Form AOC-E-506 Account - North Carolina

Form AOC-E-506 Instructions

The NC Estate Account Form begins with an introductory section asking for the name the estate belongs to, if the AOC-E-506 Form is accounting for the annual or final numbers, the accounting period, and the date of death.

1. The first part asks for the subtotal for personal property in regards to inventory or subtotal personal property that is held or invested as shown in the last account taken and then subtracting the losses due to personal property that is compared to values ​​listed in the inventory or prior account (s).

2. The second part asks for the balance held or invested and is completed only when you are filing an Annual Account where assets remaining in the Estate. This section will also require that these figures be sworn or affirmed, and subscribed and notarized.

3. The third part asks for receipts and acts as a continuation of part two. There are several notes to mention when listing receipts such as:

   • Rent accrued from real property is not willed to the Estate that goes to the heir is not a receipt of the Estate:
   • Loans to the Estate used for paying claims need to be listed in this part:
   • If a sale of personal property that results in a monetary gain over the value that is listed on the Inventory in AOC-E-505 then the amount is listed as a receipt:
   • Changes in the value of items that have not been sold are not listed as a receipt:
   • And if there is any real property that has not been willed to the estate that has been sold under a special proceeding to create assets that are then used to pay claims of the Estate is reported as a receipt but only for the portion of the proceeds that were received from the Commissioners.

4. The fourth part asks for disbursements such as debts or administrative expenses. There are several notes to mention when listing disbursements such as disbursements are defined as expenditures of and for the Estate and therefore do not include expenses in relation to real property that is not willed to the Estate.

5. The fifth part asks for distributions that will be given to the heirs and will require detailed proof of delivery or distribution of funds to ensure inheritances were properly received.