North Carolina Inheritance Loans and Probate Advance Law
When a person dies, their estate may need to go through probate. This is a process which ensures the deceased person’s last wishes are honored and all taxes and debts are paid. Every state makes its own statutes for probate and specifies what property must be probated. It details all the steps must be taken for the estate to be distributed.
What are North Carolina Probate Laws?
There is formal probate in North Carolina and two types of simplified probate or transfer of property. An executor or administrator will determine which type of probate is right for the estate. The executor does not need to hire an attorney to handle probate, but it may be beneficial. An experienced North Carolina probate attorney will know the latest statutes on probate and the deadlines. They can assist the executor with filing the proper documentation and following the requirements of the court. If you want to complete probate with fewer delays and complications, an attorney may be helpful.
What is the Probate Process in North Carolina?
The probate process in North Carolina is a fairly simple one, but it can be confusing. While it is not as complicated as what you might find in other states, it is important to understand the process.
- A petition is filed with Superior Court in the county where the deceased person lived. An executor is appointed by the court as named in the will. If there is no will, the court will select someone to act as the personal representative of the estate.
- The executor will publish a notice of the estate in the local newspaper once a week for a total of four weeks to give creditors time to file a claim against the estate. They will have three months to file such a claim.
- The executor will open a bank account where all money will go. Existing accounts will move into this account and sales from other assets will also go here. Payments to creditors will come out of this account.
- Inventory of the estate must be taken along with the value of all assets. If it is necessary to sell any of the items to pay the debts, the executor must get permission from the court unless the will directs the sale.
- The executor files all tax returns and pays all outstanding taxes.
- Once all debts and expenses have been paid, the executor will distribute remaining property to the heirs.
- The final task for the executor is to file the final accounting statement with the court, which shows all transactions conducted by the estate. Receipts or other proof must be filed with the statement. Once approved by the court, the estate may be closed.
The executor has a lot of responsibility in managing the estate, especially if it is large or there are disputes. However, they have no control over the assets; all control is maintained by the court.
What Property Must Go Through Probate in North Carolina?
Only certain property must go through the probate process in North Carolina. Property that is owned solely by the decedent will need to be probated before it can be distributed. However, any assets that have a named beneficiary will not need to go through the court. For instance, real property with a co-owner that is joint tenancy will automatically go to the surviving owner. Accounts that are payable upon death, such as life insurance policies and bank accounts, will also be able to avoid probate. North Carolina offers two options besides probate. One is known as summary probate, and it allows the surviving spouse to receive the entire estate if they are the only named heir in the will. They must file a petition with the court. A second option is to use an Affidavit for Collection of Personal Property of Decedent, which transfers the property to the person upon approval by the court. This is only allowed if the estate is valued at less than $20,000 or $30,000 if the spouse is the sole heir.
How Can You Avoid Probate in North Carolina?
There is a way to avoid probate completely in North Carolina if you have a living trust. With a living trust for an estate, all assets automatically transfer to the named beneficiary of the trust. Probate is an expensive process, and it often takes a long time, even years to complete. A living trust can eliminate many of the issues that arise with probate.
Can You Access North Carolina Inheritance Funds Right Away?
Even though it can take months or years for probate to release the assets of an estate to the heirs, it is possible to get these funds quickly with a probate cash advance. An advance is a simple process which is secure and does not limit your use of the funds. Probate Advance allows you to get access to your inheritance now instead of waiting for months or years. You don’t have to worry about interest or monthly loan payments, and there are no disguised fees or charges. Your credit history won’t impact your ability to get the funds. In fact, they may be yours in as little as two days.
Do You Qualify for an Inheritance Cash Advance?
It is not complicated to find out if you may be able to receive an inheritance cash advance. All that is required is you must be an heir to an estate that is currently in probate. Use the money to pay off debts or to finance a vacation or other project you may have in mind. You can get your money in just a few days.
What Do You Need to Get a Probate Advance in North Carolina?
You will need to show proof of your inheritance with documentation to qualify for a probate advance in North Carolina. You’ll need to provide some basic information, including the amount of money you want to receive. In just a few days, you may have the money in your bank account.
What Areas of North Carolina Qualify for an Inheritance Loan?
You can receive an inheritance loan from ProbateAdvance no matter where you live in North Carolina, including the following cities:
You can also learn more about probate in North Carolina by reviewing the following pages:
North Carolina Probate Resources
North Carolina Inheritance Tax Laws