Trusted Probate and Estate Administration Services for Rocky Mount Families
After the death of a loved one, you may be tasked with executing the probate process for their estate. Probate does not have to be overwhelming and complex. Keel Lassiter, PLLC has assisted North Carolina families with probate and estate administration for over 100 years. We can confidently assume all of your probate responsibilities or provide limited counsel on a requested basis.
If you require probate assistance, please call our Rocky Mount office at 252-557-4582 to discuss your options with our caring attorneys.
Understanding The Basics Of Probate
Probate was designed to settle an individual’s estate after death. It allows for creditors to collect payment and beneficiaries to fairly assume remaining assets. As an executor, you are expected to fulfill a range of detailed tasks, including:
- Contacting all of the beneficiaries
- Locating and inventorying assets
- Paying outstanding taxes and other debts
- Carrying out the individual’s wishes as outlined in their will
- Ensuring that estate disputes are settled
The executor’s role can feel overwhelming, and executors can be liable for any mistakes during probate. Keel Lassiter, PLLC can provide the experienced guidance that you require to speed up the process and avoid preventable mistakes.
Is Probate Always Necessary In North Carolina?
Probate is often required as the process of inventorying and distributing the deceased assets. This can be done in accordance with an estate plan or state intestacy laws.
However, there are some assets that pass outside of probate. Examples include real estate with joint ownership, payable-on-death accounts or other financial accounts that already have a beneficiary designation, such as some retirement accounts and life insurance policies.
How Long Does North Carolina Probate Take?
For assets that do have to go through probate in North Carolina, the general timeframe is from nine to 12 months. There is an expedited process, known as summary release, that can sometimes be used for estates with a value of $20,000 or less. Collection by affidavit can also be used if the value is under $30,000, which is a simplified and faster probate process.
Probate is not the same in every case, and some factors can extend the process. Examples include:
- Estate disputes and will contests
- Complex assets that may need to go through valuation
- Paying significant taxes or debts
- Issues with missing or inaccurate documentation
- Trouble locating specific assets or heirs
- Backlogs in the court system
Work with our experienced North Carolina probate attorneys to ensure the process goes smoothly.
What Are Common Probate Fees And Court Costs?
In North Carolina, court costs begin with a $120 charge. You will also be charged 0.4% of the value of the estate. If an estate is worth $500,000, the court costs would be $120 plus $2,000 for the percentage.
An estate executor can also get compensation, set at a maximum of 5% under North Carolina law. However, some counties use lower rates, such as 3%. In specific cases, additional expenses may apply. If real estate needs to undergo a valuation before being sold, you may need to pay for the appraisal.
Additionally, attorney fees apply when working with probate lawyers. At Keel Lassiter, PLLC, we will be happy to discuss our fee structures with you at your initial consultation with our probate and estate administration attorney.
What Happens If Someone Does Not Have A Will?
If someone does not have an estate plan, then administration is covered by state law. This is known as dying intestate. In such a situation, the court appoints an estate administrator. However, intestate can create issues for beneficiaries. Beneficiaries may not receive assets from the estate without a valid will. It is important to speak to an attorney if someone passes away without a will.
Strategies To Avoid Probate
Some families would prefer to bypass probate altogether. Employing careful estate planning tools can help your family pass assets directly on to their beneficiaries. This can decrease administration time and reduce loss of assets in the process. A common solution is to set up a living trust. However, living trusts have pros and cons, and are not appropriate for all families. Our lawyers can review your financial situation, goals and available options. If a living trust is right for you, we can create one for a reasonable fee.
Schedule A Free Consultation Today
We understand that you may not have the time necessary to act as executor or the experience to confidently fulfill your role. Our qualified attorneys are available to act as your trusted advisers. Call us at 252-557-4582 today or send us a message through this contact form.