Welcome to probate-specialist.com.  Probate is a time consuming and ofen costly court procedure of authenticating a Will (if there is one) and administrating the property of a decedent, incompetent or minor. During the probate process, the Court appoints a responsible person to safeguard the property of the estate. Probate estates for minors and incompetents often continue for many years and can drastically reduce the amount of the probate estate. Property managers for these types of probate estates are called conservators. In the case of a deceased person, the property manager is called an executor (if the deceased had a Will and appointed a person approved by the Probate Court) or a court-appointed administrator (if there is no Will, the Will does not specify a competent person or if none of the persons named in the Will are available to serve). This property manager pays expenses and other probate estate costs including attorney fees, taxes, court costs and the final bills of the decedent and then distributes the remaining probate property in accordance with the Will or state law.

Revocable Trusts (also known as living trusts) eliminate costs of probate administration and minimize federal and state estate taxes. A Trust is a legal arrangement in which an individual (the trustor or grantor) gives fiduciary control of property to a person or institution (the trustee or grantee) for the benefit of beneficiaries. The grantor of a Revocable Trust can also be the trustee and the beneficiary during their competent lifetime and can designate successor trustees and additional beneficiaries upon a certain event (incompetency or death) or at a specified time.

More discussion on probate can be found in our sections on avoiding probate through Revocable Trusts ("Living Trusts"), "Probate - Understanding Living Trusts", "How you can Avoid Probate, Save Taxes and More", "What's so bad about Probate", "Doesn't Joint Ownership Avoid Probate?", "Probate - if something happens to me, who has control?," "Probate - how can a living trust save on estate taxes?"

This probate information is maintained by Dan Brady, Attorney and Certified Public Accountant, located in Raleigh, North Carolina.  Dan is a partner in the firm of Nicholls & Crampton, P.A.

 

The Firm's active practice areas include Corporate and Business Law and Taxation, Trusts and Estate Planning, Business Bankruptcy Practice, Personal Injury Litigation, Real Estate, Family Law and Divorce, Criminal Defense, Billing, and Staff Confidentiality.

 

Please visit our site to learn more about North Carolina probate and other areas of law in which we may be able to assist you in the management of your estate and legal affairs.