Probate
Probate is the process required when you die with assets that must
be legally transferred to your heirs or other beneficiaries, whether
or not you have a Will. The
executor, called a personal representative in some states, is in
charge of the administration of the estate and has many duties and
responsibilities. Some of the more important tasks include:
- Locate the latest
will.
- File a petition
with the court to probate the will.
- Gather and take
control of all of the decedent’s assets.
- Take possession of
safe deposit box contents.
- Consult with banks
in the area to find all accounts of the deceased. Also check for
cash and other valuables hidden around the home.
- Transfer all
securities to his or her name (as executor) and continue to collect
dividends and interest on behalf of the beneficiaries of the estate.
- Find, inventory and
protect household and personal effects and other personal property.
- Collect all life
insurance proceeds payable to the estate.
- Find and inventory
all real estate deeds, mortgages, leases and tax information.
Provide immediate management for rental properties.
- Arrange ancillary
administration for out-of-state real estate.
- Collect monies owed
the deceased and check for interests in estates of other deceased
persons.
- Find and safeguard
business interests, valuables, personal property, important papers,
the residence, etc.
- Inventory all
assets and arrange for an appraisal if necessary.
- Determine liquidity
needs. Assemble bookkeeping records. Review investment portfolio.
Sell appropriate assets.
- Pay valid claims
against the estate. Reject improper claims and defend the estate, if
necessary.
- Pay state and
federal taxes due.
- File income tax
returns for the decedent and the estate.
- File federal estate
tax return and state death and/or inheritance tax return.
- Prepare statement
of all receipts and disbursements. Pay attorney’s fees and
executor’s commissions.
- Distribute specific
bequests and the remainder of the estate; obtain tax releases and
receipts as directed by the court. Establish a testamentary trust
(or pour over into a living trust), where appropriate.
As you can see, the job of an
executor is not an easy one. For larger and more complicated
estates, the administration can often last two years or more. It is
important to choose your executor wisely, whether you choose a
family member, friend, or a bank or trust company.
The attorneys and team at
TrustCounsel, can assist you or a family member with the all of
the duties listed above. From our offices in Chapel Hill and
Pittsboro, North Carolina we handle probate in
all North Carolina and Florida counties.
Please contact us today or call us at
800-201-0413
Email:
info@trustcounselpa.com
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