The estate administration process can be complex, so many people seek professional guidance to ensure their family’s needs are met.  Wood & Rabil, LLP Attorneys at Law of Winston-Salem, NC, helps clients navigate this legal area and draft comprehensive estate plans and wills. Here, the team outlines the steps you can expect to follow when administering an estate.

Secure the Assets

Finding property and assets owned by the deceased can be surprisingly complicated. While most property is listed in a will, the deceased may have been eligible to collect unclaimed funds held by the state, or they might have financial and insurance accounts that are not listed in any documents. Identifying everything the deceased owned or held a title to will help simplify the probate process.

Obtain a Letter of Authority

Once all assets have been identified, the person overseeing the estate administration will need to obtain a letter of authority. This person can be either a named executor or a court-appointed administrator if there is no will present at the time of death. This letter provides the authority needed to carry out the terms of probate and open a bank account on behalf of the deceased, so financial assets can be held to pay debts, taxes, and other final expenses.

Settle Remaining Expenses

Any outstanding debts linked to an estate must be paid before beneficiaries can receive their inheritance. The administrator must also prepare a final tax return to account for any income earned as well as estate taxes. This individual is also responsible for paying administrative costs, including funeral expenses and medical bills.

Distribute Assets & Property

After the deceased’s financial obligations have been fulfilled, their property and assets can be distributed. If they died without a will, then the state will decide who gets what. In most cases, the property will go to immediate family members such as a surviving spouse and children. However, the distribution is ultimately up to the court’s discretion.

Whether you need help with estate administration, want to establish a power of attorney, or have questions related to wills and trusts, Wood & Rabil, LLP Attorneys at Law will provide the guidance you need to make sound financial decisions. Schedule a consultation by calling (336) 722-5700 today, and visit the firm’s website to learn more about their legal services.