Welcome back. our estate lawyer in Cary is here to talk more about probate so that you can hopefully understand it better. We know how overwhelming estate planning is, overall. Adding other things like probate can further your confusion and stress. Below, you'll find more information that should help you better understand. If you still have questions at any point during this article, do feel free to contact our lawyer.
A second step is to alert creditors that they must make claims on debts during a certain period of time. The executor must give written notice to all known creditors. Sometimes there may be debts owed that are not documented anywhere. For that reason, many times a notification is put in the local newspaper to alert others that if there is a debt to be paid, it needs to be filed within a certain period of time. The timeline is generally determined by the state.
Then, the decedent’s property and other assets are assessed to see how much the estate is worth. In some cases, an appraiser may be hired to determine the value of non-cash assets.
Once the value is determined, the executor needs to use the estate to pay any debts owed. In addition to debts, if there are other bills and income taxes owed, they must be filed and paid. The decedent’s funeral expenses are generally also paid from the estate.
Once all of the decedent’s debts and bills are paid, the remainder can be distributed among the beneficiaries named in the will. If there is property, the titles and deeds are transferred to the beneficiaries. If the will states that a trust should be created for a minor, it is transferred to the trustee.
If there was no will, the guidelines set up by the state determine who receives the assets. Having a will that is properly drafted and updated when life changes occur can ensure that your assets will go to the people you chose rather than left up to the discretion of the state.
Our estate lawyer in Cary understands that this process can be quite confusing. Contact us to set up a consultation to talk about your current estate plan and further discuss probate and how you might avoid it. If you don't have an estate plan in place, consider working with us to create one. For more information about probate, visit back with our previous blog post, as well.
Eldreth Law Firm, PLLC | Estate Lawyer in Cary
Remember, if you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyer in Cary is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office today to get started estate planning.
As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and DWI issues.