Inheireted Propery & Probate Process in NC-

Everything You Need to Know

What is Inherited Property in NC?

In North Carolina, inherited property is any real estate or personal property that is passed down to an heir through a will or intestate succession. Inherited property can be either real property, such as a house or land, or personal property, such as jewelry or furniture.

When a person dies without a will, their property is distributed according to the laws of intestate succession.

These laws vary from state to state, but usually follow the order of closest relatives. We will cover the main highlights of inheireting a property and what the probate process is in order to sell or gain possession of a decedent's property.

VISIT HERE TO SEE THE NORTH CAROLINA ADMINISTRATIVE OFFICE OF THE COURTS OFFICIAL PDF FOR THE STATE GUIDE!

What is Probate in North Carolina?

Probate is the legal process of transferring assets from a deceased person to their heirs. In North Carolina, the probate process is overseen by the clerk of superior court in the county where the deceased person lived. The first step in the probate process is to file a petition with the clerk's office. The petition must be accompanied by the death certificate and a list of the deceased person's assets and debts.

The value of the assets must be listed in the petition, but this is not the same as an inventory of assets. The estate administrator will conduct an inventory after he or she is appointed. The court appoints an attorney to administer the estate and a guardian, if necessary.

Who Gets Inherited Property in NC?

In North Carolina, the distribution of inherited property is governed by the state's intestacy laws. Under these laws, if a person dies without a will, their property is distributed to their next of kin according to a specific order of priority. First, the deceased person's surviving spouse will inherit all of their property. If there is no surviving spouse, then the property will be divided among the deceased person's children.

The order of piority as follows:
1. To the surviving spouse, if any
2. If there is no surviving spouse, then to the deceased person's children, or if there are no children, then to the deceased person's grandchildren
3. If there are no children or grandchildren, then to the deceased person's parents
4. If there are no parents, then to the deceased person's brothers and sisters
5. If there are no brothers or sisters, then to the deceased person's next of kin in equal degree.

How is Inherited Property taxed in NC?

North Carolina has eliminated its estate tax, however, most wealthy North Carolina residents will owe estate taxes only to the federal government. The federal estate tax exemption is $12.06 million in 2022, so only estates larger than that amount will owe federal estate taxes.

How do I file Probate Paperwork?

To get started you or a family memeber must prove the validity of the will (if any) and administering the estate of the deceased person.
In North Carolina, the probate process is started by filing a petition with the clerk of court in the county where the deceased person resided.
The petition must be signed by the personal representative, who is appointed by the court to oversee the probate process.
If a person dies without leaving a valid will, the court appoints an administrator to handle the probate process.
If there is no personal representative or the personal representative is unable to serve, the court appoints an administrator to handle the probate process in their place.
You will need to file record of the decedent's personal accounts, real estate, and all items of value (stock, bonds, investments, money accounts) into the Estate.
Once filed the court will circulate ads in the newspapers or online to make any and all creditors aware of the deceden't passing. This is to clear any and all debts by the estate to the creditors owed. This may take a month on average, and afterwards the propety may be transferred or sold from the Estate.
These documents are available online HERE by paying a small fee you can download the needed forms, print and fill them out easy at home. If there are mulitple heirs it's best practice to have one designated to handle these documents and oversee the process that is in the state the decedent was in.

Can I Sell a House in Probate in NC?

YES - You certainly can. There are some important things to note if your interested in selling the inheireted property for any reason.

You can CONTACT US HERE if you have any questions so far!

In North Carolina, a home can be sold without going through probate if the owner dies and the home is the sole asset of the estate. The executor of the estate can sell the home without probate if there are no other assets in the estate.

The proceeds from the sale of the home will go to pay off any debts of the estate and then be distributed to the heirs of the estate according to the terms of the will. You can also SKIP THE PROBATE ENTIRELY if 2 years has passed from the date of the decedent's passing.

This can be helpful for many as you can sell with no probate filing needed and simply verifiy you are next of kin or all the rightful heirs of the property sign seller documents needed to sell in NC.

NC Fair Cash Offer Can Assist You Through the Probate Process.

One potential complication that can arise when filing for probate is if the deceased person left behind a large amount of debt. If the value of the estate is not enough to cover the outstanding debts, then the executor may have to sell off assets in order to pay creditors. Another complication that can come up is if there are multiple heirs who are all claiming a share of the estate.

This can lead to lengthy and expensive court battles. NC Fair Cash Offer is here to guide you through the probate and selling process. We understand that this is a difficult time in your family's life. We can take care of all the hard work for you, so you can get back on track without worrying about the matter at hand.

If you're looking to sell a house that's in probate, there are a few things you should know. The process can be complex and time-consuming, but we're here to help. With our experience and expertise, we can make sure the process goes as smoothly as possible.

We understand that this is a difficult time for you and your family. We'll be there every step of the way, providing support and guidance. We know how important it is to get the best possible price for your home, and we'll work tirelessly to make that happen.

If you have any questions or concerns, please don't hesitate to contact us. We're here to help in any way we can.

Fill out the form below to see how we can help you in your family's situation today!