Page 12 - Joyner's Funeral Home & Crematory - NC
P. 12

 Notice to Creditors
In a formal estate administration, NC law requires publication of a Notice of Administration in a local newspaper. The purpose of this notice is to notify any persons or companies having claims against the estate to present those claims by a stated deadline or risk having their claims barred by the expiration of that deadline.
Final bills and expenses
Gather all of your loved one’s unpaid bills as soon as possible to get a good idea of the amount and type of financial obligations he or she may have had. Certain obligations, such as mortgages and home equity lines of credit, which are secured by a deed of trust against the home, must be paid on time without interruption, even if the borrower has died. Therefore, it is very important to make arrangements to ensure that the house payment is made on time by the person or persons who inherit the home.
Also, North Carolina law strictly dictates which bills can be paid from the estate and which may not be paid from the estate (such as real estate mortgages), and in what order they are to be paid. Those bills that can be paid from the estate must be paid in order of priority under North Carolina law. An attorney experienced in estate administration can help you in making these determinations, especially if it appears that there may not be enough cash to pay all the bills in full. This process is particularly demanding and warrants an experienced attorney’s review.
Update your own
estate planning documents
The death of your loved one may cause you to think about getting your own “affairs in order.” If you already have estate planning documents including a Last Will and Testament and powers of attorney, your loved one may have been named in those documents as a beneficiary or as your executor or agent under a power of attorney. Now is a good time to review those documents to determine whether any changes need to be made, or, if you have never completed estate planning documents, to meet with an estate planning attorney to discuss your situation and put the appropriate documents in place for you and your family.
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