You can plan ahead for what happens to your estate and assets after you die. One option is to work with an estate planning attorney and/or estate administration (probate) attorney. Another option is to assign an administrator of the estate.
The executor or administrator of the probate estate has a prescribed set of responsibilities:
- Collect, inventory and appraise all assets that are subject to probate
- Pay taxes
- Pay creditors
- Pay funeral expenses
- Pay the costs of administration, such as for lawyers and appraisers
- Formally transfer the estate property according to the will
- If there is no will, transfer the estate property according to state laws
Alternatives to Probate
There are a number of ways you can avoid probate, so that your money and property pass directly to your heirs. An NC estate and trust administration attorney at Haas & Associates, P.A. can advise you on the advantages and disadvantages of these alternatives to probate, which include—
- Payable on death (POD) accounts
- Transfer on death (TOD) accounts
- Joint ownership of property with rights of survivorship
- Joint accounts with rights of survivorship
- Lifetime gifts
- Revocable living trusts
- Irrevocable living trusts
Contact us at 919-783-9669 today to connect with a qualified wills and probate lawyer.
These alternatives obviously require advance planning, but they may not be necessary for every estate plan. Working with an estate planning attorney and/or estate administration (probate) attorney now can minimize the hardship to your family at the time of your death. Lawyers with experience in these fields can give you insights they have gained through study and real-life application.
The attorneys of Haas & Associates, P.A. understand that whatever the size of your estate and trusts, the way they are set up and how they are administered can make a huge difference to the surviving family and beneficiaries. We are knowledgeable in North Carolina probate law, and we help all kinds of families maximize the assets that their families and loved ones retain after they are gone. Having this knowledgeable and skillful representation is important, especially when minor children are left behind.