Are Estate Debts Paid Before Heirs Receive Bank Account Funds? | NC

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Q: How are estate debts handled before heirs receive money from bank accounts? A: In North Carolina, the personal representative generally uses estate-owned bank funds to pay valid debts and administration expenses before distributing money to heirs. First, the representative must confirm that each account is a probate asset. Joint-survivorship and payable-on-death accounts may pass directly to…