How a Personal Representative in North Carolina Schedules an Appraisal and Sells Household Furnishings and Farm Equipment
Detailed Answer
When someone passes away with assets in North Carolina, the court appoints a personal representative to manage and distribute the estate. Two common tasks are arranging an appraisal of personal property and selling household furnishings or farm equipment. Below is a step-by-step guide based on North Carolina law.
1. Inventory and Appraisal
Within 90 days after appointment, the personal representative must file an inventory and appraisal of all estate property. See N.C. Gen. Stat. § 28A-18. The appraisal establishes fair market value as of the date of death. Steps include:
- Hire a qualified appraiser experienced in household goods and farm equipment.
- Gather all items: furniture, appliances, tools, tractors, and implements.
- Prepare a detailed list for the appraiser, noting condition and location.
- File the completed inventory and appraisal with the clerk of superior court.
2. Authority to Sell Personal Property
After inventory and appraisal, the personal representative may sell estate assets. North Carolina law grants authority to sell without court confirmation when the gross value of all personal property does not exceed $20,000. See N.C. Gen. Stat. § 28A-20(2). If the total exceeds $20,000, the sale requires court confirmation to protect beneficiaries.
3. Methods of Sale
- Public Auction: Advertise in a newspaper of general circulation. Hold the auction at a convenient public location.
- Private Sale: Solicit bids from multiple parties. Keep written offers on file.
Under N.C. Gen. Stat. § 28A-21, notice must include date, time, location, and a general description of items.
4. Reporting the Sale
Within 30 days after selling, file a Report of Sale with the clerk. Include gross proceeds and sale price of each item. The clerk will confirm the sale if required. If total personal property exceeded $20,000, you must petition for confirmation and attend a hearing.
Key Steps to Follow
- Confirm appointment as personal representative by certified order.
- Hire a licensed appraiser and schedule a date within 90 days.
- Prepare and file the inventory and appraisal under N.C. Gen. Stat. § 28A-18.
- Determine whether sale requires court confirmation (total personal property over $20,000).
- Choose a sale method: public auction or private sale.
- Publish or provide notice of sale under N.C. Gen. Stat. § 28A-21.
- Conduct the sale, accepting the highest reasonable bid.
- File a Report of Sale with the clerk within 30 days and seek confirmation if needed.
Contact Pierce Law Group
Navigating appraisal and sale procedures in a North Carolina probate can be complex. Pierce Law Group has experienced attorneys ready to guide you through inventory, appraisal, and sale steps. Contact us today to protect the estate and fulfill your duties as personal representative. Email us at intake@piercelaw.com or call (919) 341-7055.
