North Carolina Probate Team

04/24/2020

Do we have to wait to sell real estate until the estate is closed?
Most of the time, the heirs do not have to wait until the estate is closed to list and sell the decedent’s real property that they have inherited. Sometimes the property is left to the estate or needs to be sold to pay debts, and those situations should be discussed with a licensed attorney in your area, but most often the real property is left to heirs and is not directly required to pay debts. In those cases, usually the property can be sold even while the estate is open—and often is. What this means right now is that even if the administration is taking longer than you expected due to the effects of Covid-19, you may still be able to get the real property listed and sold. Furthermore, our Probate Realtors indicate that now may be the best time to list and sell, because they anticipate major changes in the real estate market as the economy recovers from the recent shutdown of so many businesses. They expect market rates to adjust downward, and banks may require more from borrowers, causing the current sellers, market to shift to a buyers’ market. In order to take advantage of our current seller window and avoid the loss of equity, you should speak with a Certified Probate Realtor now, and we can help get you connected to one in your area. Call or text us at 910.729.6644 or email to [email protected]

04/24/2020

With the recent developments related to Covid-19 and the Orders from the Governor and Chief Justice Beasley, we realize you may have questions. We are here to help. Here are some answers to our most frequently asked questions, and we are here for you during this unprecedented time. Please reach out and one of our team members can help answer your questions or put you in touch with a professional near you who can. Give yourself the peace of mind you need in this one area. Call or text at 910.729.6644 or email at [email protected]. Visit www.ncprobateteam.com

How do the recent Orders from the Governor and Chief Justice Beasley affect my role in administering this estate?

The Estates Division of the Court is part of the essential workforce, so the offices are open and processing estate documents. However, strict measures are in place to protect our court staff, and many courthouses are not allowing the public at large to enter the buildings. They are generally allowing attorneys and staff to enter, during limited times and for limited purposes.

What this means is that in many counties, you can no longer enter the courthouse to sit down with a staff member and have your questions answers, review paperwork, or file documents. Staff members are also working shortened hours in many counties. This is certainly expected to cause delays in filings, and all filings that have due dates prior to June 1 will be considered timely, or “on time,” if they’re filed by June 1. Many attorneys are filing by mail, or with limited visits to the courthouses. We are also finding a delay in getting filed documents back from the Clerks.

What this means for you is that you may have extra time to work through your Account or Inventory, but you aren’t getting the help you may need from the office staff in person. You may be able to get help over the telephone, but with the limited hours, you will need to be very patient and possible try several times. We understand how frustrating that can be. If you have not hired an attorney to assist you with the estate, you may be considering consulting with one now, to help you move things toward completion. We can assist you with an attorney referral in your area, to consult with you over the telephone or computer and advise you about how to proceed.

Call or text at 910.729.6644 or email at [email protected]. Visit www.ncprobateteam.com

12/21/2018

One of the most daunting tasks you face after receiving appointment as personal representative will be to inventory your loved one's assets and put a value on each item.
The real property is easy. Depending on where you’re located in North Carolina we can refer a Certified Probate Realtor to provide you with current market analysis of any property that was inherited. Most likely, your attorney will require this to be done.

Many items will carry little to no value. That would include day-to-day use items, such as linens, most clothing, and most kitchen ware. However, you do need to remember that even some of those items could have sentimental value to one or more heirs, so should not be disposed of indiscriminately. Items that should be listed and valued individually include:
• Motor Vehicles, Rvs & Boats
• Furniture, Jewelry, Art
• Appliances, Electronics, Musical Instruments
• Tools, Collectibles, Furniture
You will need to consult with a variety of experts to come to a true value on these items, and that is where our team can help. We would be happy to refer our team of vetted professionals to help you with valuation of the estate’s real & personal property. Our purpose is to connect you with our vetted Real Property and Personal Property experts who can help you determine the value of these items.
Once you have values, consult with your attorney to see if some items can be sold and added to the estate's cash assets. This could be a wise move in the case of boats or vehicles in paid storage or animals which need ongoing paid care. It could also be wise to sell the real property without waiting for the close of probate, especially if you live at some distance and maintenance will be an issue.
Remember, we’ll be happy to provide you with trusted referrals for real & personal property professionals who can assist you in the estate administration process.

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Clean outs, personal property estate sales, auctions or repairs, our vetted service professionals are caring and ready to help.

12/11/2018

Does Real Estate pass through the Probate process in North Carolina?

Visit www.ncprobateteam.com for more details.

Unlike most states, real estate (real property) does not usually pass through the probate estate in North Carolina. When someone dies owning real property in their name, either alone or with others but without rights of survivorship, the title to that property passes to their heirs or devisees. When there is no will, the title to the decedent’s real property immediately vests in the intestate heirs. [G.S. 28A-15-2(b)]. If the decedent left a Will, title to the decedent’s real property vests in the devisees in the will at the time the will is probated with the Clerk of Superior Court. Usually the devisees are also heirs at law, but not always, so the will should always be probated with the Clerk even if a full estate is not opened. If the new owners of the property plan to sell the real property within two years of the death, the estate will need to be opened and the Notice to Creditors run in order to transfer a clear title. An important note that is often overlooked is that the new owners of the property are responsible for all expenses relating to the real property, barring instructions to the contrary in the will. Therefore, a personal representative should not pay for maintenance costs or other expenses of the real property directly out of the assets of the estate. Often the Executor will pay HOA dues, maintenance expenses and even gas and electric bills out of the estate bank account. Unless all heirs agree and sign an approval for such expenses, these may need to be reimbursed to the estate from the new owners of the property. If you have estate questions call us at 910.729.6644 or email us at [email protected].

11/15/2018

The word Probate can mean different things to different people, and it is tossed around like a beach ball in the world of estate administration. The word Probate actually refers to the act of proving a will (which is why we hear “probating a will”), and when there is no will, there is technically no “probate.”

However, the common usage of Probate includes administering an estate, not just probating a will. People use the word loosely, and it’s understandable considering the confusion embedded in the process. One of the biggest uses of the word relates to whether assets of an estate are “probate” or “non-probate” assets. Briefly, here is the difference:

Probate assets are generally those that go through the estate in the Decedent’s home county. These assets are things like bank accounts, vehicles or boats, personal belongings, and often things stocks or bonds which are titled to the Decedent alone.

Non-probate assets are generally those assets that have beneficiary designations already attached to them prior to death, such as retirement accounts (IRA and 401K), life insurance, and many types of investment accounts or annuities.

There are some assets that depend on the titling to determine where they belong. In North Carolina, joint bank accounts that have rights of survivorship are included in an Inventory of the estate, but they generally are not available to creditors of the estate unless there are no other available assets. This is true for stocks and bonds as well, and anything else that is titled jointly with rights of survivorship, along with assets that are titled as Payable on Death (POD), or Transfer on Death (TOD).

The transfer of these types of assets is generally much faster and easier than the transfer of true “probate” assets, which must go through the administration process. Assets that transfer to a surviving spouse have even more protection against creditors, usually.

Real property is an oddity in North Carolina. Here, the title to real property vests directly in the heirs or devisees from a will, unless the Decedent specifies that the Executor should sell it, which is unusual, because it can cause delays and cost more than it would if the heirs inherited directly. So, usually a house is “non-probate” property but it can be “probate” if the Decedent puts it back into the estate.

If you have questions about the titling of your property or other estate administration issues, please call us and we can help direct you to the professionals who can best answer your questions. 910.707.4607

10/31/2018

Did you know that not all assets are subject to the administration process. Certain assets transfer automatically at the death of an owner, such as:

Joint Tenancy with rights of survivorship assets-when one joint tenant dies, the surviving joint tenant becomes the owner of the entire asset, without the need for a administration.

Married couples holding property "by the entireties" also fall within the survivorship rights.

Beneficiary Designations-assets like retirement accounts and life insurance policies have named beneficiaries. Upon the death of the account or policy owner, these beneficiaries are entitled to the assets in the account or the proceeds of the policy without regard to the debts of the deceased and the administration of the estate.

Payable on Death/Transfer on Death Accounts-bank and brokerage accounts can have designated beneficiaries, too. These types of accounts may be available to creditors in limited situations, but they generally avoid the administration process for most estates.

If you need help with probate process, contact us at 910.729.6644 or [email protected]

Check out our website at www.ncprobateteam.com

11/23/2017

Welcome to The North Carolina Probate Team.
We help in all aspects of Estate Administration. Our Team of Attorneys, Certified Financial Advisers, Real & Personal Property Experts are here in your time of need to guide you through the Probate/Estate Administration Process.
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We help with all aspects of Administering an Estate. Our Team consists of Attorneys, Financial Planners, Real & Personal Property Experts all in one location.