What is Probate?

According to the NC Judicial Branch the term “probate” has two primary meanings. Probate is another word for estate administration, which is sometimes called “the probate process.” Probate or probating the will also refers to the process by which a court determines that a “purported” will is actually the final will and testament of the decedent and is legally valid to pass title to property.

What is Estate Administration?

Estate administration is a process for handling a person’s assets and debts after that person’s death.  Some estates are administered by “full administration.”  Many small estates may be administered through simpler processes.  Unless the decedent set up complete alternatives to court-supervised estate administration prior to death, estate administration is handled through the courts, primarily in the office of the appropriate clerk of superior court.  In full administration, the clerk of superior court gives authority to a personal representative of the decedent who inventories the decedent’s assets, gives public notice to the decedent’s creditors, pays the valid debts of the decedent, and distributes the decedent’s remaining property to the person(s) who were named as beneficiaries in the decedent’s will, if there is one, or to the person(s) entitled by law if there is no will.

What are "Executors", "Administrators", "Personal Representatives", and "Trustees"?

Executors, administrators, personal representatives, and trustees are all titles of “fiduciaries”. A fiduciary is someone in a position of trust and authority to manage property for the benefit of another. “Executors” are the fiduciaries appointed under a will and given authority by the court. “Administrators” are the fiduciaries appointed by the court when a person dies without a will. “Personal Representative” is a term used to refer to both executors and administrators. “Trustees” are the fiduciaries appointed under a trust.

It can be overwhelming, but Red Suit Realty & Auction is positioned to help!

First Things First!

Secure any vacant real estate: Post no trespassing signs, obtain vacant property insurance, lock and secure the real estate and personal property.

Gather all the important documents related to the estate: wills, trusts, insurance policies, bank statements, titles to properties.

Make sure probate is necessary: You can do this by consulting with an attorney in your area.

Hire an attorney if you plan to do so.

File a probate case with the court clerk.

Notify all interested parties: creditors, beneficiaries, and any one else with an interest in the estate.

Make multiple copies of the death certificate.

Open an estate bank account: You do not want to use the decedent’s bank account for administering the estate. You will need to keep detailed records of the money in and out for the courts, this is the best way to isolate funds for use during this time.

Set up systems of organization: Folders and files will work for this. You should also create an email folder for probate activities.

What can Red Suit Realty & Auction do for you?

We offer a full range of services and concierge services to help navigate the process. It starts with a free consultation. We will discuss where you are in the process and help make a plan to navigate the process.

Executors, administrators, personal representatives, and trustees are all titles of “fiduciaries”. A fiduciary is someone in a position of trust and authority to manage property for the benefit of another. “Executors” are the fiduciaries appointed under a will and given authority by the court. “Administrators” are the fiduciaries appointed by the court when a person dies without a will. “Personal Representative” is a term used to refer to both executors and administrators. “Trustees” are the fiduciaries appointed under a trust.

Red Suit Realty & Auction brings it all together with our trusted team of advisors:

Real Estate Brokerage

Real Estate Investors Network

Contractors and Repair

Estate Sales and Auction Companies

Clean Up and Clean Out Crews

Surviving Spouse Liaison

Financial Advisors

Family Law Attorneys

Five Simple Steps:

1. Strategize the best plan of action
2. Schedule your solution providers
3. Organize your personal property
4. Prepare the home for sale
5. Market and sell the home

We Start by Offering:

A Comparative Market Analysis, in addition to consulting with family members & heirs to help achieve consensus.

We also offer several options to reduce “Time on Market”.

Quick Sale “As Is”

Simply Accelerated Marketing System “As Is”

Conventional Listings

Creative Financing

Help Arrange repair bids

Liquidate the Personal Property

Auction

Estate Sale

Appraisals

Coordinate the cleanout of the property & donate unsold personal property to charities.
Allow my team to help listing the personal property and real estate and receive a free copy of Estate Exec Software a $200.00 value!
https://www.estateexec.com/