North Carolina Sample Letter regarding Revised Petition to Close Estate and For Other Relief
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How to fill out Sample Letter Regarding Revised Petition To Close Estate And For Other Relief?
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FAQ
There are multiple ways in which estate executors can be given permission to sell real property. One of the common ways to be given permission is if the decedent had a will that directed the executor to sell the property without court involvement.
?Administrators? are the fiduciaries appointed by the court when a person dies without a will. ?Personal Representative? is a term used to refer to both executors and administrators. ?Trustees? are the fiduciaries appointed under a trust.
Yes, a house can be sold while in probate. In fact, it is often necessary to sell the property in order to pay off debts and distribute assets to beneficiaries. However, it is important to understand that the probate process can take several months or even longer, so selling the house may not be a quick process.
The Personal Representative can be an Administrator, an Administrator CTA, or it could be an Executor. It's generally somebody who is appointed by the Clerk of Court to essentially marshal the assets, pay the debts, and distribute the assets of an Estate to the intended heirs, whether that's by will or by intestacy.
The deceased names them the executor in the will and informs them of their role before their death. If the will did not name an executor, you may ask the court to name you as the estate administrator instead. In this case, you act as the executor, but under appointment by the court and not the deceased.
The Estate Settlement Timeline: While there is no strict deadline for this in North Carolina law, it's typically advisable to do so within a month to avoid unnecessary delays in the probate process.
For example, a will can give authority to the executor to sell property without the consent of the heirs. Thus, as the Guidelines state, you should consider getting legal advice from an attorney on the proper way to complete the ?Seller? part of the listing agreement in your situation.
North Carolina has no separate state estate tax, inheritance tax nor gift tax. Close the estate. Close the estate bank account after all debts are paid and assets are distributed. Once all claims against the estate have been satisfied, file a final accounting with the probate court and ask that the estate be closed.
