If you die without a surviving spouse, your assets will generally pass to your children. If you have no children, your parents will receive the estate. This pattern continues through siblings, grandparents, aunts and uncles, and their descendants.
The process of settling an Estate or Trust should be thought of more as a marathon than a sprint. At times it can take up to six to twelve months to properly administer an Estate, and any disputes that arise during the administration of the Estate can delay the process significantly (sometimes years).
When a person dies without a will, the property may be divided between the surviving spouse and children (or spouse and parents if there are no children) depending on the value and type of property.
For intestate estates, during estate administration, the court will appoint an administrator (similar to an executor) to handle the process, which includes paying the deceased's debts, funeral expenses, and court and administrative fees before distributing the deceased's assets to his or her heirs.
Given the magnitude of the responsibilities and the intimacy of the role, you may want to name a close friend or relative as executor, someone who fully understands and respects your wishes, as well as those of your beneficiaries, and who might handle your sentimental heirlooms and other property more sensitively than ...
However, if your loved one did not list an executor in their will, you can file an application with the Clerk of Superior Court to assume this responsibility.
Section 28A-19-1 - Manner of presentation of claims (a) A claim against a decedent's estate must be in writing and state the amount or item claimed, or other relief sought, the basis for the claim, and the name and address of the claimant; and must be presented by one of the following methods: (1) By delivery in person ...
An Executor must first get formally appointed by the probate court before the Executor can begin taking action on behalf of the estate. Usually, the first actions taken by an Executor include: Preparing and filing the applicable forms and documents to get appointed as Executor by the court.
If the responsibilities of the attorney are limited to assisting the executor with the estate administration process, then the North Carolina statutory law provides that the attorney's fees must be reasonable and not exceed 5% of the estate. Furthermore, the fees will offset the executor's commission.