Account

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Account is a commonly used form within North Carolina. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About Account

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Account:

• This form pertains to the State of North Carolina

• The current version of this form was last revised on September 3, 2021

• The relevant probate statute or North Carolina laws related to this form include: 28A-21-1, 28A-21-2, 28A-21-3, 28A-23-1, 35A-1264, 35A-1266

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about North Carolina’s Form AOC-E-506 - Account up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct North Carolina form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some North Carolina probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form AOC-E-506, take a break, and then review. Probate and estate settlement processes in NC are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form AOC-E-506 online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form AOC-E-506 witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Account to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

Need help getting in touch with a local probate court or identifying a domicile probate jurisdiction?

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in North Carolina.

5 reasons you should submit AOC-E-506 as quickly as possible:

1. The sooner you begin, the faster North Carolina can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in North Carolina. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of North Carolina is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for North Carolina probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local North Carolina probate clerk or court for exact answers regarding Form AOC-E-506, and when in doubt— consult a qualified trust & estates lawyer for that area.

Account is one of the many probate court forms available for download through Atticus.

It may also be available through some North Carolina probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within North Carolina.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form AOC-E-506 - Account f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the North Carolina probate court office.

Account is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any North Carolina-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on North Carolina Form AOC-E-506 - Account. You can use this to get an idea of the context of the form and what type of information is needed.

PART I. SUMMARY 2. Minus Loss from Sale of Personal Property when Compared to Value Listed on Inventory or Prior Account (Include or attach explanation.) – 1. Subtotal Personal Property on Inventory or Subtotal Personal Property Held/Invested as Shown on Last Account 3.SUBTOTAL 4.Plus Total Receipts as Shown on Reverse [Part III.] (costs apply to this amount)+ 5.TOTAL ASSETS 6.Minus Disbursements (Debts or Expenses) as Shown on Reverse [Part IV.]– 7.SUBTOTAL 8.Minus Distributions (Inheritance to Heirs) as Shown on Reverse [Part V.]– 9.BALANCE AT END OF ACCOUNTING PERIOD (When filing Final Account, this should equal zero.) $ $ $ $ $ $ $ $ $ PART II. BALANCE HELD OR INVESTED Name And Address Of Fiduciary Change Of AddressName And Address Of Co-Fiduciary Change Of Address (Complete ONLY when filing an Annual Account with assets remaining in the Estate. Do not list account nos.) 1. On Deposit in Banks, etc. 2. Invested in Securities, etc. 3. Tangible Personal Property 4. SUBTOTAL - PERSONAL PROPERTY 5. Real Estate Willed to the Estate and Not Sold (fair market value at date of death) 6. Real Estate Acquired by the Estate Under G.S. 28A-15-1 7. Other Balance $ $ $ $ $ $ $ $ $ $ TOTAL BALANCE HELD OR INVESTED (Must equal Balance shown in Part I. above) Signature Of FiduciarySignature Of Co-FiduciaryTitleTitle DateSignature Of Person Authorized To Administer Oaths Deputy CSC Assistant CSC Clerk Of Superior Court Date Commission Expires County Where Notarized Notary SEAL Bond? Yes, reviewed. Not applicable. The above account has been audited by me and the vouchers or verified proofs submitted in support were examined. The account is approved disapproved . As this is the final account, the fiduciary is discharged. SignatureDate Assistant CSC Clerk Of Superior Court OUTCOME OF AUDIT BY CLERK AND ORDER SWORN/AFFIRMED AND SUBSCRIBED TO BEFORE MESWORN/AFFIRMED AND SUBSCRIBED TO BEFORE ME DateSignature Of Person Authorized To Administer Oaths Deputy CSC Assistant CSC Clerk Of Superior Court Date Commission Expires County Where Notarized Notary SEAL ACCOUNT ANNUAL FINAL G.S. 28A-21-1, -21-2, -21-3, -23-1; 35A-1264, -1266 Name Accounting Period FromExtending ToDate Of Death NOTE: If Date Of Death is prior to January 1, 2013, do not use this version of the form. Instead, use the Rev. 12/17 version of the form. File No. In The General Court Of Justice Superior Court Division Before The Clerk IN THE MATTER OF THE ESTATE OF STATE OF NORTH CAROLINA County I, the undersigned representative, being first duly sworn, say that the following is a complete and accurate account of my receipts, disbursements and other transactions as representative of this estate or trust. Deceased Minor Adult Ward Trust (Over) AOC-E-506, Rev. 6/21 © 2021 Administrative Office of the Courts PART III. RECEIPTS NOTES: 1. Rent from real property not willed to the estate goes to the heirs and is not a receipt of the estate. 2. List loans to the estate for the purpose of paying claims. 3. If a sale of personal property results in a gain over the value listed on the Inventory (AOC-E-505), list the gain as a receipt. If a sale results in a loss as compared to the value listed on the Inventory, report the loss on Side One, Part I of this form. 4. Do not report, as a receipt, changes in value (when compared to the value listed in the Inventory) of items which have not been sold. 5. If any real property willed to the estate has been sold, report the entire proceeds as a receipt. 6. If any real property not willed to the estate has been sold in a special proceeding to create assets with which to pay claims of the estate, report as a receipt only that portion of the proceeds received from the Commissioners (the balance not needed to pay claims of the estate is distributed in the special proceeding). NOTE: The AOC-E-506 Part III Continuation may be used as an attachment. DateReceived FromDescriptionAmount Or Value $ $ $ TOTAL PART III. Sum Total From Attachment(s), If Any $ PART IV. DISBURSEMENTS (Debts or Administrative Expenses) NOTES: 1. Disbursements are expenditures of and for the estate and do not include expenses regarding real property not willed to the estate. 2. List payments to creditors out of loans to the estate, or reimbursements by the estate to persons who had directly paid creditors of the estate. 3. Provide copies of receipts, cancelled or imaged checks, or other satisfactory detailed proof of payments. NOTE: The AOC-E-506 Part IV Continuation may be used as an attachment. PART V. DISTRIBUTIONS (Inheritance to Heirs) NOTES: 1. Provide copies of receipts, cancelled or imaged checks, or other satisfactory detailed proof of delivery or distribution. 2. Attach itemized description of unrealized gains or losses or assets not sold but distributed. Do not include unrealized gain or loss amounts in Total Part V. DateDistributed ToAmount DatePaid Or Disbursed ToDescriptionAmount Or Value $ $ $ TOTAL PART IV. Sum Total From Attachment(s), If Any $ TOTAL PART V. Sum Total From Attachment(s), If Any NOTE: The AOC-E-506 Part V Continuation may be used as an attachment. $ AOC-E-506, Side Two, Rev. 6/21 © 2021 Administrative Office of the Courts