Winston-Salem Probate Lawyer

Inheritance law is the legal procedure for transferring ownership of property from a deceased person to the beneficiaries of their estate. This includes any real estate, personal property, stocks, bonds, and other assets. In North Carolina, inheritance law is governed by the North Carolina General Statutes and the North Carolina Probate Code.

This area of law focuses on several facets of the estate, including:

Identifying the Deceased’s Assets

In order to distribute the assets of the deceased, it is essential to first identify them. This can include investments, real estate, vehicles, jewelry, or tangible goods. It is crucial to take into account any bank accounts, life insurance policies, or other financial holdings that may exist. Once the assets have been identified, it is important to determine their value and document the findings.

Determining Who Is Entitled to Inherit Them

After the assets have been identified, it is necessary to determine who is legally entitled to inherit them. This may include the deceased’s spouse, children, parents, siblings, or other close relatives. It is important to consider any relevant state laws that may apply to the distribution of assets.

Settling Any Debts or Taxes

Once the beneficiaries have been identified, it is important to address any outstanding debts or taxes that may be owed by the deceased. This may include bills, mortgages, or other debts that must be settled before the assets can be distributed. Additionally, any applicable taxes must be paid before the assets can be distributed.

Distributing the Remaining Assets in Accordance With the Deceased’s Wishes

Once all outstanding debts and taxes have been settled, the remaining assets can be distributed in accordance with the deceased’s wishes. This may include giving certain assets to specific beneficiaries or setting up a trust to manage the assets. It is important to ensure that the distribution of assets is done in accordance with the laws of the state in which the deceased resided.

Representing the Beneficiaries in Court

If there is a dispute among the beneficiaries regarding the distribution of assets, it may be necessary to represent them in court. A Winston-Salem probate attorney can help to ensure that the assets are distributed in accordance with the wishes of the deceased, as well as to protect the beneficiaries’ interests.

For estates under $20,000 in value, probate court may not be necessary. However, in most cases, a will or other estate planning documents are required to go through probate court in order to be executed. In North Carolina, the probate court is the Office of the Clerk of Superior Court in the county where the deceased person lived.

Generally, a Petition for Probate must be filed within 60 days from the date of death of the estate owner. However, the court may grant an extension of this timeline in some circumstances. The timeline is usually sufficient to allow for time to get a copy of the death certificate, collect the assets of the estate, and prepare the necessary paperwork to petition the court for probate.

What to Expect During Probate Proceedings

The probate process is usually initiated by filing a Petition for Probate. This petition initiates the process of administering the deceased person’s estate. The petition must include information about the deceased person’s assets, liabilities, and heirs. Once the petition is filed, the court appoints an executor to oversee the estate administration.

The probate court will then review all relevant documents, including the will and any other estate planning documents, and determine the validity of the documents. The court will also determine if any creditors of the deceased person must be notified and if any taxes must be paid.

When all of the necessary documents have been filed and all creditors have been paid, the executor will then distribute the assets as outlined in the will. In some cases, the court may require that a guardian be appointed to manage the estate of any minor children. 

What Assets Go Through Probate in North Carolina and How Can I Avoid It?

In North Carolina, assets that go through probate include real estate, personal property, and bank accounts. To avoid probate, you can transfer assets to a living trust, create a pay-on-death (POD) or transfer-on-death (TOD) designation on your accounts, or designate a beneficiary on your retirement accounts. 

You can also create a joint tenancy with the right of survivorship (JTWROS) on real estate and other assets. Finally, you can make gifts to loved ones during your lifetime, or create a revocable living trust in which you transfer ownership of your assets.