Short Answer

In North Carolina, the administrator must file an inventory within three months of qualification listing all estate assets as of the decedent’s date of death. If the U.S. Treasury holds property titled to the decedent or payable to the estate, list it (with a fair value or, if still being verified, as “undetermined”) and file a supplemental inventory when amounts are confirmed. If the notice relates to a separate corporation, inventory the estate’s ownership interest (e.g., shares), not the corporation’s assets; the corporation claims its own property.

Understanding the Problem

You are the North Carolina estate administrator and received unclaimed property notices from the U.S. Treasury addressed to a corporation formed after the decedent’s death. Your question is whether, and how, to list that Treasury-held property in the estate’s inventory filed with the Clerk of Superior Court, including what to do if estate and business finances are tangled.

Apply the Law

North Carolina requires the personal representative to file an inventory within three months of qualification, describing and valuing estate property as of the date of death. Later-discovered assets must be added by supplemental inventory. You list what the decedent owned or what is payable to the estate—not what a separate legal entity owns. If the U.S. Treasury holds funds or securities in the decedent’s name (or payable to the estate), you claim and inventory them; if the notice concerns a separate corporation, you inventory the estate’s securities (e.g., stock) and the corporation pursues its own claim. The Clerk of Superior Court is the forum for filing, and the three‑month deadline is the key clock.

Key Requirements

• File on time: Submit the estate inventory within three months of qualification with the Clerk of Superior Court; request a short extension if needed.
• List estate property only: Include assets the decedent owned at death or that are payable to the estate; value as of the date of death.
• Describe clearly: Identify assets with enough detail (type, issuer, amounts) and use “undetermined” temporarily if valuation is still pending.
• Supplement when new assets surface: File a supplemental inventory when you confirm U.S. Treasury funds or correct earlier descriptions/values.
• Respect separate entities: If a corporation (formed after death) received the Treasury notice, inventory the estate’s ownership interest (e.g., shares), not the corporation’s assets.

What the Statutes Say

• North Carolina Gen. Stat. § 28A-20-1 (Inventory due in three months) – Inventory of estate property is required within three months of qualification.
• North Carolina Gen. Stat. § 28A-20-3 (Supplemental inventory) – Later-discovered property or corrections are added by supplemental filing.
• North Carolina Gen. Stat. § 28A-13-3 (Powers of personal representative) – Administrator has authority to take possession/control of estate property.
• North Carolina Gen. Stat. § 28A-15-12 (Proceeding to discover assets) – Provides a process to examine persons/entities believed to hold estate property.

Analysis

Apply the Rule to the Facts: You must file the inventory within three months of qualification, listing assets the decedent owned or that are payable to the estate as of the date of death. If the U.S. Treasury notices are addressed to a post‑death corporation, treat the corporation as separate: inventory the estate’s ownership interest in that corporation (e.g., shares) and let the corporation claim its own Treasury property. Because personal and business funds are entangled, open an estate account with an EIN, avoid commingling, trace ownership, and use a supplemental inventory when you confirm any Treasury amounts payable to the estate.

Process & Timing

1. Who files: The administrator. Where: Clerk of Superior Court (Estates Division) in the North Carolina county of qualification. What: Inventory for Decedent’s Estate (AOC‑E‑505). When: Within three months of qualification; request a short extension from the Clerk if needed. Obtain an EIN for the estate (IRS Form SS‑4) before opening the estate checking account.
2. Identify and claim U.S. Treasury property: Determine whether the Treasury items are titled to the decedent/estate or to the separate corporation. For decedent/estate items, gather Letters of Administration and required TreasuryDirect forms (for example, FS 5179 for reissue/transfer or FS 1832 for co‑owned issues, as applicable) and submit to the Bureau of the Fiscal Service. Processing times vary; keep proof of submissions and receipts.
3. Report updates and account: When amounts are confirmed, file a supplemental inventory adding those assets and deposit any recovered funds into the estate account. Later, reflect the receipts on the estate Account (AOC‑E‑506) and adjust bond if the estate value increases.

Exceptions & Pitfalls

• Corporate vs. estate property: Do not list corporate assets on the estate inventory. List the estate’s ownership interest (e.g., shares) and have the corporation pursue its own Treasury claim.
• Federal rules for U.S. securities: U.S. savings bonds and Treasury accounts follow federal rules; use the Treasury’s required forms and your Letters when claiming.
• Commingling/tracing risks: Keep a separate estate account (with an EIN). Commingling estate, corporate, or personal funds can lead to surcharge, removal, or other penalties.
• Use “undetermined” and supplement: If value is not yet known (e.g., Treasury claim pending), note it as “undetermined,” then file a supplemental inventory when confirmed.
• Bond sufficiency: If recovered assets materially increase the estate, the Clerk may require a bond increase; monitor and adjust promptly.

Talk to a Probate Attorney

If you’re dealing with U.S. Treasury notices and need to inventory estate assets while keeping corporate property separate, our firm has experienced attorneys who can help you understand your options and timelines. Call us today at 000-000-0000.

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.