Short Answer

In North Carolina, list every probate asset at its date-of-death value on the Inventory within three months of qualifying, even if the asset was later closed or transferred. Payable-on-death (POD) accounts generally pass outside probate, but you may still need to report them for information and, if estate assets are insufficient to pay claims, recover enough to satisfy debts. If a checking account was closed post‑death, obtain the bank records, identify who moved the funds, and pursue an estate proceeding or civil action to examine and recover the money. Show all activity later on the Annual or Final Account.

Understanding the Problem

You’re the executor in North Carolina and must file the estate Inventory and later accountings. The decedent had a credit union checking account that was closed and transferred after death, two POD accounts, a vehicle, and real property. You want to know how to report the post‑death transfer and how to include POD accounts and other assets so the clerk accepts your filings.

Apply the Law

North Carolina requires a personal representative to file an Inventory within three months of qualification and to file Annual or a Final Account thereafter. The Inventory must list all real and personal property that came into your hands or anyone’s hands for you, valued as of the date of death. POD accounts usually transfer to the named beneficiaries at death and are not probate assets, but they can be recovered to pay allowed claims if the estate’s assets are insufficient. When funds are moved after death, you have authority to investigate, examine persons with information, and recover property for the estate.

Key Requirements

• Inventory due in three months: File the Inventory (AOC‑E‑505) listing each probate asset at date‑of‑death value; include assets in anyone’s possession on your behalf.
• Classify non‑probate items: Identify POD accounts as non‑probate; list them for information if requested, and recover only if needed to pay estate claims.
• Date‑of‑death balances: For bank accounts, report the actual balance at death; do not include account numbers. Attach or be ready to provide statements/signature cards.
• Investigate post‑death transfers: Request records from the credit union to find who closed or withdrew funds; if needed, use an estate proceeding to examine and compel information.
• Accounting: On the Annual or Final Account (AOC‑E‑506), show all receipts and disbursements, including any recovered funds or POD money used to pay claims.
• Estate bank account: Open a separate estate checking account and route all estate receipts and payments through it to avoid commingling.

What the Statutes Say

• N.C. Gen. Stat. § 28A-20-1 (Inventory) – File a just, true, and perfect inventory within three months of qualification.
• N.C. Gen. Stat. § 28A-21-2 (Final account) – Final account timing; annual accounts required if administration exceeds one year.
• N.C. Gen. Stat. § 28A-15-12 (Recover property/examination) – Authorizes actions and estate proceedings to examine persons and recover estate property.
• N.C. Gen. Stat. § 28A-15-10 (Recovery of survivorship/POD funds) – Allows recovery of non‑probate funds to pay claims when estate assets are insufficient.

Analysis

Apply the Rule to the Facts: List the credit union checking account at its date‑of‑death balance on the Inventory because it was the decedent’s property at death, even if it was later closed. Open an estate account and obtain the credit union’s statements and signature card to identify who moved funds post‑death; if needed, use an estate proceeding to examine that person and recover money. Identify the POD accounts as non‑probate; only seek recovery if probate assets (e.g., vehicle and any other personal property) and available real property are insufficient to pay allowed claims. Describe the real property on the Inventory as required, and include the vehicle with its identifying information and value.

Process & Timing

1. Who files: Executor. Where: Clerk of Superior Court (Estates Division) in the North Carolina county of the decedent’s domicile. What: INVENTORY FOR DECEDENT’S ESTATE (AOC‑E‑505); list date‑of‑death balances for accounts, vehicle details, and real property description. When: File within three months of qualification; request bank records immediately.
2. Open an estate checking account, then marshal and deposit any estate funds. Send written requests to the credit union for statements and signature cards. If records or cooperation are refused—or an unauthorized post‑death transfer is suspected—file an estate proceeding under § 28A‑15‑12 to examine the person and seek an order to recover funds. Timeframes to schedule hearings vary by county.
3. File an ANNUAL OR FINAL ACCOUNT (AOC‑E‑506), showing all receipts and disbursements, including any recovered funds or POD amounts used solely to pay allowed claims. The clerk audits the account; if approved, the estate can close.

Exceptions & Pitfalls

• POD funds are non‑probate; do not list them as probate assets unless used to pay claims. If used, include only the portion used on your Account.
• Do not list full bank account numbers on the Inventory; report date‑of‑death balances and be prepared to show statements.
• Failure to open an estate bank account risks commingling; all estate receipts and payments should run through a dedicated estate account.
• Missing the three‑month Inventory deadline can trigger clerk orders and possible removal; request an extension if needed.
• If the post‑death transfer funds were already spent, an estate proceeding alone may not preserve them; you may need a civil action under § 28A‑15‑12(a1) to obtain a judgment and, where appropriate, interim relief.

Talk to a Probate Attorney

If you’re dealing with a post‑death account transfer and need to report it correctly in the Inventory and accounting, 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.