Question 1: What is a probate inventory?
When a person creates a will in Greensboro, North Carolina, the will names someone to act as the estate executor. When the will maker dies, it’s up to the estate executor to begin the probate process. Part of this process involves determining exactly what the deceased person owned at the time of his or her death. Much of this property will be listed on the probate inventory, a comprehensive list of all the decedent’s property. The executor must then file inventory with the court as part of the probate process.
Question 2: What property is included in the inventory?
All probate property must be listed in the inventory, along with a description that allows anyone to readily identify it. For example, if the decedent owns several vehicles, the probate inventory will typically list them by make and model, and may also include a vehicle identification number.
It’s important to note that the probate inventory doesn’t include everything the decedent owned. Only probate property is included in the list. What is probate property? Anything that has to transfer through the probate process is considered probate property, while property that passes directly to beneficiaries or that which was jointly owned by the decedent and another joint owner is not.
Question 3: How long do I have to complete the probate inventory?
That depends on your circumstances. North Carolina probate law sets out specific deadlines that you have to meet if you are the executor. However, executors in other states may have different deadlines.
You can learn a lot more about probate and how you can use living trusts to avoid it by attending one of our next three seminars in Greensboro, North Carolina. The seminar will be on June 13 and June 18, so contact our office for registration details about this free workshop.