Legal Question in Wills and Trusts in North Carolina
Disbursement
I was left a luxury car by a friend that died in Dec. 2003. The attorney has conducted auctions of the estate as dictated in the will, however has not put yet the house on the market. Two people were left material items and the rest money from the sale of the possessions and house. He has said he cannot release the car until he does some other filing that probably will take at least 6-8 weeks. Is there a time limit or a reason that he cannot release the vehicle? Also is he required to carry insurance on it as it is sitting in a carpor? Thanks so much!
1 Answer from Attorneys
Re: Disbursement
The executor may be waiting for the expiration of the creditors period. In order to be sure he will likely retain the car until he is certain that there are no debts to pay.
The executor should maintain insurance on the vehicle and all other estate property.
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