There are similarities between a Last Will and Testament and a Revocable Living Trust: 1. both pass along specific assets, 2. both name guardians, 3. both are written,signed and witnessed; 4. both can be amended and revoked. The differences between both are what sets them apart: A Last Will and Testament, appoints an Executor who [...]
Category Archives: Executor Responsibilities
November 3, 2010
What is the Difference Between a Last Will and Testament and a Revocable Living Trust?
October 25, 2010
What is an Executor? What is an Administrator?
I often receive calls from individuals whom were told by the bank that they need to be appointed as the Executor or Administrator of an Estate before any financial information on the decedent is released; and they want to know what that means. What is an Executor? What is an Administrator? They have the same [...]
October 13, 2010
How Long Does Probate Take in North Carolina?
It is hard to determine the length of time it will take to finalize a Probate or Administration in North Carolina. There are many determining factors. Just to name a few: 1. Where are the assets located? All with one institution or several? 2. How much time does the appointed Executor or Administrator have to [...]
October 8, 2010
What is Probate?
Probate is a legal procedure required by North Carolina Statutes to distribute the assets of a person who has died with a Last Will and Testament. If the person did not have a Last Will and Testament, then the procedure is called an Administration. It is filed in the county where the person resided at [...]
September 2, 2010
10 Things to Think About Regarding an Executor
There are many considerations to be made when either appointing an Executor in a Will or obtaining an appointment as an Executor. There are many valid reasons why a named Executor in a Last Will and Testament may not want to accept the appointment. On the other hand, there are many reasons (both legal and [...]
August 30, 2010
20 Item Checklist for Executor in First Month of Appointment
A portion of the following list is provided to you from the North Carolina Estate Settlement Guide. This is a checklist of what the Executor’s responsibilities are within the first month of being appointed. This is not to be considered legal advise and or a complete checklist of what is required of an Executor. It [...]
July 23, 2010
What is a Letter Testamentary/Letter of Administration?
If you have been nominated in a person’s Last Will and Testament as the Executor (the person whom collects the assets and distributes them and manages the estate) you will not be able to perform your duties unless you have been appointed by the Court as the Executor. Your appointment is reflected through the Letter [...]
November 4, 2009
Advanced Medical Directives: The Lessons Of Terri Schiavo
The Terri Schiavo case involved a seven-year long legal effort by Michael Schiavo to have his wife, Terri Schiavo, who was diagnosed as being in a persistent vegetative state (PVS) for several years, disconnected from life support. Michael, as Terri’s guardian, had entered a do not resuscitate order for her but was convinced by the [...]
January 12, 2009
Federal Tax Identification Number for an Estate Account
Once the Letters Testamentary have been issued by the Clerk of the Court, the Executor is responsible for obtaining what is called a Federal Tax Identification Number (IRS Form SS-4). This number is similar to a Social Security number issued to an Individual person. It will be used when the Executor opens an Estate Account [...]