Greensboro Estate Administration Lawyer

Greensboro Estate Administration Attorney

Estate administration is the process of managing and settling one’s personal affairs after they have passed away. This includes paying off their outstanding debts and distributing any remaining assets. It can be a complicated and emotional undertaking, especially as those involved may be trying to grieve. Many individuals turn to the help of a Greensboro estate administration lawyer to help take on the bulk of the legal responsibilities.

Hire an Estate Administration Lawyer in Greensboro

At Orsbon & Fenninger, LLP, we understand how overwhelming it can feel to navigate the estate administration process. It’s why so many choose to hire an estate administration lawyer who can bring clarity and compassion to the process. With over 68 years of combined experience at our firm, our board-certified team takes the time to truly understand your concerns and deliver personalized, practical solutions to help you achieve the outcome you’re looking for.

What Is Estate Administration?

Estate administration is the legal process to settle someone’s financial and legal affairs after they pass away. If you are someone who has been named an executor of someone’s estate, this means you are legally responsible for overseeing how this process is managed, which must be done in compliance with Greensboro estate administration laws.

Some common responsibilities in estate administration include:

• Locating and valuing assets, such as bank accounts, real estate, and personal belongings
• Notifying beneficiaries and creditors
• Filing necessary tax returns
• Paying outstanding debts and claims
• Distributing remaining assets according to will and state laws
• Filing required documents with probate court

These cases are very common across North Carolina. In fact, fiscal year 2022-2023 saw more than 86,000 estate administration cases. When you have the support of an experienced estate administration attorney as part of the experience, it can help you avoid costly errors and delays.

Understanding Heirs’ Property and Privately-Owned Estates

One lesser-known challenge in estate administration involves heir property. This is land or real estate that has been passed down without having a clear title in place. In North Carolina, approximately 1% of all property parcels are considered heirs’ property. This rate is actually higher than most neighboring states. When this happens, it can complicate the estate administration process, especially when multiple families are involved:

Having a lawyer on board can help to:

• Resolve unclear ownership or title issues
• Navigate disputes among heirs
• Prepare property for transfer or sale
• Ensure compliance with Greensboro estate administration laws

With 85% of North Carolina’s National Register properties being privately owned, many different families’ properties and historic homes must be carefully managed when it comes to estate planning and administration. Whether your loved one’s estate includes a home with or without historic significance, our attorneys are here to help you honor their wishes and protect the property’s future.

What Is the Difference Between Probate and Non-Probate Assets?

A significant part of estate administration is determining what assets need to go through probate and which can be transferred directly to any designated beneficiaries. This is a really important distinction, as it can influence how quickly an estate is settled. Every executor should be aware of this early on in the process.

Probate assets typically include:

• Property titled solely in the deceased person’s name
• Personal belongings without a designated beneficiary
• Bank accounts without joint owners or payable-on-death designations
• Real estate not held in a trust

Some non-probate assets can include:

• Jointly owned property with rights of survivorship
• Life insurance policies with named beneficiaries
• Retirement accounts like IRAs and 401(k)s
• Assets being held in a living trust

Knowing how to correctly classify and manage these assets is essential to fulfilling your legal duties and avoiding any unnecessary legal complications. A estate administration lawyer in Greensboro can assist you in this process to ensure you don’t make any critical mistakes that could jeopardize the estate.

FAQs

Q: How Much Does an Estate Lawyer Cost in North Carolina?

A: The total cost to hire an estate lawyer will depend on how complicated your estate is to manage, whether or not there are disputes to resolve, and what other legal services are required. How a lawyer charges matters, too. Some prefer to bill per hour, while others might charge a flat fee for certain tasks. It’s important to discuss your budget upfront with an attorney to ensure you can afford their services before agreeing to hire them.

Q: Are Estate Lawyers Worth It?

A: Yes, in many cases, an estate lawyer is well worth the investment. Estate administration can be really complicated and time-consuming, especially if you are still grieving the loss of someone you cared for. An experienced attorney can step in to help ensure you avoid making any mistakes or miss important deadlines. It can also help to relieve the burden of navigating court procedures alone. Many find that these professionals bring much-needed peace of mind during a stressful time.

Q: What Happens If There Is No Will?

A: When someone dies without a will, this estate is considered “intestate.” This means the court will follow a pre-determined process to determine exactly how the assets should be distributed. This usually means the estate is divided among close relatives. While this sounds fair, it might not actually be the wishes of the deceased. Having experienced legal guidance is especially helpful during these instances with multiple heirs and no will.

Q: How Long Does Estate Administration Take?

A: The timeline for estate administration will vary greatly depending on the size of the estate and how clear the will is. Managing disputes or unforeseen complications could prolong the process. While a straightforward estate could be settled in as little as a few months, a more complicated one could take a year or longer. Having an attorney can help manage timelines and proactively work to avoid any surprises that could delay the process.

Contact Orsbon & Fenninger, LLP Today

If you are managing a loved one’s estate or are looking to plan ahead, contact our firm today. We are standing by, ready to help you better understand your options and avoid costly mistakes to ensure your loved one’s legacy is honored the way it should be.