What Happens in North Carolina When You Die Without A Will? – Part 2: Estate Administration
by Angel Simpson
Before any distribution of an estate can happen, the debts and administration fees must be paid first. These fees include funeral expenses, burial or cremation expenses, the cost to administer, etc. If there are assets, the debts and fees will be paid directly from the estate. On the other hand, if there are not enough assets to repay all the debts, the estate will be deemed “insolvent” and the administrator will use up all the assets to repay debts. Once all assets are exhausted, the remaining debts do not usually have to be repaid, but there will also be nothing left for your loved ones.
How your assets get distributed depends on whether you have a surviving spouse, living children, parents or other close relatives at the time of your death. Make sure you consult with an experienced estate planning attorney to ensure that your loved ones are protected after you’re gone.
Be sure to check back in for Part 3 for issues regarding guardianship of your minor children!
Angel Simpson is an attorney with Parker Herring Law Group, PLLC. Angel represents adoption clients all over the state of North Carolina and has experience guiding clients through the adoption process, both locally and when crossing state lines (interstate adoptions). She represents both birth parents and adoptive parents. In addition to handling all types of adoptions, Angel assists clients with estate planning and guardianship matters. Angel is a 2013 graduate of North Carolina Central University School of Law.