What is estate administration?

Estate administration is the process of managing the possessions and affairs of a deceased person, known as the estate. In North Carolina, probate laws govern the estate administration process. This includes identifying and gathering the assets of the estate, such as real estate, stocks, bonds, bank accounts, and personal property. It also involves paying any outstanding debts or taxes, including funeral and burial expenses. The probate court is responsible for officially appointing someone to administer the estate. This individual, known as the executor or personal representative, is responsible for carrying out the wishes of the deceased. They must file the necessary paperwork with the court, collect and protect the assets of the estate, and handle all matters relating to the estate. Once all of the debts and taxes have been paid, the executor must distribute the remaining assets to the beneficiaries, which may involve liquidating any property and transferring ownership of stocks, bonds, and bank accounts. The executor must also file the final accounting with the court and provide the beneficiaries with a copy of the accounting. The estate administration process can be complicated, so it is important to seek the help of an experienced lawyer in North Carolina to ensure everything is handled properly.

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What is estate administration?

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