What is an Executor
An Executor rises into their position and duties by first being nominated through someone’s Last Will & Testament, and then having that Last Will & Testament probated with the county where that someone last resided when they passed away.
When an Administrator is Appropriate
However, it may sometimes be the case that estate planning may not be the most logical (or even reasonable) way of planning for the distribution of one’s assets simply because the assets are so simple and the beneficiaries are all of age to receive them. Thus, in instances where someone passes without a Last Will & Testament, but their family members are finding that refund checks, debts, and tangible assets (e.g. vehicles, collectable items, etc.) are having to be split among the next of kin, of the decedent, an Administrator will need to be appointed to address these items. To be able to legally address these items without a Will, an Administrator will need to apply to the court to be appointed and their appointment not be contested by the beneficiaries of the estate. The Administrator is generally the next of kin, if not the surviving spouse.
How to Avoid Family Drama
What if you could help your family to circum-navigate the drama of who will be responsible for what when it comes to your estate and debts, and allow you to determine who you and your love ones trust most to handle these loose ends for you? You’ll want to sit down to discuss a plan with an estate planning attorney to ensure every aspect of your estate plan has been properly and carefully reviewed to know how to plan for success.
At NC Planning, your experience and your best interest comes first. Our process allows us to walk you through every aspect of your planning, from your children (young or older) to protecting your assets from possible or unpredictable tax implications – whatever the goal may be in the end. We invite you and the entire family to come in to meet with our Estate Planning team to see what will work best for you and your family. To begin planning for success, give our team a call at (919)900-4720. We look forward to working with you!
Can I continue to use the funds out of (deceased member)’s account since I was appointed as their POA? 5-31-2019
The powers bestowed to the Power of Attorney by the Grantor ceases the day the Grantor passes away. Starting on the date of death, onwards, the responsibilities of the Power of Attorney now shifts to the (nominated and/or court appointed) Executor or Administrator of the decedent’s Estate. Thus, any bills or creditors can only be addressed by the Executor or Administrator of the Estate, as well as being the only party who can discuss the decedent’s open affairs with an attorney when it comes to administering the estate.
If the person appointed is different from who is currently serving, then the nominated Executor or immediate next of kin, if not the spouse, should gather the original death certificates and original Will, if there is one, and speak with the Power of Attorney to obtain asset information and status. This will help to clarify what remains to be addressed by the Executor or Administrator, and if an estate will need to be opened to address any assets.