Case Illustration for Greensboro Estate Administration
Jillian, the eldest child of Mike and Cindy, was unaware that she had been named as executor of her father’s estate until after his death. Jillian’s mother, Cindy, was medically unable to assist her with the tasks associated with the estate administration, and Jillian was not only feeling not up to the task, but she was also getting some flak from her five siblings regarding when they would receive their inheritances. Jillian felt lost, unsure of the steps she needed to take, and unable to deal with the family conflict.
Since NC Planning had prepared her father’s estate plan, Jillian set up an appointment with a Greensboro, NC, probate and estate administration attorney from NC Planning. Jillian came away from the first meeting feeling lighter than she had since her father’s death. She was able to largely shift her burden and tasks as executor to a highly qualified attorney in the firm. The attorney, as an “outsider,” was also better able to deal with the family conflict, allowing Jillian the time she needed and deserved to grieve the passing of her father and help her mother through the difficult time as well.
What is Probate and Trust Administration?
Estate administration involves the entire estate plan of a decedent, whether that includes a will, a trust, or both, along with other estate planning documents. The probate process requires court supervision, regardless of whether there is an estate plan. Those who choose a will should name a trusted person as the executor. This person has many responsibilities—many of which they may not have been entirely prepared for. The will must be presented to the probate court, and the judge must approve the executor. Probate can be a lengthy, sometimes expensive process and is one that affords no privacy to the family.
Everything in the will is public; anyone who wants to know what is contained in the will can find out those details. It can be extremely helpful to either have an estate planning attorney be the designated executor of the will or, at the very least, to have a knowledgeable Greensboro, NC probate and estate administration attorney assist the named executor in their duties, explaining the process of probate as it unfolds. North Carolina § 28A-1-1 details the Administration of Decedents’ Estates and will be used by your probate and estate administration attorney.
If the decedent has a trust, rather than a will in his or her estate plan, a successor trustee will be named in the trust document. Trust assets bypass the probate process, allowing the successor trustee to immediately begin the process of transferring assets to the named trust beneficiaries. No court authorization is required during the administration of a trust, and the contents of the trust are not available to the public. While probate can take anywhere from seven or eight months to as long as two years to complete (depending on the extent of the estate and how busy the probate court is), trust administration is usually a much shorter process.
While trust administration also involves the distribution of real estate, assets, and other property, it also involves paying the decedents’ existing debts, addressing property and personal taxes, and much more. Trusts are more difficult than wills for family members to contest, but family members can nonetheless make trust administration more difficult than it needs to be. A trust administration attorney can be an extremely positive addition to the administration of a trust, bringing skill, years of experience, knowledge of the process, and finesse in dealing with conflicts between family members. Having a highly skilled Greensboro, NC probate and estate administration attorney from NC Planning by your side will make probate and estate administration considerably easier and less stressful.
What Do Greensboro, NC Probate and Administration Attorneys Do?
Estate administration—which may involve probate, trust administration, or both—is the process of settling the legal and financial affairs of someone who has passed away. While very small estates can sometimes be administered without the assistance of a Greensboro, NC probate and estate administration attorney, most estates can benefit significantly from this type of legal assistance. Probate can be complex and time-consuming, involving petitioning the probate court to begin the process and ensuring all court requirements are properly satisfied. If there is family conflict, the process can be even slower and more problematic.
An experienced NC Planning estate administration attorney knows how to navigate every conceivable issue that could arise, finding a workable solution for all those involved. If the decedent designated an executor for his or her will, the named executor must fulfill his or her duties according to the terms of the will and North Carolina laws, or they could be opened up to personal liability. A Greensboro, NC probate and estate administration attorney can do the following:
- Petition the court, have the decedent’s will admitted, and obtain a letter testamentary that allows the executor to complete the necessary duties
- Assist the executor in gathering all the decedent’s assets—some that may not be easily located
- Value assets, particularly those that require professional valuation like real estate, artwork, other collectibles, and other unique items
- Ensure all of the decedent’s debts are properly paid, including all taxes owed
Administrators, like executors, are responsible for prudently managing an estate and its assets but administrators are often subject to more scrutiny and court management than executors. Having a knowledgeable attorney fulfill this role simply makes good sense for all those involved. An estate administrator can also handle the administration of the trust or trusts in the estate or can assist the successor trustee in their duties.
Like the executor of a will, the successor trustee or trust administrator is responsible for accounting, valuation of assets, required record-keeping, and prudent investment decisions for trust assets when required. At any stage of the probate process, an experienced estate administration attorney can provide heirs, family members, successor trustees, and executors with trusted advice and direction.
What is the Probate and Estate Administration Process?
The North Carolina probate and estate administration process begins at the Clerk of Superior Court in the county of residence where the decedent lived at the time of their death. An application is submitted to the clerk to approve the executor (or name one, in the absence of a will), along with the will, a preliminary inventory of the estate, and a death certificate. Once duly appointed by the court, the executor or administrator will:
- Inventory all assets of the decedent
- Publish a notice in the newspaper (or mail notices individually) to all creditors
- Have valuations done on real estate and collectibles when necessary
- Set up a bank account for the estate
- Pay all taxes associated with the estate
- Make sure all valid debts against the estate are paid in full
- If there is insufficient money to pay all debts, sell estate assets to do so
- Distribute remaining assets to heirs according to the will or trust document
- File any required documents with the Clerk of the Superior Court promptly
- Prepare a final accounting that shows all transactions made on behalf of the estate, and close the estate
How Do You Choose the Right Greensboro, NC Probate and Estate Administration Attorney to Secure Your Legacy?
Choosing the right Greensboro, NC probate and estate administration attorney to ensure your legacy is secured can feel like an overwhelming task. Many people who need a probate and estate administration attorney will ask friends, family members, and co-workers for a referral. Others will go online to find several likely estate administration firms that seem like a good fit, then will set up consultations with those firms to choose an attorney they are comfortable with and one they can trust.
At NC Planning, we understand that this is a difficult time in your life. You may have just lost a loved one who possibly had a will only, a more detailed estate plan, or no estate plan at all. Regardless of your situation, we believe that once you have spoken to an NC Planning attorney, the choice will be an easy one. We have extensive experience in this field, knowledge of the ever-changing probate and estate administration laws, and our Client Care is unparalleled. We want you to feel comfortable and able to transfer much of the stress you are feeling regarding probate and estate administration over to us. We will be your advocate, ensuring your loved one’s wishes are properly carried out, always keeping you apprised of where we are in the process.
How NC Planning Will Help You Plan for the Road Ahead
NC Planning is an extremely experienced probate and estate administration firm that offers high-touch, personalized services from our offices in Cary, Wilmington, and Raleigh, as well as to our neighbors like those in Greensboro. At NC Planning, we see our role as that of trusted advisors—we offer strategic advice that allows you to create an estate plan or administer an estate for a loved one.
Our Client Care is an exceptional component of our probate and estate administration services. While client care is easy to talk about, at NC Planning, we live, breathe, and consistently deliver extraordinary levels of Client Care. Open communication, outstanding responsiveness, accountability, compassion, and being open to constant improvement provide you with an incomparable experience. Contact NC Planning today for all your probate and estate administration needs.
