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What is involved in the probate estate administration process?

8/23/2016

8 Comments

 
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While every estate is different, there is a general procedure that is applicable in almost every estate.
  • The executor (called the personal representative if there is a will or administrator if there is no will) or another loved one should notify the IRS, SSA, or VA of the death of the deceased. 
  • Notify life insurance companies or any other assets that are to be paid to a beneficiary upon the death of the deceased.
  • The executor will apply to be appointed by submitting an application, taking an oath, and sometimes paying a bond.
    • The application requires a preliminary inventory of the deceased’s assets.
    • The application fee is $120.
    • The executor must provide a copy of the death certificate and will, if there is one.
  • At the time of appointment, if there is a surviving spouse or minor children, the executor should apply for a family allowance that is given to the family free and clear of creditor claims.
  • Once appointed, the executor applies for a tax identification number (EIN).
  • With the EIN, the executor can open an estate bank account and transfer estate funds into the estate bank account.
  • Collect and safeguard all other property of the estate. Have property appraised, if necessary.
  • Notify known creditors of the deceased that an estate has been opened.  The executor should publish Notice to Creditors in the appropriate newspaper for those unknown creditors.
    • It is important to have mail forwarded so that the executor is aware of assets and liabilities of the deceased.
  • Ninety days from the date of appointment, the executor should file an inventory with the Court.  This should be an accurate list of assets.
  • File income tax return for the deceased’s last taxable year.
    • If there is estate income or estate tax owed, additional returns may be required.
  • Once 90 days has passed since the date creditors were notified of the estate, creditor claims are no longer accepted.  The executor should file an affidavit that notice was published with the court.  Then, if there are sufficient funds to pay all the debts and expenses of the estate, the executor will do that out of the estate bank account.
    • If there are not, outside property may be pulled into the estate.
    • If there is no outside property available, there is a statutory formula for paying claims when there is not enough money to satisfy each in full.
  • If there is money left over after paying debts and expenses of the estate, the remaining funds (and other property) are to be distributed to the beneficiaries according to the will or intestacy statute.
  • File a final account with the Court, showing all bills paid and distributions made, with an estate account balance of $0.
    • If the estate is open longer than one year, an annual account must be filed prior to the final account being filed.

Sometimes, issues arise with who can serve as an administrator, how debts and expenses are paid, and whether property needs to be pulled into the estate to pay these claims.  The Clerk of Court Estates Department will assist in the completion of forms, but they will not provide legal advice.  A probate attorney can ensure that the estate is administered correctly and quickly.

8 Comments
Gillain Babcock link
11/12/2018 06:52:06 pm

My uncle suddenly passed away and he was not able to settle his affairs prior to his death, so, his family needed a lawyer. It was explained here that probate can help settle the affairs for the surviving children and spouse of the deceased. Moreover, it's recommended to hire an experienced probate administration for the best outcome.

Reply
Angela Waterford link
5/8/2019 06:22:26 am

I'm glad that you said that this general guide applies to every state because I have been looking for an estate administration service to help me out. As far as I know, my father has been deceased for two months, so we need someone to notify the IRS about his death. If they can help notify his insurance companies about his recent passing as well, I'll be glad to hire one to do the whole process on my behalf because I'm currently on a business trip.

Reply
Kelly Jesson
5/8/2019 03:13:21 pm

Angela, this is generally applicable in nearly every state. Each state is going to have a variation as to terminology, due dates, and dollar amounts. If you need assistance in North Carolina, please give us a call!

Reply
Elisabeth Southgate link
8/5/2019 11:05:56 am

I appreciate you helping me learn more about what to expect during the probate administration process. I found it interesting when you said that the executor will apply by submitting an application and taking an oath. I didn't know that the executor could apply for the appointment.

Reply
Kelly Jesson
8/5/2019 01:58:24 pm

Thank you for your comment!

Reply
Angela Waterford link
9/10/2019 01:45:37 pm

My father is diagnosed with a terminal illness, and he wants to hire a professional to take care of the estate administration process for him. It's interesting to know that they'll be responsible for notifying the IRS when he finally passes. I think it's a great move for him to do this since I don't know how I will do this when he dies, so I'll help him find someone that he can trust.

Reply
Kelly Jesson
9/10/2019 02:57:48 pm

Angela, I'm sorry to hear about your dad. There are licensed companies who will serve as executor, agent, and trustee. If you'd like more information, please call or email us!

Reply
rachel frampton link
3/19/2020 07:25:50 pm

My dad said that he's been worrying about his health lately. That's why he plans to hire a probate attorney that'll be able to help him draw his last will and testament just in case something happens to him. I never knew that when it finally happens, his living relatives such as me would have to we'll have to file income tax returns of our dad's last taxable year.

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  • Home
  • Practice Areas
    • Wills and Trusts
    • Business Law & Litigation
    • Construction Contracts and Litigation
  • Team
    • Edward Jesson - Attorney
    • Kelly Rains Jesson - Attorney
    • Danielle Nodar - Associate Attorney
    • Sue Lambert - Office Manager
  • News & Blog
    • COVID-19 Resources
  • Contact
  • Testimonials
  • Free Resources
    • Business Resources
    • Estate Planning Resources
    • Probate Resources