Charlotte Estate Administration Lawyers

What Is Estate Administration?

Estate administration is the processing of managing and distributing a principal’s estate. This includes paying any debts and taxes and distributing assets and property to the appropriate heirs.

The Role of an Executor

An executor is appointed by a principal to carry out his/her last will and testament. The executor has a fiduciary duty to act in good faith as he/she fulfills the duties asked. There are various duties an executor must do, which include but are not limited to the following:

• Distributing the deceased’s remaining property to the appointed heirs
• Finding and managing the deceased person’s assets
• Determining if the will needs to go through the probate process
• Wrapping up the deceased’s affairs
• Finding and alerting those in the will who have inherited parts of the estate
• Paying off debts, final income taxes, and creditors
• Creating a bank account for the estate

Our Estate Administration Services

• Probate and estate administration services

When a loved one dies, his /her estate will go through a court-managed process called probate or estate administration where the deceased’s assets are distributed.

• Wills and trusts

It is important to leave behind a will and/or trust detailing how you want your assets to be managed in the event you become incapacitated or die.

• Living wills and powers of attorney

A durable power of attorney is a legal document that dictates who gets to make decisions on your behalf if you are unable to do so. There are two types: durable power of attorney for healthcare and durable power of attorney for finances.

A living will details information regarding your preferences for end-of-life care.

• Guardianships

A child may need a guardianship in place if he/she inherits property or other assets from a family member. A guardian will have legal authority to make decisions on the child’s behalf.

How Can Beneficiaries Ensure the Estate is Administered Correctly?

Ensuring the correct administration of an estate is crucial for beneficiaries to receive their rightful inheritance and for the decedent's wishes to be honored. Beneficiaries can take several proactive steps to ensure the process runs smoothly and transparently.

Firstly, beneficiaries should stay informed about the estate administration process. This includes understanding the roles and responsibilities of the executor or administrator. Regular communication with the executor is vital, as it allows beneficiaries to receive updates on the progress and status of the estate.

Secondly, beneficiaries have the right to request copies of all relevant documents, such as the will, inventory of assets, and any correspondence related to the estate. Reviewing these documents can help beneficiaries ensure that the executor is managing the estate's assets properly and adhering to the terms of the will.

Additionally, beneficiaries can consult with an estate administration attorney to get a clear understanding of their rights and the executor's duties. Legal advice can be invaluable in identifying any discrepancies or mismanagement early on.

Lastly, if beneficiaries suspect any wrongdoing or incompetence on the part of the executor, they can petition the probate court for an accounting or request the removal and replacement of the executor. Taking these steps can help safeguard their interests and ensure the estate is administered according to the law and the decedent's wishes.

Schedule a Consultation Today

Client satisfaction is always our top priority. We will work with you one-on-one to establish an effective estate plan that suits your needs. If you need assistance with any other aspect of the estate administration process, we have the knowledge and experience necessary to guide you through each part of the process to ensure your affairs are in order.

Reach out online today or give us a call at (704) 286-0570 to schedule a consultation. We offer same-day appointments.