Case Illustration of a Designated Executor
Darrin, the eldest of six grown children, was named as executor for his father’s will. At the time Fred, his father, named him executor, he really didn’t think about it one way or another, believing in the old adage, “How hard could it be?” Darrin is now finding out exactly how hard it can be as he struggles to make sure his mother is taken care of while fielding questions from his siblings regarding their inheritance. Darrin’s mother is currently in an assisted living facility. She has been ill for some time, and because Fred expected she would die before him, he essentially made no provisions for her, leaving everything to his children. Fred died unexpectedly in an auto accident, so Darrin now needs to determine how he can ensure his mother continues to receive the care she needs while remaining true to his father’s wishes to divide his estate between his children.
Darrin decides to speak to an experienced NC Planning attorney who can help him through this difficult time. The Durham probate and estate administration attorney at NC Planning takes the necessary time to fully understand Darrin’s position. Several options for Darrin are laid out, and all his questions are thoroughly answered. Darrin makes the decision to turn over the probate and estate administration duties to a professional who will make decisions based on many years of experience as well as a deep knowledge of North Carolina estate law. Darrin’s siblings are no longer angry with him, as the attorney has explained the situation to them as a neutral third party and they all agree their mother must be taken care of. Darrin is relieved that he is no longer responsible for making all the hard decisions on his own and that he can take the necessary time to properly grieve the passing of his father.
While family members are often designated as executors or successor trustees, the task can become much more complex when:
- The named family member lives a significant distance from where the estate will be probated and administered.
- The estate is particularly complex
- There is likely to be conflict between the beneficiaries
- The chosen person’s health interferes with them acting as executor
- Co-executors have been named, and the two don’t get along
- The named executor or successor trustee is already overwhelmed with other responsibilities like work or caregiving
- The person named as executor or successor trustee is not especially detail-oriented or organized
What is Probate and Trust Administration?
Probate and trust administration involves wrapping up an individual’s estate following his or her death. When the decedent has a comprehensive estate plan in place, probate, trust, and estate administration tasks are much simpler than when no such estate plan exists. Either way, estates must be administered properly and in a timely manner. The administrator of a trust is usually the named successor trustee who will follow the wishes of the decedent and the information set forth in the trust. When there is a will, probate is necessary. Probate can be lengthy and expensive, usually taking up to a year or more to complete. During this time, beneficiaries may get “antsy” to receive their inheritance, not understanding the legal process. If there is no will or trust or any type of estate plan, the estate must still go through probate with distributions being made according to North Carolina intestate laws. Having a Durham probate and estate administration attorney from NC Planning can help ensure your loved one’s estate administration will go as he or she wishes.
What Do Estate Administration Attorneys Do?
Estate administration attorneys may act in an advisory capacity, assisting the named executor with estate administration tasks. An estate administration attorney may also take a more active role, essentially administering the estate from start to finish. There can be a string of seemingly endless tasks that must be accomplished following the death of a loved one.
- Social security and/or pension companies must be notified
- Credit cards must be closed out
- Bank accounts must be consolidated into one estate account (unless the estate is very complex, or businesses are involved)
- Assets must be collected, inventoried, and valued
- Real estate may need to be sold
- All creditors must be paid
- Tax returns must be filed, and all taxes—both personal, estate, and business—must be paid.
A Durham estate administration attorney can either consult on these tasks or handle them directly. A Durham probate and estate administration attorney from NC Planning works for the estate, the decedent, and the loved ones who benefit from the estate. The sooner an NC Planning attorney is consulted, the easier the process will be for all those involved.
What is the Estate Administration Process?
The estate administration process is a multi-tiered process that may include the following immediate tasks, along with the estate administration tasks listed above:
- Secure the decedent’s home if there are no family members to do so
- Arrange for pets to be cared for
- The state department may need to be notified of the death, although the hospital, funeral home, or nursing facility may have done so
- Certified copies of the death certificate must be obtained
- If the decedent was working, his or her current employer must be notified
Once the will is filed in the probate court of the decedent’s county or residence, the process begins. The court will either affirm the named executor or, if the executor has chosen a Durham probate and estate administration attorney, the attorney will be affirmed by the court as administrator of the estate. Departments like the SS Administration, the Centers for Medicare & Medicaid Services, the Department of Motor Vehicles, the U.S. Postal Service, the Department of Veterans Affairs, or state pension fund administrators may need to be notified.
If the estate is owed any employment pay or benefits, those funds will be collected and added to the estate. If the decedent was owed money, whether for business or personal debts or rental of commercial or business real estate, that money would also be collected and added to the estate. Financial institutions, lenders, credit bureaus, and creditors where the decedent had accounts must be notified of the death, along with insurance providers. Recurring expenses, such as insurance, mortgages, property taxes, and utility bills, must be paid out of the estate’s assets until the estate administration is concluded.
When all estate administration tasks have been concluded, an accounting of all the estate transactions will be submitted to the probate court for approval. At this time payment from the estate is issued for the services of the executor or administrator, all remaining assets are distributed to heirs, and a final probate hearing is scheduled to complete the process.
Choosing the Best Estate Administration Attorney to Secure Your Legacy
Securing your legacy begins when you speak to an experienced NC Planning attorney who will assist you in planning your estate and continues after your death when your NC Planning attorney either handles the administration or assists your named executor in the estate administration process. If you have already chosen an NC Planning attorney to assist your family, then you are a step ahead and have saved your family members the difficult task of choosing a Durham probate and estate administration attorney.
At NC Planning, we offer highly personalized estate planning services to our clients. We will ensure you have a comprehensive, individualized estate plan that protects your assets while preparing your family for the future. Our comprehensive approach to estate planning makes estate administration significantly less complex. If you are dealing with the loss of a loved one and are searching for the “right” Durham probate and administration attorney, we believe that once you’ve spoken to an NC Planning attorney, your choice will be clear.
How NC Planning Will Help You Plan for the Road Ahead
Planning for the road ahead does not have to be an uncomfortable experience. When you choose NC Planning for probate and estate planning and administration, you will find that we consistently deliver excellent Client Care to each and every client. Our firm believes in responsiveness, which means we always answer your calls and your questions. We are accountable to our clients and believe in open, honest communication.
The NC Planning legal team believes in taking a friendly, family-like approach with our clients—we truly care about your children, grandchildren, pets, and vacations! Our goal will always be to protect your assets and your loved ones in the best way possible. When you are gone, we will continue working for your family members to ensure the best outcome. For your convenience, we have offices in Cary, Raleigh, Greensboro, and Wilmington, NC. Contact a Durham probate and estate administration attorney from NC Planning today!
