Even estates with a thoughtfully crafted and updated estate plan can experience problems in probate. Read more.
A North Carolina probate case filed in June 2016 by the Court of Appeals in Beaufort County showcases the validity of handwritten notes on a will.
For estates valued above the applicable estate tax exemption amount, the executor or personal representative of an estate must prepare and file the estate tax return, and pay the applicable estate tax
In some circumstances, a trustee's fiduciary duty might oblige them to decant the trust; if the trust document does not clearly provide for decanting, the trustee must determine whether they have authority to decant the trust.
Income and estate tax implications vary for each estate depending on whether the decedent had a trust in place and, if so, the nature of the trust. Where the decedent transferred assets to a revocable living trust prior to death, one or more fiduciary income tax returns might be required to report income earned by assets in the estate and/or trust after death.
While some may be tempted to regard estate administration as a checklist, the unique and often unanticipated circumstances that might manifest during probate require careful consideration to ensure that all requirements have been met prior to closing the estate.
Executors are not legally required to retain a lawyer for estate administration. Many state-provided resources are available to executors. However, when an executor chooses to manage the probate process independently, they increase their chance of errors.
The preservation and resources needed to properly maintain collectibles pose distinctively different challenges and liabilities compared to real property, mutual funds, and assets outside of the art world.
Alaska first enacted statutes for DAPTs in 1997. Other states have passed similar legislation since then. One fact has remained constant: No creditor has collected a judgment or settlement against a debtor.
An executor pressured by surviving family to distribute an estate early might be tempted to comply with these requests with the best of intentions. However, the executor might be required to personally pay estate debts if they distribute assets too soon. The personal risk of early distribution is often too great for an executor to oblige.