Estate Administration in Fort Smith, Arkansas
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 Fort Smith, Arkansas, the process of estate administration typically follows the procedures and instructions laid out in the will.
Wills normally name an executor. The executor's role revolves around guaranteeing that the instructions in the will are implemented.
The person named as executor of an estate typically has some work ahead of them. To ensure that they truly follow through on their commitments, most people name as executor the person who will get the most money, or other benefit, if the will is given effect as written. Because an estate can't be distributed until the administration process is complete, the executor has an incentive to see it through.
What if The Will Does Not Name an Executor?
If a will in Fort Smith, Arkansas does not name a person to serve as executor, or the decedent dies without having written a will, the court will assign a person to act as estate administrator.
This is most frequently the person who stands to gain the most from the will, or who would inherit the most under Arkansas's intestacy laws. Intestacy is the system that every state has in order to deal with the property of people who die without a will. It typically distributes the property to the closest living relatives of the decedent, assuming they can be located.
In cases where the will doesn't name an executor, or the person named is unable to take on that role for whatever reason, any person who has some direct share in the decedent's estate (either because they're named in the will or stand to inherit by intestacy) can petition a Fort Smith, Arkansas court to be assigned executor.
Once an executor is assigned (whether by being named in the will, or on the application of another person), they "step into the shoes" of the estate, and are expected to safeguard its interests to the fullest extent possible. They further are obligated to accurately inventory the estate's debts and assets, as well as notify possible beneficiaries.
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Can a Fort Smith, Arkansas Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might confront legal or tax issues with which you are unfamiliar. A Fort Smith, Arkansas attorney would be quite helpful in such a situation.