Source: https://www.lanevillinesproperties.com/probate/
Timestamp: 2019-07-16 05:54:44
Document Index: 791088844

Matched Legal Cases: ['§ 28', '§ 28', '§ 28', '§ 28', '§ 28', '§ 28', '§ 30', '§ 28']

Probate - LVI Properties
Selling a Family Home in Probate
Probate can be a way for your family to gain some cash off of the sale of your family home. We are able to assist with homes in probate, to make your selling process quick and painless. Please fill out the form or contact us for more details. We have included some general information below for your review from nolo.com.
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Probate basics for North Carolina executors.
Need Professional Help? Talk to a Probate Attorney.
Probate is a court-supervised legal process that gives someone, usually the surviving spouse or other close family member, authority to gather the deceased person’s assets, pay debts and taxes, and eventually transfer assets to the people who inherit them. Probate isn’t always required after a death in North Carolina; it depends on what the deceased person owned and the value of property, as explained below.
If no one has initiated a probate proceeding, the person who files the affidavit collects the personal property, pays debts of the estate, and distributes what’s left to the people who inherit it. That person then files another affidavit with the court (within 90 days of the first one), stating how the assets were distributed. N.C. Gen. Stat. § § 28A-25-1 and following.
North Carolina offers a simplified probate procedure, called summary probate, if the only surviving beneficiary (person named in the will to inherit) or heir (person who has the legal right to inherit under state law if there’s no will) is the surviving spouse of the decedent. The spouse files a petition with the court, along with the will and any supporting evidence. The court clerk enters an order that no further probate proceeding is necessary. The surviving spouse presents a certified copy of this order and collects the property, similar to the affidavit process described above.N.C. Gen. Stat. § 28A-28-1
If the value of the estate exceeds the amount for the affidavit process or summary administration, the court appoints an executor (if someone was named in the will) or an administrator (if there is no will or the person named in the will isn’t available or willing to serve) to take charge of the estate. The surviving spouse, if any, has first priority to be appointed as administrator. Both executors and administrators are known as “personal representatives” of the estate.
If you want to serve as executor or administrator, you must apply to the clerk of the court in the county where the deceased person was a resident at the time of death. You can use a form provided by the clerk’s office. With it you’ll need to supply a preliminary inventory of the deceased person’s assets, listing what the person owned (real estate, bank accounts, vehicles, and so on) and their estimated value as of the date of death. There is a $120 fee to open an estate, plus a percentage based on the value of the gross estate. N.C. Gen. Stat. § 28A-6-1
You may, however, have to post a bond if you are an administrator and there are young (under 18) heirs. But if all the heirs are adults and sign a waiver, or if you are the sole heir, you won’t have to furnish a bond. N.C. Gen. Stat. § 28A-8-1
A personal representative who wants to sell any real estate in the estate—for example, if it’s necessary to raise cash to pay debts—must first get permission from the court clerk unless the will directs the executor to sell the property or the will gave the personal property to the personal representative.
The personal representative must also deliver or mail a notice to creditors about how, when, and where they can file claims against the estate. Notice must be sent to all creditors the PR knows about or can discover with a reasonable amount of investigation. If the PR has already paid a claim, or will pay it, a mailed notice isn’t necessary. N.C. Gen. Stat. § 28A-14-1
If there isn’t enough money in the estate to pay all the debts, state law sets a priority. Assets that have liens (legal claims) attached to them have first priority; after that come funeral and burial expense (up to $3,500), taxes, and then other expenses. N.C. Gen. Stat. § 28A-19-6. The surviving spouse and minor children are entitled to a year’s support. N.C. Gen. Stat. § 30-3.1
State and federal estate tax returns will be required only if the taxable estate is very large—for deaths in 2018, more than $11.2 million. The vast majority of estates—more than 99.9%–do not owe federal estate tax. North Carolina repealed its state estate tax in 2013.
Before the estate can be closed, the personal representative must file a final accounting with the court. The accounting is a statement showing all the transactions the personal representative entered into on behalf of the estate. (If the estate stays open more than a year, an accounting must be filed annually). The accounting must be accompanied by evidence of all transactions, such as canceled checks, receipts, and bank statements. N.C. Gen. Stat. § 28A-21-2
For more information on the probate process and the executor’s responsibilities, see,, The Executor’s Guide: Settling a Loved One’s Estate or Trust, by Mary Randolph Nolo.