Leave the world with your affairs in order
When a person dies with a will, that person died testate.
The hope is that the estate can be settled amicably among family members and other heirs named in the will.
Dying without a will, or intestate, complicates the process a bit. The administrator is usually the surviving spouse, any next of kin or someone who is entitled to receive property of the deceased. When no one qualifies, the court can appoint anyone of good character living in the county, usually a lawyer.
The hope is that the estate can be also be settled amicably.
Administrators and executors are referred to as personal representatives.
A scary process
A grieving family feels overwhelmed at the prospect of probate. On paper, the process looks daunting and the requirements seem impossible. Adult children who have never been privy to a parent's personal papers will have to look through files, desk drawers, purses, wallets, closets and the attic.
Sometimes they laugh: "Their marriage license says they got married just six months before I was born!"
And sometimes they cry: "I never knew how much he was appreciated. Look at these letters and plaque of appreciation!"
"Everybody you have to deal with in the process will be doing whatever they can to help you," Dunn said.
Brown and her staff are understanding and accommodating.
"We give them information and explain the process," Brown said. "We can answer questions about the probate process, but the law is that we cannot give anyone advice or answer legal questions."
Brown gives out a booklet on estate procedures published by the
The clerk's office pamphlet, "Beginning Estate Administration," lists the documentation needed to begin the process of setting up an estate. These are basic things like a copy of the death certificate, funeral bill, a list of family members, vehicle titles, marriage license and driver's license.
The personal representative will also need to have knowledge of bank accounts, values of real property, insurance policies, debts and other financial information.
"We recognize that everybody is already under stress and grieving the loss of a loved one," Brown said. "When we talk to people about what they need to do to settle an estate, they see that it is not as intimidating as they thought when they came in and almost everybody does just fine."
Every situation is different
With or without a will, and more often than not, issues and disagreements arise, feeling are hurt and personal representatives are caught in the middle. The clerk's office is not allowed to give advice or answer legal questions. That's the time to consult an attorney.
Dunn said every family is different and every situation is different and sometimes the representative just doesn't know what questions to ask.
Death does not respect your calendar. If dad was in the process of selling or buying property, what happens to the transaction?
If grandma had verbally promised to pay a grandchild's college tuition, will that promise be recognized? What if she had written the promise in a letter to the grandchild?
"If you ever have to ask yourself the question, "Do I need a lawyer?" the answer is yes," Dunn said. That is advice not only for administrators, but for everyone involved.
If the personal representative hires an attorney to represent the estate, funds from the estate cannot be used to pay the attorney without approval of the Clerk of Court. The representative and others involved in the estate will have to pay their own attorneys.
Consider it an investment in sound advice.
Plan -- because death is certain
Your estate is what you own.
It can be a huge mansion or a corporation or valuable art collections.
It can also be a modest home, small bank account and sentimental items, such as family china or one special piece of jewelry. You may not even own a home, but whatever you have is your estate and you need a plan for those belongings to go to those you want to have them.
The phrase "estate plan" sounds like a complicated set of material that only very wealthy people need, but in fact it refers to the documents that almost everyone needs, whether their financial and familial affairs are simple or complex.
All of the documents that comprise an estate plan help people avoid problems that often arise upon death.
The problems you don't plan for will be resolved by the courts and state law after you die. The law is indifferent to individual needs and does not take into account any personal relationships or personal preferences you may have.
A last will and testament is your best line of defense against these indifferent laws.
-- You can decide who will care for your minor children, who will get your property, which charitable or religious organizations you want to help and who will wind up your affairs on earth, and even what happens to your pet.
-- You can make arrangements for a disabled child or handicapped person who needs support.
-- You can also plan for your last illness with an advance directive on healthcare if you become mentally or physically incapacitated.
-- You can designate the person you trust to oversee your finances if you are unable to do so yourself.
-- If you have a business, you can provide for an orderly succession and continuation of its affairs by spelling out what will happen to your interest in the business.
-- Every dollar your estate has to pay in estate or inheritance taxes is a dollar that your beneficiaries won't get. A good estate plan can give the maximum allowed by law to your beneficiaries and the minimum to the government.
-- You can take a burden from your grieving survivors and plan your funeral arrangements when planning your estate. You may want to simply limit the expense of your burial or designate its place.
If you don't have a will
If you die intestate, that is without a will, in
If you are married, your surviving spouse is entitled to inherit all real and personal property -- if the deceased was not also survived by at least one child or a parent. If the estate is
If there is one child or one parent, the surviving spouse will inherit half of the real estate plus
When there are two or more children, the spouse inherits one-third of the real estate plus
When there is no spouse, surviving children inherit equal shares of the entire estate, both real and personal property. When there are also no children, other relatives inherit in the following order: descendants of children (grandchildren, great-grandchildren, etc.), parents, siblings, nieces and nephews, aunts and uncles, and then cousins.
If you die without a will and don't have any family, your property will "escheat" into the state's coffers. This very rarely happens because the laws are designed to get your property to anyone who was even remotely related to you.
Self-approved and online forms
Your will can be a do-it-yourself project, but you have to be very careful if you write your own, called a self-proved will, or print out an online form. If you follow the legal guidelines, the will can be handwritten.
These will have to be signed in the presence of a notary public and two other witnesses. They must contain certain language signifying that you signed willingly, that you are age 18 or older and under no undue influence.
The exact language, and a form, can be found in N.C. General Statutes 31-11.6.
You can change your will if you change your mind about who is going to get your pottery collection or if your executor passes away before you do, by making a new will to replace the old one or by attaching an amendment, called a codicil. If you make a new will, destroy the old one to prevent any confusion.
Safeguard your will
It's not a good idea to hide it in a dresser drawer. Most people keep them in a bank safe deposit box or lockbox at home, but be sure it is fireproof.
The Clerk of Court's office will hold your will for safekeeping until you die, but will not formally file it.
Some attorneys will hold wills for safekeeping.
An advance medical directive is different. You will want to give copies to your physician and the family member who will make medical decisions on your behalf if necessary.
How much does it cost?
Basic wills, according to
You could qualify for legal aid at little or no cost.
The notary fee will be the only charge for a self-approved will.
The consistent legal advice is to consider the attorney's fee a good investment to be sure your wishes are respected.
-- Sources: NC General Statutes,
___
(c)2015 The Courier-Tribune, Asheboro, N.C.
Visit The Courier-Tribune, Asheboro, N.C. at www.courier-tribune.com
Distributed by Tribune Content Agency, LLC.
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News