administration and support for
ESTATES & TRUSTS
While some small estates can be administered without an attorney, it's often advisable to seek professional guidance. Similarly, trust administration can be complex, even with a well drafted trust agreement. Our experienced attorneys and full-service estate and trust administration team can help ensure your family's future is secure.
ESTATE ADMINISTRATION
NAVIGATING THE PROCESS
Estate administration or probate in North Carolina and West Virginia is the legal process of handling a deceased person's assets and debts after their death. If there was a last will and testament, the will is presented to the court to be probated and the Executor will carry out the duties of the estate according to the provisions in the will. If there is no will and the estate is being administered under intestacy law, the court will appoint an Administrator and the estate will be administered in accordance with the state’s statutory law. Estate administration includes tasks like:
IDENTIFYING & LOCATING ALL ASSETS​
This involves gathering information on the deceased's property, such as bank accounts, real estate, investments, and belongings.
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PAYING OFF DEBTS & TAXES​
The estate is responsible for settling any outstanding debts and taxes before distributing assets to beneficiaries.​
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DISTRIBUTING ASSETS TO BENEFICIARIES​
Once debts and taxes are paid, the remaining assets are distributed to the beneficiaries according to the deceased's will or state intestacy laws.​
SEEKING PROFESSIONAL HELP​
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While some small estates can be administered without an attorney, it's often advisable to seek professional guidance, especially for complex situations. Our experienced estate administration attorneys and full-service estate administration team can help you to understand the probate and administration process, interpret a will or navigate intestacy laws, deal with creditors, ensure proper distribution of assets, and minimize legal complications and delays, allowing you to focus on grieving during this difficult time.
TRUST ADMINISTRATION
MANAGING THE ASSETS
Trust administration is the process of managing the assets in a trust according to the wishes of the person who created the trust, the grantor. In essence, it's the implementation phase of a trust which often begins when the grantor dies, but this is dependent on the type of trust and its terms and conditions.
There are different roles involved, with the trustee having the responsibility to handle the trust's assets for the benefit of the beneficiaries as outlined in the trust agreement. This can involve things like investing the trust's assets, paying bills and taxes, and distributing funds to the beneficiaries.
Unfortunately, problems frequently occur in trust administration, including death or incapacity of a beneficiary, irrelevant provisions, disagreement amongst beneficiaries, and poor management by the trustee. With all these potential problems, delays can occur, and delays can be costly. Fortunately, most of these problems can be avoided by having a well drafted trust agreement; one that accomplishes your goals and is in compliance with the law.
Our experienced team of trust administration attorneys can provide guidance during the trust administration process whether you are the grantor, the trustee, or a beneficiary. Our team will ensure that your trust agreement is a solid, well supported, and compliant legal document. If you are the acting trustee, we can advise you on (1) the fiduciary duty due to the beneficiaries; (2) securing trust assets; (3) notifying the beneficiaries; (4) notifying creditors and paying debts; (5) distributing trust assets; and (6) effectively resolving disputes, among other things. If you are the beneficiary of a trust, our experienced team can interpret the trust agreement and advise you of your interest in the trust assets, as well as represent your interests in the trust administration process.