Leading Estate Planning Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC outlines an essential checklist of things to do in the probate process. For more information please visit https://www.elderlawfirm.com
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During the probate process, it is crucial to retain an essential checklist of things to do, disclosed Elder Law Specialist Dennis Toman.
For more information please visit https://www.elderlawfirm.com
In a recent interview, the founder of The Elderlaw Firm, in Greensboro, NC, explained: "Probate through the courts is required to authenticate a last will and testament after someone has passed away."
If you're nominated as executor in a will, there are several steps to complete the process through the courts.
The first is to file a petition to open probate of the estate in question. "In North Carolina you'll need to file the will with the probate court and file the petition as soon as you can after that person has died," said Toman. "There is a form for doing this but it can be confusing to use. The Court is not allowed to provide anything more than basic instructions, and so it is a good idea to get help to get everything off to a good start."
Early in the process, an executor must locate and take possession of the deceased's assets so they can be protected throughout probate.
Toman added: "Generally assets are not listed in a will. That’s why it is so important to work with an estate planning lawyer who helps get an asset listing in place during lifetime. In other situations, the executor must find hidden assets by combing through tax forms, insurance policies, and bank statements."
When the deceased had outstanding debt, the executor must identify and contact the deceased's creditors. "You must notify creditors of the person's death. Additionally, in most states, the executor must publish a notice in a local newspaper to notify potential and unknown creditors," he added.
Following this, an executor uses estate funds to pay for the deceased's bills and debts and prepare and file tax returns for the year the decedent passed away. Toman said: "After these steps, the executor will need to petition the court to approve all bill payments and distributions or remaining assets to beneficiaries specified in the will."
He advised executors to retain an experienced probate attorney's guidance for a comprehensive checklist to complete the process.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89082224
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