NC Probate Fees Go Up Again
Effective today, along with 1% increase the sales tax, the filing fee for probate cases has increased to $88 (from $61). The .40/100 fee applied to estate assets (maximum of $6,000) does not increase this year - but watch for future increases as the state continues to struggle to increase revenues.
If you use a living trust to avoid probate your heirs won't get stuck with these fees.
Does the Court notify beneficiaries of a will or is that up to the executor?
RESPONSE: In NC, generally the Clerk of Court sends a notice of the proceeding to each beneficiary listed on the Application for Probate.
We have been asked to sign a document as a beneficiary of a will in NC that indicates we have gotten our 1/3 of the probated portion of the estate (the other portions are in trust.) While we agree we've received our 1/3, we do not agree with the value of the estate reported. The estate mainly consists of stock and we believe the stock value reported is incorrect, as it was not the value of the stock on the date of death. We've questioned the executor, who is handling the estate without professional help, to no avail. Our research indicates the stock value reported was the value at the time the initial probate acounting was completed (about 8 months after death).
The estate in not large enough that an estate taxes would have been filed or an alternate valuation -- we have confirmed this has not been done. Is is wise for us to go ahead and sign the document so the estate can be closed or should we continue to force accurate accounting of the estate? We want to be sure we are being legally prudent and have protected our basis value of the stock for tax purposes in the future.
RESPONSE: The correct valuation of publicly traded stock is an average of the high and low on the date of death. If these figures are not used on the Inventory, I would object and try to have it corrected.