Bereavement brings with it very difficult times that can cost you both emotionally and financially. While it is always important to take the time to heal from the loss, there are also things that need to be taken care of. The property that has been left behind by your loved one will need to be sorted out as soon as possible to prevent the government from taking over the matter.
If there was a will already prepared, then you are at a good starting point. What remains is to adequately execute the wishes of the testator. This is done by an executor who is appointed to do this very intense work. The following post describes the work of an executor in detail:
What Is Required of an Executor?
Being the executor of an estate is not a task to take lightly. An executor is the person responsible for managing the administration of a deceased individual’s estate. Although the time and effort involved will vary with the size of the estate, even if you are the executor of a small estate you will have important duties that must be performed correctly or you may be liable to the estate or the beneficiaries.
The executor is either named in the will or if there is no will, appointed by the court. You do not have to accept the position of executor even if you are named in the will. Read more at Elder Law Answers…
Clearly, an executor has a huge role to play, as the post above describes. As such, he or she will need sufficient understanding of the law to do a good job. If he or she is not a lawyer, it’s advisable for the executor to hire an attorney to avoid mistakes.
Interestingly, law is not universal. There are laws that apply to a given state that differ from others. In the event that you have an executor that does not live in North Carolina, there are specific things required of him or her in the course of discharging their duties. The following post describes this in more detail:
Does Your Executor Live Out-of-State?
Not all family members and trusted friends live nearby. When it comes to estate planning, appointing a responsible executor might mean that some individuals select an executor who lives out-of-state.
North Carolina law does not require an executor be a resident of the state. However, there are certain restrictions the state imposes on out-of-state executors. For one, the out-of-state executor must appoint a “resident agent of the state.” The agent would have the power “to accept service of process in all actions and proceedings with respect to the estate,” according to the North Carolina Administrative Office of the Courts’ Estate Procedures guide. Read more at NC Estate Planning Blog…
As the post above describes, North Carolina has special requirements when it comes to executor responsibilities. It is important that your executor work within the law when performing this important task. Failure to do so could result in legal action against your estate.
The following post describes some of the most common mistakes that executors make:
The biggest mistakes executors make
Serving as an estate executor isn’t for the faint of heart.
It can seem like an honor, at first. When people make out their wills, they typically name a trusted person as their executor, who then has a legal responsibility to distribute their property according to the wishes of the deceased, and make sure all debts and creditors are paid.
But in addition to lots of paperwork and deadlines, the job often comes with a minefield of family issues. And worst of all, executors can be sued.
Here are some of the biggest mistakes executors want to avoid: Read more at Market Watch…
As an executor, you need to be guided by an expert who thoroughly understands the legalities of the position. Jonathan Meek has helped many individuals in this area of the law and he is ready to assist you as well. Contact Meek Law Firm today to discuss your rights and responsibilities. Call (704) 848-6335 or use the contact form on the right of this page to schedule a consultation appointment.