Charlotte, North Carolina Estate Planning Attorney » nc estate planning

What is an Executor? What is an Administrator?

Sabrina Winters — Mon, 25 Oct 2010 14:00:37 +0000

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 roles and functions essentially. An Executor is actually named in a Last Will and Testament as the person to probate the estate. If the person did not have a Last Will and Testament, then North Carolina has given that person the title of an Administrator. The difference in titles is meant to differentiate whether the person had a Last Will and Testament or not.

How Long Does Probate Take in North Carolina?

Sabrina Winters — Wed, 13 Oct 2010 16:01:59 +0000

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 dedicated to collecting the assets? His or her time may be limited due to his or her own personal responsibilities.

3. Do we need to locate beneficiaries or heirs?

4. How quickly does the financial institution provide the information requested?

5. What is the size of the estate?

6. The requirements pertaining to filing deadlines, notice requirements, etc. of the Probate Court are always factors to consider as well.

If your goal is to avoiding Probate, have a smoother and quicker transition of assets then an alternate planning option for you to consider is a Revocable Living Trust.

Who Needs a Last Will and Testament?

Sabrina Winters — Mon, 04 Oct 2010 18:00:03 +0000

Who needs a Last Will and Testament? The answer is everyone needs a written estate plan.

Whether you need a Last Will and Testament or a Revocable Living Trust depends on your circumstances

and your personal situation.

It is a No Brainer!

Sabrina Winters — Mon, 17 Aug 2009 18:04:46 +0000

I wanted to comment on a phone call I received the other day. I received a call from a married mom with two minor children. Both parents work full time and drive to and from work. She and her husband currently did not have any Estate Planning in place. They both had life insurance policies valued each at $500,000. The children were named as second beneficiaries. I asked her what her intent was on how the proceeds should be used. She told me that she wanted her children to be able to have access to that money for college and perhaps for a wedding and to start a family.

The most important thing that I try to point out at each and every meeting I have with a potential client is that we never know when we are going to die. The best way to estate plan is to plan on passing away tomorrow. I explained to her that if they both were to pass away at the same time, that not only would there not be a person already in place to care for their children (Guardian) but the children would not have access to the Life Insurance proceeds because they are not 18 yet.

She was not thinking that her children would need the money tomorrow because she was not thinking she would die tomorrow. Both her and her husband commute every day for work; anything can happen. She also did not know that there needs to be a guardian in place in order for the proceeds to be able to be used towards the care of her children during the time her children needed it the most.

Needless to say, after she heard my explanation as to the importance of planning as soon as possible when you have minor children especially, she scheduled an appointment immediately.

Sometimes the fear of the unknown is all it takes to put it all into perspective and to see the value of having an Estate Plan today.