How do I inventory estate assets and access a corporate bank account during North Carolina probate?

Detailed Answer

When someone passes away in North Carolina, the clerk of superior court appoints a personal representative. This person has legal authority to gather estate assets, pay debts, and distribute remaining property to heirs. Two common tasks for a personal representative are:

1. Creating a full inventory of estate assets.
2. Accessing funds held in a corporate bank account.

Here is how you handle each step under North Carolina law.

1. Inventorying Estate Assets

North Carolina General Statute §28A-13-2 requires a personal representative to file an inventory within 90 days after appointment. The inventory must list all property owned by the decedent at death, including real estate, personal property, financial accounts, investments, business interests, and any intangible assets.

Key actions:

• Obtain certified Letters Testamentary or Letters of Administration from the clerk of superior court. (See N.C. Gen. Stat. §28A-6-1.)
• Collect documents showing ownership: deeds, titles, account statements, stock certificates, safe deposit box lists.
• Determine fair market values as of the date of death. Use appraisals for real estate and personal property items of significant value.
• Complete the standard inventory form provided by the clerk’s office. Ensure you record property descriptions, values, and locations.
• File the completed inventory with the clerk of superior court within the 90-day deadline. (See N.C. Gen. Stat. §28A-13-2.)

2. Accessing a Corporate Bank Account

If the decedent served as an officer, director, or shareholder of a corporation, the corporate bank account remains an asset of the corporation—not directly part of the estate. The personal representative cannot simply use Letters Testamentary to withdraw funds. Instead, follow these steps:

• Obtain certified Letters Testamentary from the clerk of superior court.
• Request a certificate of corporate existence or good standing from the North Carolina Secretary of State.
• Convene a meeting of the board of directors or obtain a written corporate resolution authorizing the personal representative to act on behalf of the corporation. Under the North Carolina Business Corporation Act, the board must delegate authority in writing.
• Provide the bank with:
  • The corporate resolution.
  • Certified Letters Testamentary.
  • A copy of the corporate bylaws or operating agreement showing signatory requirements.
• Complete the bank’s signature card or account change form. The bank will verify corporate documents and update authorized signers accordingly.

Once the bank recognizes the corporate resolution and your Letters Testamentary, you can access the corporate account for legitimate corporate purposes, such as paying corporate debts or distributing dividends to shareholders.

Key Considerations

• Deadline for Inventory: File within 90 days to avoid penalties. (N.C. Gen. Stat. §28A-13-2.)
• Accurate Valuations: Obtain professional appraisals for high-value items to establish clear values.
• Separate Entities: Remember that corporations are separate legal entities. Estate assets differ from corporate assets.
• Corporate Authority: A corporate board must expressly delegate signing authority. Don’t assume banks will accept Letters Testamentary alone.
• Bank Requirements: Different banks may require additional paperwork. Contact the institution early to learn its process.

Get Help with North Carolina Probate Administration

Inventorying estate assets and accessing corporate bank accounts involve clear procedural steps under North Carolina law. If you face deadlines or complex corporate structures, you do not have to navigate this alone. Pierce Law Group’s attorneys handle probate administrations every day. Contact us to protect estate assets and fulfill your duties reliably.

Call us: (919) 341-7055
Email us: intake@piercelaw.com