Dec252025
Probate Q&A Series

How do I locate and include any retirement or investment accounts in the estate inventory? – North Carolina

Short Answer

In North Carolina, retirement and investment accounts are included in the estate inventory only if they are probate assets (for example, an account titled solely in the decedent’s name with no beneficiary designation, or an account payable to the estate). If an IRA, 401(k), or brokerage account has a named beneficiary or is registered “transfer on death” (TOD) to someone, it usually passes outside probate and is not listed on the inventory, even though it may still matter for paying debts in limited situations. Locating these accounts typically requires reviewing mail, tax records, online access, and contacting likely employers and financial institutions, then confirming the title and beneficiary status before deciding whether it belongs on the inventory.

Understanding the Problem

In North Carolina probate, a personal representative (executor) must identify what property is part of the decedent’s probate estate and then report those probate assets on the required estate inventory filed with the Clerk of Superior Court. Retirement and investment accounts can be difficult to find because statements may be electronic and because many accounts pass by beneficiary designation or by a transfer-on-death registration rather than under the will. The key decision point is whether a retirement or investment account is a probate asset that must be listed on the inventory, or a non-probate asset that generally should not be listed.

Apply the Law

North Carolina inventory rules focus on reporting probate assets that the personal representative has the right (and duty) to collect and administer. Many retirement and investment accounts transfer at death by contract (beneficiary designation) or by TOD/POD registration, so they generally do not become probate assets and are not listed on the inventory. Even when an account passes outside probate, North Carolina law can allow recovery from a TOD beneficiary or a surviving co-owner if the probate estate cannot pay valid debts.

Key Requirements

  • Confirm ownership/title: Determine whether the account was titled solely in the decedent’s name, jointly with survivorship, or held with another arrangement that affects whether it becomes a probate asset.
  • Confirm the death-transfer mechanism: Determine whether there is a beneficiary designation (common for IRAs/401(k)s) or a TOD/POD registration (common for brokerage accounts and some bank-style accounts), because that usually controls who receives the account and whether it is a probate asset.
  • Report the correct value and description: If the account is a probate asset, list it on the inventory with a complete description and a fair market value as of the date of death, following local filing expectations (for example, do not list full account numbers).

What the Statutes Say

Analysis

Apply the Rule to the Facts: The executor is investigating possible retirement or investment accounts while administering a North Carolina estate. Each located account must be screened for (1) title/ownership and (2) beneficiary/TOD/POD designations. If an IRA or brokerage account is payable to an individual beneficiary, it typically stays off the probate inventory; if it is payable to the estate or has no beneficiary and is titled solely in the decedent’s name, it generally belongs on the inventory with its date-of-death value and a clear description.

Process & Timing

  1. Who files: The executor (personal representative). Where: The Estates Division of the Clerk of Superior Court in the county where the estate is opened. What: The North Carolina estate Inventory form required by the Clerk (many counties use the AOC inventory form). When: Typically due within 3 months after qualification unless the Clerk sets a different deadline.
  2. Locate likely accounts: Gather the decedent’s mail and email (including “paperless” notices), check the decedent’s prior-year tax documents for Forms 1099 and retirement distributions, review bank statements for transfers to brokerages/retirement custodians, and identify any prior employers or unions that may have sponsored a plan.
  3. Confirm status with the institution: Contact each custodian (brokerage firm, plan administrator, bank, or credit union) and request written confirmation of (a) the account type (IRA/401(k)/annuity/brokerage), (b) how it is titled, (c) whether it has a beneficiary or TOD/POD registration, and (d) the date-of-death value. If it is a probate account, request instructions for retitling to the estate or to the personal representative.

Exceptions & Pitfalls

  • Mixing up “found” with “probate”: A retirement or brokerage account can be real and valuable but still be non-probate because it has a beneficiary designation or TOD registration. The inventory decision turns on title and the death-transfer designation, not on whether the executor can locate the statement.
  • Assuming the will controls the account: Many retirement accounts pay by beneficiary form, not by the will. If the beneficiary form names an individual, the account usually does not become an estate asset to inventory.
  • Listing account numbers: Clerks commonly expect that full account numbers (or any portion that creates security concerns) will not appear on the inventory; descriptions should identify the institution and account type without exposing sensitive numbers.
  • Failing to document date-of-death value: For inventory purposes, the key value is fair market value at the date of death. Keep the institution’s written valuation for the file in case the Clerk asks questions.
  • Debt-payment pressure: Even when an asset passes by TOD/POD or beneficiary designation, North Carolina law may allow recovery from the recipient when the probate estate cannot cover valid debts. That issue usually affects later administration decisions and accountings more than the initial inventory listing.

Conclusion

In North Carolina, retirement and investment accounts go on the estate inventory only when they are probate assets—typically accounts titled solely in the decedent’s name with no effective beneficiary/TOD designation, or accounts payable to the estate. Accounts with named beneficiaries or TOD/POD registrations usually pass outside probate and are not listed on the inventory, even though they can matter if the estate cannot pay valid debts. The next step is to obtain written confirmation of title, beneficiary status, and date-of-death value and then file the inventory with the Clerk of Superior Court within three months after qualification.

Talk to a Probate Attorney

If a North Carolina executor is trying to track down retirement or investment accounts and determine what must be listed on the estate inventory (and what passes outside probate), our firm has experienced attorneys who can help explain the process, organize the documentation, and confirm 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.

Category: Probate Q&A Series

Author: jpierce

Attorney Jared Pierce is the founder of Pierce Law Group in Raleigh, North Carolina, a firm he established with a dedicated focus on probate administration and estate planning across North Carolina. Born and raised in the Republic of South Africa, Jared moved to Durham with his family in 2001, bringing with him a rich cultural background and a distinctive accent that often serves as a conversation starter.