The Stages of Probate
Probating an estate is a complex task, but luckily it is broken down into some pretty simple stages. In North Carolina, the probate process typically involves seven distinct stages. If you’re going to be your loved one’s representative in North Carolina, understanding these stages can provide clarity and peace of mind. Let’s break them down:
Qualification:
Notify relevant parties (such as banks and insurance companies) about your loved one’s passing.
Submit a valid will (if it exists) to the Clerk of Superior Court in the county where your loved one lived.
The ex-officio Judge of Probate Court or Clerk of Court reviews the will’s validity and appoints the executor (often referred to as the “Personal Representative”).
90-Day Inventory:
Within 90 days of qualifying as the Personal Representative, provide the court with an inventory of all assets and property owned by your loved one.
Identify and catalog real estate, bank accounts, investments, personal belongings, and other assets.
Some assets may require professional appraisals to determine their fair market value.
Notice to Creditors:
Publish a notice to creditors in a local newspaper, informing them of your loved one’s passing.
Creditors have a specific time frame to file their claims.
Diligently review and assess creditor claims before approving or disputing the claim.
Disbursements:
Settle your loved one’s debts using available estate assets.
Pay off outstanding bills, loans, and other obligations.
File the final income tax return for your loved one and, if applicable, an estate tax return.
Distribution of Assets:
After settling debts and taxes, distribute the remaining estate assets among beneficiaries or heirs according to the terms of the will or North Carolina’s intestate succession laws.
Remember that seeking legal guidance during this process is essential. If you have any further questions or need additional information, feel free to ask!