Superior Court and obtain Letters Testamentary or Letters of Administration.
• Estate Bank Account and EIN: Open an estate checking account using an IRS‑issued EIN (not the decedent’s SSN).
• Brokerage Retitling Packet: Provide the broker with current Letters, certified death certificate, affidavit of domicile, W‑9 for the estate EIN, and any broker forms; many require a medallion signature guarantee.
• Estate Control and Liquidation: After retitling to the estate, instruct the broker to sell or transfer in kind; deposit proceeds to the estate account and track all receipts/disbursements.
• Inventory and Accounting: List the securities (with date‑of‑death values) on the 90‑day inventory; later accountings must show all sales and deposits.
• Nonprobate Registrations: Joint-with‑survivorship or TOD registrations generally pass outside probate; the PR may recover only if needed to pay estate debts and costs.

What the Statutes Say

• N.C. Gen. Stat. § 28A‑15‑1 (Right to possession of personal property) — PR takes possession/control of the decedent’s personal property.
• N.C. Gen. Stat. § 28A‑13‑3 (Powers of personal representative) — PR may manage, sell, and collect personal property for administration.
• N.C. Gen. Stat. § 28A‑20‑1 (Inventory due within three months) — Inventory with date‑of‑death values is due 3 months after qualification.
• N.C. Gen. Stat. § 28A‑15‑10 (Limited right to recover nonprobate assets) — PR may recover survivorship/TOD assets only as needed to pay estate claims.

Analysis

Apply the Rule to the Facts: With no specific facts provided, assume you are the newly appointed PR. Your Letters give you control of the decedent’s brokerage assets (Rule: possession and powers). You open an estate checking account using an EIN and request the broker to retitle the “street name” account into the estate (Rule: brokerage requires PR documentation). After retitling, you liquidate or transfer in kind and deposit proceeds to the estate account, then report the holdings and date‑of‑death values on the 90‑day inventory (Rule: inventory deadline).

Process & Timing

1. Who files: Proposed executor/administrator. Where: Clerk of Superior Court (Estates Division) in the North Carolina county of domicile. What: Apply using AOC‑E‑201 (will) or AOC‑E‑202 (no will); obtain Letters; get an EIN (IRS Form SS‑4); consider filing IRS Form 56. When: As soon as practicable after death; the inventory is due within 3 months of qualification.
2. Brokerage retitling: Send the broker a request to convert the account to “Estate of [Decedent]” and include: current Letters (often within 60 days), certified death certificate, affidavit of domicile, W‑9 for the estate EIN, and any required broker forms/medallion guarantee. Processing can take 1–3+ weeks depending on the firm.
3. Liquidate/transfer and deposit: After the account is in the estate’s name, instruct the broker to sell or transfer in kind. Deposit sale proceeds to the estate checking account. Track each receipt/disbursement for accountings and list the securities with date‑of‑death values on the 90‑day inventory.

Exceptions & Pitfalls

• Nonprobate registrations: Joint-with‑survivorship or TOD brokerage accounts usually pass to the named survivor/beneficiary; you can seek recovery only if the estate lacks funds to pay valid claims.
• Documentation gaps: Brokers often require Letters dated within the last 60 days, a medallion signature guarantee, and an affidavit of domicile; missing items delay transfers.
• Use the estate EIN: Do not use the decedent’s SSN for the estate bank or brokerage account.
• Valuation details: Capture date‑of‑death pricing for each security (often high/low or close) for the inventory and tax reporting.
• Encumbered/margin positions: Pledged or margin accounts may require payoff or special handling before liquidation.

Talk to a Probate Attorney

If you’re dealing with a brokerage firm and need to move investments into the estate account, 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.