Sep82025
Probate Q&A Series

What assets do I need to include in the estate inventory and how can I locate missing life insurance or retirement accounts? – North Carolina

Short Answer

In North Carolina, list all probate assets owned in the decedent’s name alone—cash, bank accounts, vehicles, brokerage holdings, and any insurance or retirement benefits payable to the estate—valued as of the date of death. Do not include assets that pass outside probate (for example, joint accounts with survivorship, POD/TOD accounts, or policies/retirement plans with a living named beneficiary), unless they are payable to the estate or must be added back to pay claims. To find missing policies or plans, use mail and tax records, employer/plan administrator inquiries, bank/broker searches, and, if needed, court tools to compel information.

Understanding the Problem

In North Carolina, as the court‑qualified administrator, what must you include in the Clerk of Superior Court’s 90‑day estate inventory, and how do you track down possible life insurance or retirement benefits when a beneficiary is unclear?

Apply the Law

Under North Carolina law, the administrator files an inventory within three months of qualification showing a just, true, and perfect list of probate assets that came into the administrator’s possession, valued at the date of death. Nonprobate transfers (for example, joint with survivorship, POD/TOD, or benefits with a living named beneficiary) generally bypass probate and are not part of the inventory. However, assets payable to the estate are inventory assets, and certain nonprobate funds can be reached if the estate lacks enough to pay allowed claims. The forum is the Clerk of Superior Court in the county of the decedent’s domicile.

Key Requirements

  • Identify probate assets: Include solely titled bank accounts, cash, vehicles, brokerage holdings, personal property, and any insurance or retirement benefits payable to the estate; value all as of the date of death.
  • Note liens, list detail: List secured assets (e.g., vehicles) at fair market value and note any lien separately; provide specific identifiers (account numbers, VINs, share counts).
  • Exclude true nonprobate transfers: Joint with survivorship, POD/TOD accounts, and retirement/life insurance with a living named beneficiary are not inventory unless payable to the estate or later recovered to pay claims.
  • File on time and amend if needed: File the inventory within 3 months of qualification (AOC‑E‑505). If new assets surface or values change, file a supplemental inventory; appraisals may be used and can be listed as “undetermined” while pending.
  • Recovery to pay claims: If probate assets are insufficient, certain survivorship/POD funds may be added back to pay specific claims after other personal assets are exhausted.
  • Spousal allowance first: The surviving spouse may claim the year’s allowance from personal property before intestate distribution; account for this when planning liquidity.

What the Statutes Say

Analysis

Apply the Rule to the Facts: As surviving spouse administering an intestate estate, you will inventory solely titled bank accounts, vehicles (at fair market value, listing the lien), and brokerage accounts as of the date of death. Retirement accounts and any life insurance with a living named beneficiary are not inventory unless payable to the estate; verify beneficiaries with plan administrators and insurers. If probate assets are short for funeral, costs, or valid creditor claims, you may seek add‑back from certain survivorship/POD funds. Your year’s allowance comes from personal property before sharing the remainder with the biological child; the stepchild is not an heir.

Process & Timing

  1. Who files: The administrator. Where: Clerk of Superior Court in the North Carolina county of the decedent’s domicile. What: Inventory for Decedent’s Estate (AOC‑E‑505); use the preliminary inventory section on the Application for Letters of Administration (AOC‑E‑202) at qualification. When: File the 90‑day inventory within 3 months after you qualify; request a short extension if needed.
  2. Gather records and verify titling/beneficiaries: obtain bank/broker statements, vehicle titles/VINs, and plan/insurance beneficiary confirmations; if an appraisal is pending, note value as “undetermined” and supplement when finalized. Publish and mail notice to creditors promptly after qualification as required; timing and publication details are set by statute and local practice.
  3. If you suspect missing life insurance or retirement: review mail and tax forms (e.g., Forms 1099‑R, 5498, W‑2), contact current/prior employers’ HR/benefits, check bank statements for premium drafts, ask major insurers and brokerages using Letters of Administration, search North Carolina unclaimed property, and file a supplemental inventory when you confirm any probate‑payable benefits. If third parties won’t cooperate, use an estate proceeding to discover assets under § 28A‑15‑12.

Exceptions & Pitfalls

  • Listing nonprobate assets: Do not include joint with survivorship, POD/TOD, or beneficiary‑designated accounts unless they are payable to the estate or are recovered to pay claims.
  • Beneficiary uncertainty: Never assume; get written confirmation from plan administrators/insurers. If no living beneficiary or default is the estate, include the asset.
  • Valuation errors: Use date‑of‑death values; note liens separately. Consider an independent appraiser for unique assets or vehicles.
  • Late filing: Missing the 90‑day inventory can trigger court orders, fines, or removal. Communicate early with the Clerk if you need more time.
  • Claims liquidity: If probate cash is short for funeral, costs, or creditor claims, consider add‑back from survivorship/POD funds as allowed by statute after exhausting other personal assets.
  • Missing assets: Overlooked clues include payroll/benefit portals, prior employers, old paper statements, or tax forms; escalate with a court “proceeding to discover assets” if needed.

Conclusion

In North Carolina, your 90‑day inventory lists only probate assets owned solely by the decedent (and any insurance or retirement benefits payable to the estate), valued at the date of death, with liens noted. Nonprobate transfers (survivorship, POD/TOD, or named‑beneficiary benefits) are excluded unless payable to the estate or later added back to pay claims. Next step: gather bank, broker, title, employer, and insurer records and file AOC‑E‑505 with the Clerk within three months of qualification.

Talk to a Probate Attorney

If you’re dealing with identifying probate assets and tracking down possible life insurance or retirement benefits, 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.

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.