Choosing the Right Executor for Your Estate is as Important as Estate Planning in Raleigh NC
Welcome back. In today’s estate planning in Raleigh NC blog post, we are going to talk about what happens when your estate is in the closing stages. At this point, our estate lawyers have gone over a few other steps that must take place before the estate is closed. Be sure to take a look back, to learn more about the importance of choosing a successful executor, before moving on.
Attorney in Raleigh NC | Step 5: Closing the Estate
At some point, it will be necessary for the executor to “close” the estate. Before closing the estate, the executor must collect all assets, pay all debts, and distribute the remaining assets to the beneficiaries. The executor may also be required to file annual accountings depending on the length of the estate. These tasks are just a few of the tasks required of an executor before closing an estate.
When it’s time to close the estate, the executor must provide certain documents to the clerk. Among others, the clerk must approve of a final accounting. The final accounting shows proceeds, disbursements, and distributions (discussed below). It is only after approving a final accounting will a Clerk allow an estate to be closed.
Attorney in Raleigh NC | Step 6: Distributing Assets
Once all debts have been settled, the executor must distribute the assets to all beneficiaries according to the instructions of the deceased’s will. Paying heirs directly or funding a trust for minors might be included in this step, depending on the will and state law.
Though this part of being an executor might sound the easiest, it isn’t always. All too often, the attorney in Raleigh NC, at Eldreth & Eldreth, PC see family members fight over the deceased’s belongings. This all too common fighting is the perfect example of why its important for the executor to hire an estate lawyer.
Ultimately, it's up to the executor or the executor’s estate lawyer to sit down with family members or loved ones and explain the distributions. It’s important that the chosen executor or estate lawyer is able to talk confidently and intelligently with beneficiaries about what is being distributed to them and why, if needed.
Hopefully, by means of a properly drafted will, a credible executor, and the executor’s estate lawyer, the chances of a family dispute turning into a lawsuit are limited. Few things can tear a family apart more than a lawsuit based upon family members fighting over inheritance.
To learn about the last step when dealing with an open estate, be sure to visit back with our attorney in Raleigh NC, soon. In addition, if you need help with estate planning in Raleigh NC, or selecting an executor for your estate, be sure to contact us. We can set up a consultation as soon as you are ready.