You’re an executor or administrator of an estate, and you want the decedent’s wishes to be followed exactly. State and federal laws require you to follow them to remain compliant in your duties, which causes most people to second-guess their actions and leads to stress and anxiety. Our Holly Springs, NC probate & estate administration services can help:
- Provide insights on your duties
- Guide you through complex compliance laws
- Answer questions you may have about the administration process
If you were specifically named in a will to be an executor or if the state appoints you as the administrator, it’s the final action that you can take for your lost loved one.
You’re facing a difficult time where you have duties to carry out while mourning the loss of a relative, close friend, family member or spouse.
We can help.
Get in touch with NC Planning to learn how we can guide you through probate and estate administration.
Case Illustration of an Executor
An executor is someone who is named in a will to administer the estate on behalf of their friend or loved one. Imagine Elizabeth, a 27-year-old and oldest child of Mary, who is a single mother.
Mary is sick with lung cancer and names Elizabeth as the executor of her estate in her will since she is the oldest child.
When Mary dies, Elizabeth will be responsible for:
- Carrying out the wishes of Mary, as listed in the will
- Pay off debts and satisfy creditors
- Bequeath the home(s) to someone named in the will or,
- Sell the home to pay off debts (if necessary)
- Pay income taxes, if any, that Mary owed
- Pay federal and/or state estate taxes
- So much more
You’ll be required to carry out Holly Springs, NC probate & estate administration to the best of your ability and in accordance with federal and state law.
If you’re an executor of a large estate, the process can be very complex.
What is Probate & Trust Administration?
When a person dies, a person’s last will and testament will dictate property distribution. North Carolina’s probate and intestacy laws will be followed if no will exists and involves:
- Paying debts and taxes
- Assessing all assets of the estate
- Distributing assets
If property is left in a trust, it will not go through probate. A trust administrator, also known as the trustee, will be responsible for administering all assets in the trust.
Both roles come with a fiduciary duty to act in the best interest of the estate’s or trust’s beneficiaries.
What Do Estate Administration Attorneys Do?
An attorney focusing on Holly Springs, NC probate & estate administration can help executors or trustees by avoiding probate laws. Your attorney helps executors or administrators with:
- Managing creditor payments
- Distribution of assets to heirs
- Filing documents in probate court
- Notifying all parties
- Consolidating funds
If an estate is income-earning, an attorney may help you determine if a tax identification number is necessary, how heirs will receive distributions and more.
Large estates are complex with many moving parts, and you may find yourself with the responsibility of executing a will, administering a trust and other responsibilities.
Misunderstanding probate laws, making tax errors or missing a step along the way only complicates matters further. If the estate plan is out of date or unclear, an attorney can provide guidance on the next steps to take.
We help you through North Carolina’s estate administration process and will be there if you need to navigate any uncertainties along the way.
The Estate Administration Process in North Carolina
- File with the Clerk of Court. If the decedent had a will, it may need to be filed with the Clerk of Court in their last county of residence. The person named executor in the will must file to be appointed. If the decedent did not have a will, a family member must apply to be an administrator. The Clerk will then decide whether the applicant should be appointed, and, if so, issue letters to that person to manage the estate.
- Gather assets. The probate court will want a list of the assets the decedent owned (called an “inventory”). The executor may open an estate checking account to simplify the process of paying bills and making distributions. A lawyer can help with this process. If the estate is particularly complex or large, other professionals may need to be brought in for advice, appraisals and other services.
- Notify and pay debts. Creditors will need to be notified of the death, which means the executor will need to publish a Notice to Creditors in the newspaper. Outstanding debts and taxes will need to be paid.
- Final income tax return. A final income tax return will need to be filed for the decedent and, depending on the circumstances, the estate itself. Generally, only very sizeable estates need to file an estate tax return.
- Distribute property. Once debts and taxes are taken care of, property can be distributed as per the will.
- File the inventory and final account. The inventory document must be submitted within a certain timeframe after qualifying as executor of the estate. The final accounting must also be filed with the Clerk of Court, which must be approved before the executor can be discharged from their duty.
As you can see, estate administration is complicated. There are many moving parts and several steps that need to be followed before the estate can be closed out.
Having the help of an experienced legal team can simplify and streamline the process while ensuring the decedent’s wishes are carried out.
Choosing The Right Estate Administration Attorney to Secure Your Legacy
An attorney can make estate administration less complicated, but it’s important to choose the right professional.
There are several things to consider when choosing an attorney, including:
- Experience. Look for an attorney with experience in Holly Springs, NC probate & estate administration. An experienced attorney will know the local process and help you navigate the process.
- Resources. Does the firm have the skill and resources to assist with all probate, trust, and estate administration matters? It’s important to have a legal team you can rely on to handle even the most complex of estate-related matters.
- Personalized level of service. Is the attorney responsive? Do they take the time to get to know their clients and their situations? Every estate is unique. You want an attorney who will take the time to understand where you’re at in the administration process and which steps to take going forward.
At NC Planning, we have the experience and resources to assist with all of your trust, probate and estate administration needs. We’re here to guide you every step of the way throughout the estate administration process.
Our boutique firm takes a client-centric approach, ensuring that executors are empowered and know how to navigate the road ahead.
How NC Planning Will Help You Plan for the Road Ahead
Probate and estate administration requires you to take the right steps at the right time. You have a fiduciary duty to uphold, and we’re here to help guide you through the entire process with legal guidance you can rely on.
Contact us today to schedule a consultation and learn more about our Holly Springs, NC probate & estate administration services.
Our offices are located in Cary, Raleigh and Wilmington, NC.
