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Probate Q&A Series ·

If an estate pays a negotiated settlement to a creditor, how do we get written proof that the claim is satisfied and the balance is cleared? NC

If an estate pays a negotiated settlement to a creditor, how do we get written proof that the claim is satisfied and the balance is cleared? – North Carolina Short Answer In North Carolina estate administration, the cleanest way to document a negotiated payoff is to get a signed written settlement letter (or release) from…

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Will transferring a house with a home equity line of credit into a trust trigger a due-on-sale clause or other lender problems? NC

Will transferring a house with a home equity line of credit into a trust trigger a due-on-sale clause or other lender problems? – North Carolina Short Answer Usually, transferring a North Carolina primary residence into the homeowner’s own revocable living trust does not trigger a due-on-sale clause under federal law, as long as the borrower…

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Real Estate Q&A Series ·

Can I take over my deceased parent’s mortgage on an inherited condo without refinancing if I’m the sole heir and I live in the unit? NC

Can I take over my deceased parent’s mortgage on an inherited condo without refinancing if I’m the sole heir and I live in the unit? – North Carolina Short Answer Often, yes in practice: many lenders will allow an heir who inherits and occupies the property to keep making payments without forcing an immediate refinance.…

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Probate Q&A Series ·

How do I confirm whether a deceased person’s credit-card debt is valid and properly documented before the estate pays it? NC

How do I confirm whether a deceased person’s credit-card debt is valid and properly documented before the estate pays it? – North Carolina Short Answer In North Carolina, an estate generally should not pay an alleged credit-card debt just because a collector calls or sends a balance. The safer approach is to require a timely,…

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Probate Q&A Series ·

What probate filings are required for the inventory, accounting, and final distribution, and what information do we need to gather to complete them? NC

What probate filings are required for the inventory, accounting, and final distribution, and what information do we need to gather to complete them? – North Carolina Short Answer In North Carolina, the personal representative (administrator in an intestate estate) generally must file (1) an Inventory with the Clerk of Superior Court within three months after…

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Probate Q&A Series ·

How do I request information about a deceased person’s safe deposit box during estate administration? NC

How do I request information about a deceased person’s safe deposit box during estate administration? – North Carolina Short Answer In North Carolina, a bank generally will not confirm or disclose safe deposit box information (or release box contents) based only on a private “authorization” letter. The usual path is for the estate’s court-appointed personal…

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