"Estate" is a term commonly used to denote the sum total of all
types of property owned by a person at a particular time, usually
upon his death. But, it may be better to think of an estate is a
legal entity ("thing") that springs into being upon the death of an
individual person. It makes sense, since generally a deceased person
cannot by law deal with property - own property, be indebted, give
property away. And so the person's "estate" assumes these roles and
responsibilities, and someone must manage (or administer) the
estate.
Administration comes in two flavors - with a will (testate) and
without a will (intestate).
Where a person administers a testate estate, that person is known
as the executor or personal representative. The term probate
actually involves an initial step in the administration - presenting
the will to the clerk's office and qualifying as the executor.
In testate and intestate situations, the general responsibilities
are the same:
- Gather the assets of the estate
- Account to the estates division for the assets
- Distribute the assets according to the will. If the decedent
had no will, then the property is distributed according to the
North Carolina Intestate Succession Act, which may or may not
represent the intent of the decedent.
- File the appropriate accounting the estates division and the
appropriate tax returns, both individual and fiduciary (for
post-death income).
Types of assets to be gathered include bank accounts, vehicles,
real estate, life insurance, pensions, stocks and bonds, income tax
refunds, personal effects, business interests,
boats.
Estate
Planning
Overview
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Where do I start
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What will it cost
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How do we do
it
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Trap for the unwary
Estate Administration
Overview |
Where do I start
|What will it
cost
