Grieving the death of a loved one is often difficult enough. The last thing you need is for the North Carolina probate process to complicate things further for you and your family. Let Rockpoint Probate Funding lend a hand as your family works through a tough time.
The North Carolina Probate Process
If your loved one died in North Carolina with a will, distributing their assets to the rightful heirs will be easier than it would have been had they died without a will. Still, the North Carolina probate process can throw families for a loop and add to their stress levels.
Is your family confused about how the probate process works in North Carolina? Gain a better understanding of it below to ensure your family can respect a loved one’s last wishes.
Does North Carolina Require Probate?
Yes, North Carolina does require families to go through the probate process in many instances. The North Carolina General Statutes outline the laws regarding this process, starting with Chapter 28A.
The only time your family might not have to navigate its way through the North Carolina probate process is when a loved one dies and leaves behind assets valued at under $20,000. Your family can fill out a small estate affidavit in this case to skip the process and start distributing a loved one’s assets sooner.
How Does the Probate Process Work in North Carolina?
If your loved one’s estate is worth well over $20,000 or includes real estate listed in your loved one’s name, you’ll usually have no choice but to go through the North Carolina probate process. Many families have 60 days to start this process under NC law. Here are the steps involved:
- Find the original copy of a loved one’s will and have the appointed executor present it to a local probate court with a death certificate.
- Figure out how much executor compensation a person should receive for executing a loved one’s will, if any.
- Begin notifying heirs, creditors, financial institutions, etc., about a loved one’s death.
- Make a list of a loved one’s assets and appraise as many of them as possible.
- Give creditors 90 days to file claims against a loved one’s estate and pay off outstanding debts.
- Start distributing a loved one’s assets.
- Close a loved one’s estate.
Some parts of this process, such as presenting a loved one’s will to a probate court, will finish quickly. Others, like having a loved one’s assets appraised, can take time and slow down the process.
How Long Does the North Carolina Probate Process Take?
The time it takes for the North Carolina probate process to conclude depends on many factors. For example, the size of your loved one’s estate and any family disputes that should arise during the process can impact its length. The amount of debt your loved one had could also cause unexpected delays.
Under normal circumstances, the probate process in North Carolina can take anywhere from six to 12 months. However, in more complex cases, your family might spend 18 months, if not longer, ironing out different details during probate.
How Can I Avoid the Probate Process in North Carolina?
You can potentially avoid the probate process in North Carolina by filing a small estate affidavit with your local probate court in the event that your loved one’s assets aren’t worth over $20,000. You can also do this if your loved one happened to create a living trust while they were working through estate planning.
A living trust may enable your family to skip some or even all of the probate process in North Carolina since it’ll automatically transfer ownership of certain assets from your loved one to the rightful heirs. Bank accounts, retirement plans, and life insurance policies can all be included in living trusts.
What If a Loved One Dies in North Carolina Without a Will?
If your loved one didn’t create a will before their death, North Carolina’s intestate succession laws will help distribute their assets. These laws provide clear guidelines for how a person’s assets should be distributed to the next of kin. The state will utilize this distribution structure:
- Spouse
- Children
- Parents
- Siblings
Is There an Estate or Inheritance Tax in North Carolina?
No, there isn’t an estate or inheritance tax in North Carolina at this time. However, if your loved one owned assets in other states, your family might have to pay estate or inheritance taxes on them. You may also face a federal estate tax if your loved one’s estate is worth over $13,610,000.
Is It Possible for Me To Access an Inheritance Before the North Carolina Probate Process Ends?
If the North Carolina probate process takes a long time, it can prevent you and your fellow family members from securing your inheritances for months on end. To work around this, consider applying for a probate cash advance from Rockpoint Probate Funding. It’s an effective way to land the financial assistance you need while waiting for an inheritance.
What Are the Steps Associated With the Inheritance Advance Process in North Carolina?
Do you like the sound of securing a probate cash advance from Rockpoint Probate Funding? We make it easy to do it by taking these simple steps:
- Contact Rockpoint Probate Funding to express interest in acquiring a probate cash advance during a free consultation.
- Give a copy of your loved one’s will and copies of their probate paperwork to Rockpoint Probate Funding for review.
- Receive a probate cash advance within 24 hours if Rockpoint Probate Funding determines you qualify for one.
- Use a probate cash advance and avoid worrying about repaying it until you collect an inheritance.
Give Us a Call To Discover More About Probate Cash Advances in North Carolina
Could a probate cash advance benefit you? Rockpoint Probate Funding can make the North Carolina probate process less stressful for families like yours who need it. Call us at (323) 484-1063 to schedule a consultation with one of our experienced representatives.