Estate Administration in Fairbanks, Alaska
Estate administration, in basic terms, is the procedure of maintenance and distribution of a person's assets after they die.
If the person who died made and executed a valid will in Fairbanks, Alaska, the process of estate administration usually follows the procedures and instructions laid out in the will.
Usually, wills assign an executor who is responsible for overseeing the administration of the estate, and seeing that its provisions are carried out, to the extent possible.
The executor is usually the person who stands to inherit the most money or property from the will, since this individualn will have the greatest incentive to see the probate and administration process to completion.
What if The Will Does Not Name an Executor?
If a Fairbanks, Alaska will does not name an executor, or no will exists or can be found, it's up to the local court to determine who should be the executor.
This is typically the person who will benefit the most if the will is executed. If there is no will (a situation known as "intestacy"), Alaska has a system of laws distributing the decedent's property to his or her closest living relative. In such a case, the closest living relative has the most to gain from an orderly administration of the estate, so they will typically be appointed.
If the will doesn't name anyone as executor, or the individual who was named as executor is no longer living or cannot be found, anyone who has a direct interest in the will in Fairbanks, Alaska can apply to the court to be the executor.
Whoever is assigned to serve as executor, it is their job to act as the representative of the estate. Among other jobs, they have to account for the decedent's debts and assets, and inform any beneficiaries who might be unaware of the situation.
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Can a Fairbanks, Alaska Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might encounter legal or tax issues with which you are unfamiliar. A Fairbanks, Alaska attorney would be very helpful in such a situation.