Instructions For Preliminary Inventory On Side Two Of Application For Probate And Letters

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.

Instructions For Preliminary Inventory On Side Two Of Application For Probate And Letters 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 Instructions For Preliminary Inventory On Side Two Of Application For Probate And Letters

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Instructions For Preliminary Inventory On Side Two Of Application For Probate And Letters:

• 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-2A-1, 28A-2, 28A-5, 28A-6-1, 28A-12-4

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-201 - Instructions For Preliminary Inventory On Side Two Of Application For Probate And Letters 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-201, 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-201 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-201 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 Instructions For Preliminary Inventory On Side Two Of Application For Probate And Letters 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?

👉 Find and Contact your Local Probate Court

👉 What is a Domicile Jurisdiction?

Sponsored by Atticus App

Need help with North Carolina Probate?

Join all the other families who have trusted Atticus through probate, and experience the peace that comes from knowing you're taking the right steps, spending the least amount of money, and not wasting a single second.

Start for free

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-201 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-201, and when in doubt— consult a qualified trust & estates lawyer for that area.

Instructions For Preliminary Inventory On Side Two Of Application For Probate And Letters 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-201 - Instructions For Preliminary Inventory On Side Two Of Application For Probate And Letters 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.

Instructions For Preliminary Inventory On Side Two Of Application For Probate And Letters 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-201 - Instructions For Preliminary Inventory On Side Two Of Application For Probate And Letters. You can use this to get an idea of the context of the form and what type of information is needed.

AOC-E-201 Instructions, Rev. 8/21 © 2021 Administrative Office of the Courts INSTRUCTIONS FOR PRELIMINARY INVENTORY ON SIDE TWO OF APPLICATION FOR PROBATE AND LETTERS, FORM AOC-E-201, Rev. 8/21 THE CLERK IS THE JUDGE OF PROBATE AND CANNOT PRACTICE LAW OR GIVE LEGAL ADVICE. ACCORDINGLY, THE CLERK’S STAFF CANNOT HELP YOU FILL OUT THIS FORM. PARTS OF THIS FORM ARE SELF-EXPLANATORY. HOWEVER, FOR ANY NECESSARY ASSISTANCE, YOU SHOULD CONSULT AN ATTORNEY. Application For Probate And Letters Testamentary Or Letters Of Administration CTA, Form AOC-E-201 If the decedent left a will, the person named as executor in the will may qualify by applying to the Clerk of Superior Court using this form. Side Two of this form contains a preliminary listing of the assets of the estate. This part of the form is intended as a preliminary report to the clerk, heirs and creditors of the nature and probable value of the property, real and personal, wherever located, owned by the decedent as of the date of death. General Instructions: Type or print neatly in black ink. All values reported should be the fair market value of the item as of the date of death. If there is not sufficient space on the form, continue on a separate attachment. Except where instructed to itemize, you should report in a lump sum the estimated total value of all property in each category. A complete itemization and valuation of decedent’s property must be listed on the Inventory Form (AOC-E-505) and filed with the clerk within three months after qualifying. • “Account” includes accounts in banks, savings and loans and other financial institutions, including money market accounts with brokerage houses or similar institutions. • “Joint account with right of survivorship” is an account in the name of two or more persons in which the deposit agreement (1) is signed by all parties and (2) expressly provides that, upon the death of one of the joint depositors, the interest of the decedent passes to the survivor(s). Any joint account which is not “with right of survivorship” is a joint account without right of survivorship. • “Stocks or bonds with right of survivorship” are securities in which the certificate clearly states that upon the death of one of the joint owners the interest of the decedent passes to the survivor(s). Any jointly owned security which is not owned “with right of survivorship” is owned without right of survivorship. • “Securities registered in beneficiary form” means stocks, bonds, or other securities officially registered with the issuer of the security indicating the current owner of the security and the person who will automatically become the new owner of the security upon the death of the owner.” (See G.S. 41-40 et seq.) (Over) 1. Accounts solely in the name of decedent - For each account, list the name of the institution, the account type, and the balance on the date of death, but do not list the account number. 2. Joint accounts without right of survivorship - For each account, list the name of the institution, the account type, and the name(s) of the other joint owner(s), but do not list the account number. If the percentage owned by the decedent can be determined, report that percentage and the value of that percentage on deposit on the date of death. If the percentage owned by the decedent is unclear, report the percentage as 100%, and list the total amount on deposit on the date of death. A copy of the signature card or depository contract should be attached either to this form or the inventory (AOC-E-505). 3. Stocks/bonds/securities solely in the name of decedent or jointly owned without right of survivorship - If the percentage owned by the decedent can be determined, report that percentage and the value, in a lump sum, of that percentage. If the percentage owned is unclear, report the percentage as 100%, and list the total value, in a lump sum, of all such stocks and bonds. A detailed itemization of these assets must be reported in the Inventory (AOC-E-505). 4. through 7. These categories should be self-explanatory. 8. Interests in partnership or sole proprietor businesses - Report all solely owned business interest and all partnerships in which the decedent was a general or limited partner. List the name of the business or partnership, the names of the surviving partners, the decedent’s percentage interest in that partnership, and the value of that partnership interest or business. 9. through 11. These categories should be self-explanatory. 12. Real estate willed to the Estate - (NOTE: Real property willed to any person or entity other than the estate must be reported in Part II, Item 4.) List only real estate which the decedent devised (willed) to the estate or to the executor in the capacity as executor (not as an individual). Usually, such a devise is accompanied by a direction to sell the real estate and distribute the proceeds as specified in the will. 13. Estimated annual income of Estate - Income of the estate includes, for example, interest on checking and other accounts opened in the name of the estate, dividends and interest on stocks and bonds owned in the name of the estate, and other income to the estate. Income of the estate does not include interest on accounts, or dividends or interest on stocks or bonds, which pass directly to a surviving joint owner. PART I. PROPERTY OF THE ESTATE AOC-E-201 Instructions, Side Two, Rev. 8/21 © 2021 Administrative Office of the Courts This part of the form is used to list certain kinds of property which the decedent owned or in which the decedent had an interest during his or her lifetime, which are not ordinarily part of the estate, but which may be recovered by the personal representative if the assets of the estate are not sufficient to pay all the debts of the decedent and claims against the estate. (NOTE: The personal representative should NOT receive or disburse any personal property in this category prior to meeting all statutory requirements for bond or bond increases.) 1. Joint accounts with right of survivorship - List all joint accounts with right of survivorship. For each account, list the name of the financial institution, the account type, the names of the other joint owners, and the total balance on the date of death, but do not list the account number. Attach a copy of the signature card or depository contract for each such account to this form or to your Inventory (AOC-E-505). 2. Stocks/bonds/securities registered in beneficiary form and immediately transferred on death or jointly owned with right of survivorship - A lump sum total of the value of all such stocks or bonds should be reported here. A detailed itemization of these assets must be reported in the Inventory (AOC-E-505). It also includes securities registered in beneficiary form and automatically transferred on death. 3. Other personal property recoverable - This category includes accounts which are called “Payable On Death or Trustee Accounts” in the signature card or deposit agreement or in which the decedent otherwise established a “Tentative” or “Totten” trust. It also includes property which the decedent gave to someone in contemplation of the decedent’s own death, and property transferred by the decedent, without receiving adequate consideration, with the intent to hinder, delay or defraud the decedent’s creditors. If you believe there may be any property which falls into these latter categories, you may wish to consult an attorney. 4. Real estate owned by decedent and not listed elsewhere - (NOTE: Real estate owned by the decedent and spouse as tenants by the entireties should be reported in Part III. Do not report real estate in which the decedent had an interest only for his or her lifetime.) All other interests in real estate owned by the decedent should be reported here in a lump sum using fair market values as of date of death. A more detailed listing and identification of the properties should be made in the Inventory (AOC-E-505). PART III. OTHER PROPERTY PART II. PROPERTY WHICH CAN BE ADDED TO ESTATE IF NEEDED TO PAY CLAIMS This part of the form is used to indicate certain property, rights and claims which are not administered by the personal representative as part of the decedent’s estate and which the personal representative can not generally recover to pay debts of the decedent or claims against the estate. However, this property may be included in the value of the “estate” for federal or state estate and inheritance tax purposes, or which are listed for the information of heirs and others to whom the property may pass. 1. Entireties real estate - Indicate whether or not there is real estate jointly owned by the decedent and his or her surviving spouse as tenants by the entireties. 2. Insurance, Retirement Plans, IRAs, annuities, etc., payable to named beneficiaries - This category includes all life insurance proceeds, death benefits under pension and retirement plans, the balance remaining in IRA, annuities, 401(k) and other similar accounts which, at the death of the decedent, pass to a beneficiary other than the estate. 3. Claim for wrongful death - This category is for cases in which the death of the decedent was caused by the wrongful act, neglect or default of another, who may be liable in action for damages brought by the personal representative. The potential existence of a claim for damages should be reported here. [NOTE: (a) The personal representative should NOT receive or disburse wrongful death proceeds prior to meeting all statutory requirements for bond or bond increases. (b) Any recovery is not subject to the claims of creditors except for burial expenses of the decedent, reasonable hospital and medical expenses incident to the injury resulting in death and not totaling over $4,500 (but not over 50%) of the damages recovered after deducting attorneys’ fees, and Medicaid claims. (c) The proceeds of the recovery must be distributed by the personal representative in accordance with the Intestate Succession Act, regardless of the existence or terms of any will. (d) Except for payment of the expenses expressly allowed by statute, the personal representative must not comingle wrongful death proceeds with assets of the estate. The personal representative must file a separate accounting with the clerk of superior court regarding any and all wrongful death proceeds. If you believe there may be a wrongful death claim, consult an attorney.] SIGNATURE - All applicants must sign. The signature of each must be separately notarized before a notary public or acknowledged before the clerk, assistant, or deputy.