North Carolina estates can go into probate even if a will and other components of an estate plan are in place. The larger the estate, the more complex the administration process will be. Working with a Winston-Salem probate, trust & estate administration attorney helps executors:
- Follow North Carolina probate law
- Adhere to Federal laws
- Navigate family dynamics
Estate executors are put into their positions at a time when emotions are high, and they’re dealing with the death of someone close to them. You have a responsibility to distribute your loved one’s assets, and even with a will, it’s a stressful process.
An estate plan may include one or more trusts, which a trustee will oversee. If there are any issues with the trust, we can assist with the administration process.
Call our Greensboro office to schedule your consultation or feel free to use our online scheduling form.
Probate Case Illustration
Marco’s uncle died in Winston-Salem, and due to his significant assets, he was wise enough to create what he thought was a robust estate plan. His uncle’s estate includes:
- Significant assets
- Investment accounts
- Multiple real estate holdings, some overseas
While the will mentions certain collectible items, the property inventory did not list them. One of the many heirs of the estate plans to contest the validity of the will because he believes his uncle wanted him to inherit the vacation home.
These matters will delay probate, but they’re only a small portion of the problem. Marco discovers that his uncle died with significant debt, and creditors are pursuing payment. He must prioritize certain debts and ensure the estate remains solvent.
If Marco continues executing the estate and doesn’t fully understand the law, it can put a financial strain on the estate and cause other issues. He’s already dealing with a longer probate process because the will is being contested.
Working with an attorney who focuses on Winston-Salem probate, trust & estate administration can help ease Marco’s burden and provide guidance on how to overcome some of these issues.
What is Probate and Trust Administration in North Carolina?
Probate and trust administration are two separate processes. Smaller estates may not have a trust, but all will have probate.
Probate
Probate laws involve the courts and a mountain of paperwork. If a person dies with a will, the executor must follow the will and distribute the assets as requested by the decedent. When a person goes through probate without a will, intestacy laws will determine how assets are divided.
The probate process will include:
- Naming an executor or the court approving the named executor
- Inventorying all of the decedent’s assets
- Appraising certain assets, such as collectibles
- Redeeming retirement plans and insurance annuities
- Paying all debts and expenses
- Filing the person’s last tax return
- Other legal processes
Trust Administration
A trust will name a trustee to oversee the trust. For the most part, this type of administration will not involve the courts, but there are times when titling property incorrectly can lead to involving the court.
Working with a trust administration attorney allows executors and administrators to have peace of mind that they’re following state and federal laws.
What Do Estate Administration Attorneys Do?
Attorneys act as legal counsel, guiding an executor, administrator, or trustee through the administration process. If a will has discrepancies, your attorney will step in to correct potentially costly mistakes before they negatively impact the estate.
An attorney will assist with:
- Trust administration
- Paperwork filing
- Paying creditors
- And more
What are the Benefits of Hiring an Estate Administration Attorney?
Estate administration can feel like a daunting task. Having an experienced attorney in your corner will provide many advantages.
Here’s what an attorney can offer:
- Sound legal guidance. An attorney can help you navigate the complex process of administering the estate, from interpreting the will to identifying beneficiaries and settling debts. They can help ensure the process is carried out in accordance with North Carolina law.
- Assistance with debts and taxes. Debts and taxes must be paid before assets can be distributed to heirs. State and federal taxes may also apply. An attorney can advise you on settling these matters and reducing the risk of personal liability.
- Legal representation. Should disputes arise, the estate may require legal representation in court. An estate administration attorney can provide quality, valuable representation, and counsel.
- Peace of mind. Estate administration is complicated. An attorney will be familiar with North Carolina’s probate process and can help you avoid costly errors. Their guidance and counsel can help ensure you’re in compliance with your legal obligations.
Ultimately, an attorney will alleviate the stress of managing an estate. The process is complex and governed by laws and regulations you must abide by.
How Estate Administration Works in North Carolina
In North Carolina, the estate administration process starts with the Clerk of Court in the county where the decedent last resided. Before you can start officially administering the estate, the Clerk will need to appoint you as executor. This step should be straightforward if you were named executor in the decedent’s will.
Once officially appointed for the role, you will face deadlines, rules, and mountains of paperwork. The steps involved in administering an estate include (but are not limited to):
- Gathering the decedent’s assets and creating an inventory, which will be submitted to the court.
- Paying the decedent’s bills and taxes, and notifying creditors.
- Filing income tax returns for the decedent and, potentially, the estate.
- Distributing assets as per the decedent’s instructions in the will.
- Filing the inventory and final account with the Clerk of Court.
Executors have just 90 days to file an inventory of the estate’s assets. Certain bills and debts may need to be paid in a particular order.
The process can quickly become complex, especially with large estates with significant assets or liabilities.
Choosing the Best Estate Administration Attorney for Your Family
Estate administration is complicated. Missteps can lead to delays and complications that may cause financial losses for the estate.
Executors can be held personally responsible for errors, even if they are unintentional.
With the guidance of an experienced estate administration attorney, you can avoid common pitfalls that some executors fall into.
At NC Planning, we can assist with various aspects of Winston-Salem probate, trust & estate administration.
We know that being named executor of an estate comes with a great deal of responsibility. In addition to managing complex estate matters, you are also grieving the loss of a loved one. We can help you navigate the road ahead, understand your responsibilities, and provide sound legal counsel at every step.
How NC Planning Will Help You Plan for the Road Ahead
If you have been named executor of an estate, the guidance of a skilled and experienced attorney can make the administration process less stressful. From settling tax and debt matters to asset distribution and closing the estate, our attorneys can help you navigate the system.
At NC Planning, client care is a top priority. We focus on building relationships with clients and understanding their unique situations before making recommendations. Our tailored approach can help make the estate administration process as smooth as possible.
If you need help with Winston-Salem probate, trust & estate administration, contact us online or call our Greensboro office today.
We have three additional, convenient offices in Cary, Raleigh and Wilmington, NC to assist you.
