Legal Question in Wills and Trusts in North Carolina
I was named executive order over my uncle's( who has just passed) estate, even though he has a son and grandson. what does this mean and what am I responsible for and entitled to?
1 Answer from Attorneys
First, your post makes no sense. When people name a will, they name an executor/personal representative. There is no order issued unless the will was submitted for probate to the clerk of court and the clerk of court issued an order officially appointing you as the executor.
You ask what you are entitled to. You are entitled to whatever the will gives to you. Are you a beneficiary under the will? Then you get what the will gives you. If not, then you get nothing. However, an executor is entitled to a 5% commission when the estate is ready for final closure. The fee is calculated on the assets in the estate and disbursements made.
As for responsibility, your task as executor is to figure out what your uncle owned and owed, pay an just debts and transfer any assets to the beneficiaries designated in the will after the estate accounting has been confirmed by the clerk. You do not not distribute assets to the heirs prior to distribution. After the will has been submitted for probate and you have been appointed, you need to apply for a Social Security number for the estate, publish notice to creditors, personally notice any creditors you are aware of, file a 90-day inventory, publish notice of your uncle's death and file annual and/or final accountings. You also have to file final tax returns within 9 months of death and possibly gift tax or estate tax returns depending o n the size of the estate.
Since you seem to be rather unaware of the duties, I suggest that you consider renouncing as executor and allowing anyone else who is named as a successor to serve. Or you may wish to hire an attorney to assist you. If nothing else, I would pay for a consult with an attorney so you know what you are doing and can be advised. You post no details but there are all kinds of issues which could arise.