North Carolina Probate | Inheritance Advances in North Carolina

When a resident in North Carolina passes away, probate involves a lengthy process of overseeing and distributing all of the inheritance. If you’re an heir, Inheritance Funding Company (IFC) allows you to access your funds immediately beginning some easy, straightforward steps.

What Is the Probate Process in North Carolina?

When a resident of North Carolina passes away, the probate court will oversee the process of allocating the belongings and assets they left behind. Probate follows these steps:

1. Locate the decedent’s will: The probate process begins with the estate executor filing for probate. North Carolina probate laws require heirs to file within 60 days after the death of a loved one, called the decedent, by providing a death certificate and copy of the will.
2. Establish who the executor is: The executor needs to file legal documents and court filings to be recognized by law as the estate’s executor. The will should list who this person is. If someone dies without a will in North Carolina, meaning they are intestate, a local probate court appoints an administrator to allocate the assets.
3. Notify parties of the death: The executor needs to notify all relevant parties that the person has died, including the beneficiaries, financial institutions, creditors, the decedent’s employer and others.
4. Take an inventory and valuation of assets: An appointed representative managing the estate itemizes and collects all monetary accounts and assets, whether the decedent owned them individually, jointly or in a trust.
5. Settle estate claims: Creditors will file claims against the estate if the decedent owes them money. The executor makes sure these claims are valid and then organizes payments of the remaining debt.
6. Distribute the assets: After the court feels satisfied with the completed steps, they allow the issuance of endowments to the approved heirs. The proper distribution of assets is explained in the decedent’s will or follows the next of kin order if they died without a will.
7. Close the estate: The executor petitions the court to certify that all of these steps are completed, and they will close the estate.

How Long Does Probate Take in North Carolina?

The probate process length in North Carolina is different for every case, but you can expect probate to last several months, possibly years. The average timeline is six to 12 months for a straightforward, simple estate and 18 months or longer for a more complex estate. Many factors affect the probate timeline, including:

• The number of beneficiaries.
• The amount of debt the estate owes.
• The estate’s size and complexity.

The main problem with the North Carolina probate process is it takes an extremely long time to finish. During the probate process, heirs cannot get the money their loved one left for them. To make matters worse, the average estate in the U.S. takes 1.5 years to distribute the inheritance money to the beneficiaries. This fact is shocking to most heirs in North Carolina and elsewhere, who are understandably new to the process. Having your inheritance blocked for years by a lengthy legal process can be quite frustrating.

How Much Does Probate Cost?

The cost of probate in North Carolina is different for every case, depending on factors like:

• The complexity and size of the estate.
• Disputes between heirs.
• Estate plans or lack thereof.
• Whether a probate attorney was consulted.

Common expenses that come up during the probate process include:

• Court fees
• Attorney fees
• Filing fees
• Administration fees
• Professional fees
• Probate bonds
• Executor compensation
• Probate fees taxed against property assets

The exact price of each of these fees can vary. For example, if an attorney is consulted and they charge by the hour, the attorney fee will be less for a simple estate than a complex one that requires more hours.

Estate assets cover these costs. While this setup means that the heirs won’t have to pay for the probate themselves, the amount of money each beneficiary will get when the probate process is over will be less than it was to start.

Is Probate Required in North Carolina?

North Carolina only requires probate when a deceased resident owned property in their name alone. In some circumstances, if an estate value isn’t too large, North Carolina probate laws allow heirs to forgo the process with approval from the local court.

What if Someone Dies Without a Will in North Carolina?

If the decedent dies without a will, the estate is passed down following state intestacy laws that attempt to mimic the final wishes of the deceased. In North Carolina, the next of kin are the closest relatives to the decedent, and they become the estate’s heirs. The inheritance structure is as follows:

1. Spouse
2. Children
3. Parents
4. Siblings

The next of kin eligible for an inheritance depends on who survives at the time of the decedent’s death. Here is what you need to know about intestate inheritance:

• If the spouse is the only surviving next of kin, they receive the entire estate.
• If the spouse and one child of the decedent survive, 50% of the intestate real estate and a portion of the intestate personal property goes to the spouse. The child gets the remaining real estate and personal property.
• If the spouse and two or more children survive, the spouse gets one-third of the intestate real estate and a portion of the intestate personal property. The remaining two-thirds of real estate and personal property is divided among the children.
• If the spouse and parents survive, the spouse receives 50% of intestate real estate and a portion of real property. The parents receive the other half of the real estate and the remaining personal property.

Does Inheritance Automatically Go to a Spouse in North Carolina?

A spouse usually inherits the first $100,000 of the personal property and half of the real estate, with the other half going to the deceased’s parents if there aren’t any descendants. Any remaining money gets split between the deceased’s spouse and parents.

Does North Carolina Have an Inheritance or Estate Tax?

North Carolina does not have an inheritance tax. Taxes may apply to a resident in North Carolina who inherits assets from someone who passed away in a different state.

How Do You Avoid Probate in North Carolina?

A living trust allows you to avoid probate for assets such as real estate, vehicles and bank accounts, but it requires forward thinking and upkeep. Inheritance Funding offers probate cash advances with a straightforward process of a free consultation and some estate paperwork, letting you get your money quickly and effortlessly.

Access Your Inheritance in North Carolina Immediately

Since 1992, inheritance advances from IFC have helped heirs like you access the inheritance your loved one wanted you to receive. Our process is straightforward and efficient — you choose the amount of your endowment you’d prefer to have immediately and receive it via wire payment to spend however you wish. No surprise fees or monthly payments! Income and credit are never issues, unlike for a probate loan.

We’ve expedited hundreds of millions of dollars to heirs across the nation. Let our dedicated team of experts explain the probate process for North Carolina and answer your questions. You don’t need to wait years for what’s yours when you can receive your inheritance right away.

Call 855-683-4544 or fill out a contact form today!