Can an executor delay distribution?

Executors must not unreasonably delay distributing the estate for their own gain or any other party. However, even after the executor's year, the court will not order a distribution of the estate if the executors can show there is good reason to wait.

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Sample Letter for Closing of Estate with Breakdown of Assets and...

Mecklenburg North Carolina Sample Letter for Closing of Estate with Breakdown of Assets and Expenses

Name: Mecklenburg North Carolina Sample Letter for Closing of Estate with Breakdown of Assets and Expenses
Brand: US Legal Forms
Rating: 4.78 (498 reviews)

Category:

Letters - Legal - Estates

State:

Multi-State

County:

Mecklenburg

Control #:

US-0685LTR

Format:

Instant download

Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

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FAQ

North Carolina has no separate state estate tax, inheritance tax nor gift tax. Close the estate. Close the estate bank account after all debts are paid and assets are distributed. Once all claims against the estate have been satisfied, file a final accounting with the probate court and ask that the estate be closed.

An executor must account to the residuary beneficiaries named in the Will (and sometimes to others) for all the assets of the estate, including all receipts and disbursements occurring over the course of administration.

State law allows for two years for the will to be entered into the court records. However, an heir may file sooner if the executor fails to file within 60 days of the death of the person.

As of 2020, the fee sits at 40 cents for every $100 worth of assets, with a maximum possible amount capped at $6,000.

Identify persons the executor should notify of your death. Include family members, close friends and business associates, including your attorney. Provide contact information for each person, as well as any final message or instructions to be given. Describe your important estate documents and their exact location.

Executors must not unreasonably delay distributing the estate for their own gain or any other party. However, even after the executor's year, the court will not order a distribution of the estate if the executors can show there is good reason to wait.

You should expect it to take a minimum of six months to a year to settle an estate because of the legal notice requirements and time that creditors have to submit claims against the estate. Creditors have 90 days from the first publication date of the notice of probate.

Since every estate is different, the time it takes to settle the estate may also differ. Most times, an executor would take 8 to 12 months. But depending on the size and complexity of the estate, it may take up to 2 years or more to settle the estate.

To summarize, the executor does not automatically have to disclose accounting to beneficiaries. However, if the beneficiaries request this information from the executor, it is the executor's responsibility to provide it. In most cases, the executor will provide informal accounting to the beneficiaries.

While there is no set deadline for when an executor must settle an estate in North Carolina, as previously stated it can take several years for this to happen, the executor is responsible for meeting several key deadlines throughout probate proceedings.

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Mecklenburg North Carolina Sample Letter for Closing of Estate with Breakdown of Assets and Expenses

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