Instructions for Preliminary Inventory of Application for Probate and Letters: This is an official form from the North Carolina Administration of the Courts (AOC), which complies with all applicable laws and statutes. USLF amends and updates the forms as is required by North Carolina statutes and law.
North Carolina Instructions for Preliminary Inventory of Application for Probate and Letters
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Description North Carolina Probate Forms
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FAQ
An inventory and appraisal is a required filing in California probate. The inventory and appraisal is a single document that (1) inventories the property in the decedent's estate and (2) contains an appraisal of the property in the inventory. California Probate Code § 8800(a).
All taxes and liabilities paid from the estate, including medical expenses, attorney fees, burial or cremation expenses, estate sale costs, appraisal expenses, and more. The executor should keep all receipts for any services or transactions needed to liquidate the assets of the deceased.
Real Estate, Bank Accounts, and Vehicles. Stocks and Bonds. Life Insurance and Retirement Plans. Wages and Business Interests. Intellectual Property. Debts and Judgments.
On the form, you state that the value of the estate's personal property (everything but real estate) is less than $20,000 (or less than $30,000 if the surviving spouse inherits everything under state law) and that at least 30 days have passed since the person's death.
Letters testamentary and letters of administration are legal documents issued by the clerk of court that give a person authority to serve as the personal representative of the estate.Testate letters are called Letters Testamentary and are granted to an Executor.
Determine Your State's Laws Regarding Inventory Forms. Review the Instructions Provided. Identify Real Property. Identify Personal Property. Identify Bank Accounts. Identify Retirement Accounts. Identify Non-Probate Assets. File the Form With the Court.
Executor's Percentage Under North Carolina law, an executor may receive up to five percent of the value of the estate's receipts and disbursements" as compensation.
Life insurance or 401(k) accounts where a beneficiary was named. Assets under a Living Trust. Funds, securities, or US savings bonds that are registered on transfer on death (TOD) or payable on death (POD) forms. Funds held in a pension plan.
Unless the Will provides otherwise, under North Carolina law, Executors or Administrators may claim a commission of up to 5% of the Estate assets and receipts, as approved by the Clerk of Court. Trusts should provide specific guidance regarding compensation.