Tools to Help Prepare Your Executor

by Amy Natt, MS, CMC, CSA & Consultation by Michael G. Gorenflo, JD

Q: I have a will and have named my son as executor. My son is a Michigan resident, and I reside in North Carolina. Where can I get a list of the duties of the executor in North Carolina and any other steps that he needs to take at my death?

A: This is an excellent question and probably more complicated that it may seem on the surface. There are many different types of estates, and attorneys have years of education and experience to be able to do these things correctly. Empowering your son with knowledge about your estate and what your expectations are will enable him to rise to the occasion.

You mentioned having a will, which provides directions on how to deal with those things you leave behind. As executor, your son will be settling your estate. Because you are a resident of North Carolina, the estate would need to be opened in North Carolina. Your executor is a Michigan resident, so at a minimum, he would have to hire an attorney to act as “resident service agent” for the estate if “Notice to Creditors” is required under the kind of estate that you have. It is important for him to have contact information for your attorney in North Carolina, so that he can seek out additional support at the time of your death.

Even a simple estate can seem complicated when it is not a common area of practice. There are deadlines and steps that must be taken for the estate to be settled correctly. The N.C. Administrative Office of the Courts has a brochure outlining proper procedures: http://www.nccourts.org/forms/documents/735.pdf

Some of the steps he would take include:

• Locate the will.
• Gather information about the decedent and his or her assets.
• Consider hiring professional advisers to assist with settlement.
• Probate the will and apply for Letters Testamentary with the Clerk of Court.
• Prepare and publish the Notice to Creditors.
• Obtain the estate’s tax identification number.
• Open the estate’s bank account and keep detailed records of all account activity.
• Locate, marshal and secure estate assets.
• File the Inventory with the Clerk of Court.
• Identify all debts of the decedent and decide whether to pay or reject each claim.
• Disburse funds to pay debts and administrative expenses.
• File tax forms and pay taxes due.
• File the estate’s annual account with the Clerk of Court.
• Distribute assets to the estate’s beneficiaries and obtain receipts from beneficiaries.
• File the estate’s final account with the Clerk of Court.

As you can see, there is a lot involved and while you can find some good information online regarding North Carolina courts, they cannot advise anyone on how to administer the estate or what kind of estate they should open. They simply provide documents and review documents for filing. Now would be a good time to make sure your will is up to date for the state of North Carolina and talk with your attorney about support that can be provided to your son during the probate process.