At NC Planning, we know that Fuquay-Varina probate, trust & estate administration puts immense pressure on an administrator or executor. You’re put in a very important and complex position where your duties require you to follow state and federal laws that you may not know or understand.
Our attorneys have the experience to help you navigate:
- State laws
- Federal laws
- Complex family dynamics
A will that names an executor can help you distribute your loved one’s assets, but if no will exists, an administrator will be named to handle the estate. Often, the person chosen is the decedent’s spouse or an immediate relative, but there are times when someone else may be named.
Probate Case Illustration
Stacy is a 49-year-old mother of two who spends her time at Falcon Park watching her nephew play baseball and has worked diligently to open a veterinarian clinic. One evening, she passes out walking across the street, hitting her head on the curb and succumbs to her injuries.
Sadly, like 65%+ of Americans, she never got around to creating a will.
A will would have named an executor for the estate, but even with a will, the estate may still need to go through the probate process. Stacy’s executor has an obligation to:
- Inventory all of Stacy’s assets
- Appraise certain assets
- Pay estate debts and expenses
- File her last tax return
- Deposit any income she may have had
- Redeem life insurance
- Perform other critical tasks
Since she didn’t have a will, her wishes remain unknown, and the appointed administrator must make the best decisions possible.
Without the skillful guidance of an attorney, it’s easy for the executor of Stacy’s will to overlook some of these requirements. If the law isn’t followed, it can cause delays and disputes. The court can even remove the person from their position.
What is Probate & Trust Administration?
Fuquay-Varina probate, trust & estate administration are all part of wrapping up an estate, but an estate may not have a trust. Probate is a requirement by law that when a person dies, called a decedent, an executor handles all estate matters, including:
- Listing and distributing assets
- Redeeming insurance policies and retirement accounts
- Depositing any income the decedent may not have deposited
- Paying any taxes owed by the decedent out of the estate and filing a final tax return
- Satisfying other duties
Probate occurs with or without a will and acts as a safeguard against the mishandling of an estate.
Trusts are an estate planning tool that names an administrator and minimizes the court’s involvement. The courts are only involved in trust administration if there is a titling issue with assets put into the trust.
What Do Estate Administration Attorneys Do?
Estate administration attorneys help an executor of an estate handle the complexities of the administration process. An executor has many responsibilities, which must be carried out in accordance with North Carolina and federal laws.
An attorney will help you:
- File all paperwork in a timely manner
- Interpret a will
- List and value assets
- Handle potential beneficiary complaints
- Avoid costly mistakes for the estate and family
There are many advantages to hiring an estate administration attorney. One of the primary benefits is the reduced risk of family conflict. Often, when an attorney is involved in the administration process, family members believe the estate is being handled properly.
Hiring an attorney can also alleviate the stress of dealing with the courts, keeping track of deadlines, and managing all of the paperwork involved.
The Estate Administration Process in North Carolina
Few people can manage an estate on their own when a loved one passes. Certain steps must be followed in a particular order. Deadlines must be met. A mountain of paperwork must be filed.
Unless you have first-hand experience with the estate administration process in North Carolina, it is advisable to consult with an attorney who can guide you through the process.
While every estate is unique, most will go through the process below.
- The person named executor files the appropriate paperwork with the Court to become legally recognized as the estate’s executor.
- Creditors and key institutions and organizations must be notified of the decedent’s passing. This can include beneficiaries of the estate, the Social Security Administration, the IRS, the decedent’s employer, and other relevant agencies.
- The decedent’s assets will be gathered to create the Inventory For Decedent’s Estate.
- Taxes and debts must be settled, but claims must be settled in a specific order. It is highly advised that you work with an attorney through this step.
- Assets are distributed to beneficiaries as per the decedent’s estate planning documents.
- Once all debts have been settled and assets distributed, the final paperwork can be filed, and the estate can be closed.
There are many steps involved in the estate administration process. Without experience or legal guidance, making a mistake can easily delay or complicate proceedings. You may miss an important step, overlook necessary tax forms that must be submitted, or misinterpret probate laws.
If you were named executor of an estate, consult with an attorney who can help you understand the process and navigate each step. An attorney’s guidance will make the process as smooth and stress-free as possible.
How to Choose the Best Estate Administration Attorney for Your Legacy
Estate administration is complex. Working with an attorney can make the process less stressful. While there are several things to consider when choosing an attorney, two primary considerations include:
- Experience with estate administration. You want an attorney who understands the system and has assisted other clients through the estate administration process. At NC Planning, we focus on Fuquay-Varina probate, trust & estate administration. Our attorneys can help you navigate each step, from settling tax and debt issues to asset distribution and closing the estate. We strive to provide sound, quality legal services to each and every client.
- Client care. Does the attorney provide a high level of personalized service? Will they be available to answer your questions and take the time to understand your individual situation? At NC Planning, we focus on building strong client relationships. Before making any recommendations, we take the time to get to know you and the details of the decedent’s estate.
We know that estate administration can be a daunting process. We’re here to simplify things and alleviate the stress of settling affairs, asset distribution, and other complex areas of probate.
How NC Planning Will Help You Plan for the Road Ahead
When you work with NC Planning, you get more than just a single attorney’s advice and guidance; you get the help of an entire legal team.
We understand that the loss of a loved one can be devastating. Being named executor of an estate comes with a great deal of responsibility. Having an experienced legal team in your corner can make the process less demanding and allow you time to grieve your loss.
At NC Planning, we are committed to delivering quality legal services to clients in need of estate administration services.
Contact us or call our Cary office to schedule a consultation with an attorney experienced in Fuquay-Varina probate, trust & estate administration.
