Detailed Answer
When someone dies with property in North Carolina, the personal representative must gather all assets. This includes bank accounts and life insurance policies. North Carolina law requires that the personal representative file an inventory of estate assets. See N.C.G.S. § 28A-15-4. A thorough search helps avoid delays and ensures fair distribution to heirs or beneficiaries.
To locate bank accounts, start by reviewing the decedent’s papers. Look for checkbooks, deposit slips, online banking printouts, tax returns and safe-deposit box records. Contact each financial institution where the decedent did business. Ask the bank for account statements, signature cards and proof of account ownership. The personal representative can use a certified letter or a bank’s standard probate procedures to verify balances and account status.
If an account has been inactive for three years or more, it may have been turned over to the North Carolina Department of State Treasurer under the Unclaimed Property Act. You can search for unclaimed bank accounts at the Treasurer’s website. See N.C.G.S. § 116B-64.
To locate life insurance policies, review the decedent’s files for policy statements, premium notices or employer benefit summaries. Contact former employers, insurance agents or the North Carolina Department of Insurance. You can also use the NAIC Life Insurance Policy Locator at https://eapps.naic.org/life-policy-locator. Provide the decedent’s name, date of birth and Social Security number to identify any policies held in the decedent’s name.
After finding a policy or account, ask the institution or insurer for a certified copy of the policy or a statement of account and balance. Confirm the named beneficiaries and the payout process. Verify any outstanding loans or premiums owed on the policy. Keep detailed records of all communications, because you must include these assets in the estate inventory.
Key Steps to Locate and Verify Assets
- Review personal papers: check checkbooks, tax returns and employment records.
- Contact financial institutions: request statements, signature cards and account ledgers.
- Search unclaimed property: visit the North Carolina Treasurer’s unclaimed property portal.
- Use policy locator tools: access the NAIC Life Insurance Policy Locator for national searches.
- Obtain certified documents: secure policy copies, account statements and beneficiary designations.
- Include in inventory: file a complete list under N.C.G.S. § 28A-15-4.
- Maintain clear records: document all requests, responses and verification steps.
Call to Action
Locating and verifying a decedent’s bank accounts and life insurance policies in North Carolina probate takes effort and attention to detail. Pierce Law Group has knowledgeable attorneys who guide personal representatives through each step. For help gathering assets, preparing inventories, or resolving questions, contact Pierce Law Group today. Email us at intake@piercelaw.com or call (919) 341-7055 to schedule a consultation.
