This type of case is called a full estate because it requires going through the full probate process. This process has three main phases.
The first step is applying to open up the estate and determining who the heirs are under a will or under North Carolina law if the person that passed away did not have a will.
The second step involves completing a detailed inventory of the property that is passing through the estate. This phase also includes running a notice to creditors in the newspaper to settle up on the debts on the deceased.
The third step requires a final account to be approved by the courthouse. In this last phase, the executor or administrator must account for all of the assets in the estate, handle all claims made by creditors, and distribute the remaining inheritance to the heirs.
When do I need to do a full estate?
There are always exceptions, but typically a full estate is needed when the estate includes real property. Common examples of real property are land, homes, mineral rights, and other structures which cannot be moved.
Even if the estate does not involve real property, if its value is more than $20,000.00 (or $30,000.00 in some cases) then a full estate may still be required to transfer ownership of those assets like bank accounts and cars. If the value of the estate is less than $20,000.00 you may qualify to file what is known as a small estate.
Stott, Hollowell, Windham & Stancil, PLLC
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- What is a full estate? - September 4, 2024
