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At
Brown, Ward & Haynes, P.A., we offer comprehensive advice to
executors and
administrators charged with the duty of administering the estate of a
decedent
or a person who has been adjudicated incompetent. The administration of
an estate can be an
extremely confusing and frustrating endeavor to many people. Our
attorneys and staff assist and advise
executors and administrators with each step of the process, including
qualification of the personal representative, identification of assets
of the estate, preparation and filing of an inventory and annual
accountings
for the estate, settling claims against the estate, and distributing
assets of
the estate to the beneficiaries.
Woody Griffin, the firm’s senior
partner, has been assisting the people of Haywood and surrounding counties with
estate administration for over 40 years. He and his staff can offer you informed advice on a wide range of issues
that can arise throughout the administration of an estate.
If you need assistance in the administration of an estate for a deceased
person or incompetent ward, call our office at (828) 456-9436 or e-mail
info@wnclawfirm.com to set up a consultation.
Frequently Asked Questions
Whom should I contact?
- Family, friends, business associates & clubs or associations
- Funeral Home
- Clergy
- Newspaper for Obituary (Funeral Home may provide that service
in addition to notification to Social Security Office-check first)
- Decedent's Executor/Fiduciary/Personal Representative
- Designated Attorney-in-Fact of Decedent (to inform that the power of attorney is terminated.
- Accountant
- Veterans Administration
Contacts to discuss with attorney and accountant prior to notification:
- Creditors
- IRA and Retirement account trustees
- Decedent's employers regarding retirement and group life benefits
- Insurance companies
- Banks
- Brokerage Firms
- Tax Collectors Office (Federal/State/County)
What information and documents will I need?
- Last Will and Testament
- All bank records (statements-listing type of account/names on
joint accounts, safety deposit box keys, and credit card
statements)
- Statements from security/brokerage companies
- Insurance policies (home/life/personal property)
- All loan documents (mortgages/personal loans, etc.)
- All Deeds (residence/land/burial plots and vacation property)
- Affidavits of money owed to decedent
- Check local post office to confirm if decedent leased a box
- Leases
- Rental Property information
- Tax information (Fed/State Returns and Property Tax receipts)
- Employment retirement statements
- Titles (vehicles/boats/trailers/motor homes)
- All Trust documents
- Certificates (Birth/marriage/death)
- Divorce/adoption records (if applicable)
What happens if the decedent did not have a will?
If the decedent dies intestate (without a Will), the clerk of
superior court will grant letters of administration to a person that
and is qualified to serve as administrator, in the following order of
preference:
- The surviving spouse of the decedent
- Anyone who is entitled to receive property of the decedent by law in the absence of a will
- Any next of kin
- Any person of good character residing in the county who applies with the Clerk of Superior Court
How long does it take for the probate process to be completed?
After issuance of Letters Testamentary or Letters of Administration,
the probate and administration process continues for a minimum period
of three months. There are a number of factors that can affect that
timetable and possibly delay completion of administration:
- The complexity of the assets in an estate requiring
identification, location and an inventory by the
executor/administrator
- The number of beneficiaries or heirs and their place of
residence. Even with modern communication, sending and receiving
original documents can take unexpected time.
- Having to liquidate assets to pay debts of the estate or to distribute proceeds to the beneficiaries
- Disagreements, disputes or challenges to the will
Common Legal Terms Used in Probate and Administration of Estates
Beneficiary: A person designated to receive the income, principal or proceeds of a trust, estate, insurance policy or retirement account.
Charitable Trust: A trust having a charitable organization as a life-time beneficiary.
Executor: Someone appointed by a person's Last Will and Testament to carry out the Will's provisions.
Federal Estate Tax: The tax paid to the IRS by
the Executor/Administrator or Trustee of a person's estate or trust
out of the estate or trust assets.
Fiduciary: A person in a position of trust or
confidence (Personal representative, Executor, Administrator, Guardian
or Trustee). The fiduciary is bound by a duty to act in good faith.
Gift Tax: Tax on gifts usually paid by the person making the gift rather than the recipient.
Gross Estate: The total value of a person's property for estate tax purposes.
Guardian or Conservator: A person legally
appointed to manage the rights and/or property of a person incapable to
taking care of his or her own affairs.
Guardian ad litem: A guardian appointed by the court to serve during a suit or other legal proceeding.
Heir: A person entitled to inherit a portion of the estate of a person who had died without a Will.
Holographic Will: A document in the form of a letter or will handwritten by the person who signs it.
Intestate: Dying without a Will.
Joint Ownership: The ownership of property by two or more persons, usually with the right of survivorship.
Last Will and Testament: A legally executed document which explains how and to whom a person would like his or her property distributed after death.
Letters of Testamentary or Administration: Letters issued to the executor/administrator by the clerk of court giving her/her power to administer the estate.
Living Trust: A trust that goes into effect while the
trust creator is still living. Usually meant to include all property
which does not pass by title, beneficiary designator or otherwise, so
as to avoid probate.
Notice to Creditors: After letters are issued by the
Clerk of Court, the personal representative/Executor, must advertise
for creditor's claims against the estate in a newspaper in the county
where the estate is being administered.
Personal Representative: Also known as
Executor/Administrator, someone appointed by a Will or by the court to
carry out the Will's provisions or distributions pursuant to statute. A
co-executor or co-personal representative acts as personal
representative with another person or persons.
General Durable Power of Attorney: A document that authorizes a person to act as another person's agent even after that person is found to be disabled.
Probate: The process that determines, among other
things, the validity of a Will (if one exists), the value of assets in
the name of the decedent at the time of death, and the validity of
debts or claims against an estate. In probate proceedings the Clerk
of Superior Court in the county where the decedent died, will oversee
accounting, income and disbursements from the estate.
Probate Estate: Those assets which fall within the
jurisdiction of the probate court before being transferred to another
person. Retirement accounts and life insurance proceeds with named
beneficiaries typically are not part of the probate estate.
Testate: When a person dies with a will, the person is
said to have died testate. When a person dies without a will, the
person has died intestate.
Testator/Testatrix: A person who makes or has made a Will.
Trustee: The person or institution entrusted
with the duty of managing property placed in the trust. A co-trustee
serves as trustee with another. A successor trustee takes the place
of a trustee who can no long serve as trustee.
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