When your loved one passes, all property they owned, such as real estate, stocks, money and so on, form part of their estate. Estate administration is the process of managing a deceased’s property. It involves paying any outstanding debts or taxes and distributing the remaining property to the rightful beneficiaries.
It is important to note that intestate succession laws are different across states, and what is enforceable in one state may not be in another. Here is what you need to know regarding estate administration in North Carolina.
Did the decedent leave a will?
If the deceased left a will, the clerk of court in North Carolina will review it and, upon approval, appoint an executor. In most instances, the executor is someone named in the will, and they are simply meant to carry out the wishes of the deceased as spelled by the will. Execution of the will must be compliant with federal and state laws on estate administration.
If there is no will left, the court will appoint an administrator to take charge of the decedent’s estate. The court will also provide direction on how the administrator will discharge their duties like clearing outstanding dues and distributing the estate among the decedent’s heirs as per North Carolina laws.
Important points to note
Not all cases have to follow the estate administration process through the court. For example, North Carolina has a summary administration procedure that is more simplified, and it usually applies if the estate is valued at less than $20,000 or when the spouse is the sole heir to an estate valued at less than $30,000.
Being familiar with such aspects of North Carolina’s succession laws will ensure you know the options at your disposal to ensure a smooth transition of your loved one’s estate.