Aoc E 505 Form – Fill Out and Use This PDF

AOC E 505 Form PDF Details

The AOC E 505 form records a complete inventory of a decedent's assets for the North Carolina probate court system. The personal representative, also called the executor, must file it with the Clerk of Superior Court within 90 days of receiving letters testamentary or letters of administration.

The form is divided into three main parts. Part I covers assets owned solely by the decedent. This includes all types of accounts, stocks and bonds, tangible personal property, and real estate that the will directs to be sold. Each item must list a fair market value as of the date of death. Part II covers assets held jointly without rights of survivorship. These include jointly held stocks, bonds, and other personal or real property. Part III addresses any potential wrongful death claim. If an attorney has been retained and a civil action has been filed, that must be disclosed in this section.

The form is a sworn legal document. Both the personal representative and any co-fiduciary must sign it in front of a notary or authorized court official before the clerk will accept it. Missing the notarization is one of the most common reasons for a rejected filing.

Asset valuation is a critical part of completing the inventory. Real estate must be listed by parcel, with each parcel's fair market value stated separately. Financial accounts use their current balance as of the date of death. Stocks and bonds use their market value on that same date. Tangible personal property such as vehicles, jewelry, and household goods is listed at reasonable resale value, not original cost.

North Carolina probate law also allows the personal representative to add property to the estate after the initial filing. This matters when assets are discovered later or when outstanding claims require additional resources. The inventory establishes the baseline for these adjustments and for the final accounting that closes the estate.

Filing deadlines are strictly enforced. A personal representative who misses the 90-day window may face court action. Extensions are available in some cases. Working with a probate attorney early in the process helps ensure the inventory is accurate and filed on time. You may also need a North Carolina Small Estate Affidavit if the estate qualifies for simplified probate.