Estate administration is a significant responsibility. You have to comply with state and federal laws, but you also need to carry out the decedent’s wishes. Add the loss of a loved one to the equation, and it’s easy to feel overwhelmed. We’re here to guide you through the Wake Forest probate, trust & estate administration process.
We provide the guidance necessary for you and your loved ones to:
- Distribute a loved one’s assets
- Adhere to strict laws
- Handle complex family dynamics
Administrators and executors have a responsibility to handle all estate matters, from inventorying the decedent’s assets to paying off the decedent’s debts and expenses. Probate, trust, and estate administration is complex.
Call us at (919) 568-3681 or click here to schedule a consultation to learn how we can help you remain compliant with federal and state laws.
Probate Case Illustration
Alex is a North Carolina resident who grew up in Wake Forest and started his own dental practice. He runs a business and has a child but no spouse. While he has always tried to remain a healthy 52-year-old, he struggles with heart-related issues that seem to run in his family.
One day, after the stress of work, he experiences a tense tightening in his chest and collapses in the office.
Thankfully, he had a will in place that named his child as an executor of the estate, but even with a will, the estate still needs to go through the probate process. Probate has many requirements, including:
- Approval of the estate’s executor by the state
- Inventorying all of the decedent’s assets
- Paying all debts and expenses
- Satisfying any tax obligations outstanding
- So much more
During this challenging time, Alex’s executor realizes that the probate and administration process is too intense to handle independently. Hiring an attorney who has experience with Wake Forest probate, trust & estate administration gives the executor peace of mind that he’s following the guidelines of the law.
What is Probate & Trust Administration?
North Carolina’s probate laws put processes in place that an administrator or executor must follow, even if the decedent dies with a will. Laws allow for estates to be administered in accordance to the law and ensure that the executor distributes assets in one of two ways:
- In accordance to a will
- Based on intestacy laws
The court may name an administrator if a person doesn’t have a will.
Probate involves the court the entire time, but trust administration does not. If the decedent titles all of the assets in the trust properly prior to their death, the court most likely doesn’t need to be involved in trust administration.
A trustee will often work with a lawyer who will help ensure all assets are distributed properly, taxes are paid, and expenses are satisfied. While probate and trust administration seem similar in nature, they are two different processes that must be followed precisely.
What Do Estate Administration Attorneys Do?
Estate executors or administrators work closely with estate administration attorneys to administer the estate properly. Even if a will is in place, they can be:
- Poorly written
- Filled with mistakes
In both cases, the net result is that the estate suffers. Administrators are put into an important role at a time when they’re mourning the death of a loved one.
Attorneys provide the legal guidance to work through larger estates, handle wills, and work through a decedent’s estate plan. Estate plans may name assets not in a trust, complicating estate administration.
Larger estates have many moving parts, but it’s up to the executor or administrator to handle all matters according to the law despite not being legal professionals. Working with an estate administration attorney offers:
- Peace of mind that probate, estate and trust administration is properly managed.
- Potential to reduce family conflicts.
- A lower risk that someone will contest your decisions.
Families often feel more confident that all estate matters are properly managed when an attorney is part of the process. Attorneys know how the law works and have answers to questions that executors do not have.
How Does the Estate Administration Process Work in North Carolina?
Estate administration in North Carolina is a multi-step process that typically follows the steps below when a full administration is necessary:
- First, the decedent’s Will must be filed with the Clerk of Court. If you are named executor in the Will, you will need to file a request with the Clerk’s office to be appointed as such.
- The next step is to gather the estate’s assets and create an inventory list, which will be filed with the probate court.
- Creditors will need to be notified, and bills and taxes must be paid. A notice must be published in a local newspaper alerting creditors of the date by which they can make a claim against the estate. Payments must be made carefully, or you risk potentially being held liable for paying the remainder of the estate’s bills out of your own pocket.
- Next, depending on its size, you’ll need to file an income tax return for the decedent and potentially for the estate.
- Once bills and taxes are taken care of, you can start distributing assets to heirs.
- You must file the inventory within 90 days and the final account within one year before the estate can be closed.
While every estate is different, most will follow these steps. Because time is limited and the process can be complex, it’s important to consider working with an estate administration attorney.
An attorney will alleviate much of the stress of the process and allow you time to grieve.
How to Choose the Right Estate Administration Attorney
Estate administration is often more complex and challenging than executors realize. In addition to the financial and legal tasks involved, you may be dealing with your own grief while managing the expectations of heirs.
The process can be daunting and easily take an emotional toll on an executor who is trying to handle the process on their own.
An attorney experienced in Wake Forest probate, trust & estate administration can ease this stress and help you navigate the road ahead.
When choosing an attorney, there are several things to consider, including:
- Experience with estate administration. Look for an attorney who understands North Carolina’s probate process and all of its complexities. We can assist with various aspects of the process, from tax issues to asset distribution and closing the estate.
- Client-centric approach. Estate administration has many moving parts. Your attorney should explain the process so that you know what to expect. They should answer your questions and respond in a timely manner. At NC Planning, we take client care seriously. We respond to inquiries the same business day to schedule calls and treat our clients like family. Our attorneys will be by your side throughout the entire process.
Estate administration doesn’t have to be complicated or stressful. We can guide you through the process and provide effective representation every step of the way.
How NC Planning Will Help You Plan for the Road Ahead
If you were named executor of an estate or an heir, you should know and understand your responsibilities. The estate administration process in North Carolina can be complex. We’re here to help uncomplicate things, providing sound legal guidance and counsel at this challenging time in your life.
To learn more about how we can help with Wake Forest probate, trust & estate administration, contact us or call our Raleigh office today.
We operate three convenient offices in Cary, Raleigh and Wilmington, NC to meet our clients’ needs.
