Welcome back. Our probate lawyer in Cary NC is here to discuss probate and the process a will may go through if it is deemed invalid in court. If you missed our last blog, be sure to check back here for more information.
Understanding Probate | Probate Lawyer Cary NC
- Creditors should be notified that they must make claims on debts during a certain period of time. The executor should give written notice to all known creditors. Sometimes there may be debts owed that are not documented anywhere.
- Many times a notification is put in the local newspaper to alert others that if there is a debt to be paid, it should be filed within a certain period of time. The timeline is generally determined by the state.
- The decedent’s property and other assets are assessed to see how much the estate is worth. In some cases, an appraiser may be hired to determine the value of non-cash assets.
- Once the value is determined, the executor should use the estate to pay any debts owed.
- In addition to debts, if there are other bills and income taxes owed, they should be filed and paid.
- The decedent’s funeral expenses are generally also paid from the estate.
- Once all of the decedent’s debts and bills are paid, the remainder can be distributed among the beneficiaries named in the will.
- If there is property, the titles and deeds may be transferred to the beneficiaries.
- If the will states that a trust should be created for a minor, it may be transferred to the trustee.
- If there was no will, the guidelines set up by the state may determine who receives the assets.
Having a will that is properly drafted and updated when life changes occur may ensure that your assets will go to the people you chose rather than being left up to the discretion of the state.
We hope this information helps you better understand probate and the process that your will and estate may go through if it isn’t valid or you should die without a will. To talk with our probate lawyer in Cary NC, contact us today. We can set up a consultation with you to make sure you have a valid will and estate plan.
Eldreth Law Firm PC | Probate Lawyer in Cary NC
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our probate lawyer in Cary NC is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office.
As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and other legal issues.
