Probate Q&A Series

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Probate Q&A Series ·

What steps should I take to report and include a post-death account transfer in the estate inventory and accounting?: North Carolina

What steps should I take to report and include a post-death account transfer in the estate inventory and accounting? – North Carolina 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…

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Probate Q&A Series ·

Can I allocate a portion of the condo sale proceeds to grandchildren and have that documented in the estate distribution?: North Carolina

Can I allocate a portion of the condo sale proceeds to grandchildren and have that documented in the estate distribution? – North Carolina Short Answer In North Carolina, the executor must distribute probate assets exactly as the will directs unless the law provides another path. You can lawfully redirect part of your own inheritance to…

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Probate Q&A Series ·

Can I be held responsible for a car loan deficiency after my parent’s vehicle was repossessed?: North Carolina Probate

Can I be held responsible for a car loan deficiency after my parent’s vehicle was repossessed? – North Carolina Short Answer In North Carolina, heirs are not personally responsible for a deceased person’s debts, including a car loan deficiency, unless they co-signed or otherwise agreed to be liable. The lender’s deficiency becomes a claim against…

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Probate Q&A Series ·

What proof do I need to file when an heir’s adoption status affects inheritance rights?: North Carolina

What proof do I need to file when an heir’s adoption status affects inheritance rights? – North Carolina Short Answer In North Carolina probate, file certified proof of the adoption to show whether the person inherits. The best documents are a certified adoption decree or the adopted person’s amended birth certificate naming the adoptive parent(s).…

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Probate Q&A Series ·

Can I terminate the sales agreement and avoid reimbursing the buyer’s due diligence costs?: North Carolina

Can I terminate the sales agreement and avoid reimbursing the buyer’s due diligence costs? – North Carolina Short Answer Usually, no—you can’t simply cancel and avoid the buyer’s costs unless your contract gives you a clear right to terminate without penalty. In North Carolina, the contract controls who pays for due diligence expenses. Because the…

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Probate Q&A Series ·

How do I transfer bank accounts and vehicle titles that had no beneficiary designations?: North Carolina

How do I transfer bank accounts and vehicle titles that had no beneficiary designations? – North Carolina Short Answer In North Carolina, bank accounts and vehicles without a beneficiary or survivorship feature are probate assets. You can transfer them by either (1) using a small-estate Affidavit for Collection of Personal Property if the estate qualifies,…

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