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As an executor, you must provide a formal accounting at least once a year, but beneficiaries can request an informal probate accounting in California at any time. When they do, you must produce it. Because of this, maintaining thorough and accurate records of the estate's finances is crucial.

Beneficiaries are entitled to request bank statements from the executor by making an informal written request for them. Some executors may attach bank statements to their accountings for added transparency without beneficiaries having to ask, but it's usually not a requirement for them to do so.

Inventory of Assets: Executors must prepare and provide beneficiaries with an inventory of the estate's assets. This detailed list encompasses all properties, financial accounts, investments, and personal belongings owned by the person who passed away.

Do All Estates Have to Go Through Probate in North Carolina? Smaller estates with probate-qualified assets valued at less than $20,000 can avoid the formal probate proceeding. If the surviving spouse inherits the whole estate, however, the estate's value can't exceed $30,000 if probate is to be avoided.

Certain accounts, like life insurance policies and retirement accounts (such as IRAs and 401(k)s), that have designated beneficiaries don't go through probate. The funds are directly transferred to the named beneficiaries.

In North Carolina, you can make a living trust to avoid probate for virtually any asset you own—real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a "successor trustee").

The North Carolina Board of Law Examiners mandates that you have a Juris Doctor degree before you sit for the bar exam (or graduate within 30 days of taking the exam).

Non-probate assets include assets held as joint tenants with rights of survivorship, assets with a beneficiary designation, and assets held in the name of a trust or with a trust named as the beneficiary.

Generally, North Carolina law expects the executor to settle the estate within a reasonable time frame, typically ranging from six to 18 months or longer for complex cases.