Any property that passes to a beneficiary through a Last Will and Testament or when a person passes away without a Will (intestacy) may be subject to probate. Probate is the administration of an estate by a personal representative (also called Executor or Executrix) and monitored by the Clerk of Superior Court in the county in North Carolina in which the decedent was a resident when he or she passed away.
Some property is not subject to probate. Some examples of non-probate property include:
- Life Insurance payable to a named beneficiary (not payable to the Estate)
- Bank or brokerage accounts which are jointly held
- IRAs or retirement plans payable to a named beneficiary
- Property transferred to a Trust PRIOR to death
- Real Property held as joint tenants with rights of survivorship (JTROS) or held as tenants by the entirety (TBE)
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