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  • Amy Privette

Show and Tell Isn't Just for Kindergarteners!

If you've been named the Executor of an estate or the Trustee of a trust, don't go it alone! Trust and estate administration is not for the faint of heart.

The goal of this post is to introduce you to what is expected of you when you’re named as the Executor in someone’s will or perhaps as the Trustee in someone’s trust. If that’s you, first of all, we want you to know how much trust and faith, confidence and love this person has placed in you to do this job. It is a large responsibility, and your loved one chose you to do this for a reason. They believed that you were well-suited to do the work. But, it is work. To help illustrate just how much work is involved, we’re going to have a little bit of show and tell.

In the video image above, Amy is holding the North Carolina Estate Administration Manual. It is written for attorneys by attorneys to offer insight into all of the steps that are required to administer the estate of someone who has passed. Now, you’re not an attorney, yet the state of North Carolina still requires you to be responsible for all of the information in this binder. That's over 1,100 pages of material you are expected to know and procedures you are required to follow. And if you don't...

...then there is a second binder called the Fiduciary Litigation Manual. Serving as the Executor of someone’s estate or as the Trustee for someone’s trust is a fiduciary role. If you violate your fiduciary responsibilities, then you can be sued -- there can be litigation against you, the fiduciary. If you innocently, mistakenly, do something incorrect or in the wrong order because nobody told you otherwise or you fail to follow the procedures set forth in the North Carolina Estate Administration Manual, there can be penalties for your actions or inaction. That's the focus of this second manual. It contains roughly 700 pages identifying common reasons for lawsuits in this space.

The good news is there are attorneys, like Amy, who are willing work alongside you to make sure the material in the first manual is handled appropriately so that the second binder, the Fiduciary Litigation Binder, never comes into play. If you’re interested in learning how an attorney can help you navigate your responsibilities as an Executor or Trustee, please reach out to us. We would love to work with you.

Phone: (919) 678-5761

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