Probate 101: The Basic Process of Administering an Estate in North Carolina

by | Sep 22, 2024 | Probate and Estate Administration, Wills and Estates

You’ve gone to the courthouse and have been appointed as Executor or Administrator of an estate  – now what do you do? Here’s a brief checklist of your next steps:

  • Run the Notice to Creditors ad in a local newspaper and notify known creditors of the deadline to submit their claims.
  • Collect assets of the deceased person and transfer them to the Estate. You’ll need to set up an Estate bank account to hold the assets and you’ll use that account to pay the expenses of the estate and the claims of the creditors. See my post on obtaining a Tax ID number for the estate – you’ll need the number to open the estate bank account.
  • File an Inventory with the court three months after your appointment. This Inventory should accurately reflect the date-of-death value of all assets owned by the decedent.
  • Pay Creditors of the estate. See my other post on Creditors and claims against the estate for more details.
  • File the decedent’s final income tax return and an estate income tax return if necessary. Consult an accountant if you’re not sure if you need to file a return.
  • Distribute assets to the beneficiaries of the estate according to the Last Will and Testament or the Intestacy law. If you have questions about who the proper heirs of the estate are or the portion of the estate that they should receive, you should consult an attorney before making any distributions. Have the beneficiaries sign Receipts for the assets they receive.
  • File the Final Account with Clerk of Court.

If you have questions or need help with any of these tasks, you can hire an Attorney to assist you with the administration of the Estate. The attorney’s fees are generally paid out of the assets of the Estate, and not by the Executor personally.

Amanda Spence has been practicing Estate Planning, Probate, and Estate Administration in Raleigh, North Carolina for thirty years. She works with clients in Wake, Johnston, Harnett, Franklin, and other counties throughout North Carolina. To schedule a consultation with Ms. Spence call  (919) 863-4183 or email her at [email protected].