Estate Administration in Malvern, Arkansas
Estate administration, in basic terms, is the process of maintenance and distribution of a person's assets after they die.
If the person who died made and executed a valid will in Malvern, 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 ensuring 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 obligations, 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 Malvern, Arkansas is silent as to who should be the executor, it is up to the court to decide who should serve in that capacity.
Typically, the person chosen to be executor is the one who would benefit most under the will, or under Arkansas's intestacy laws. "Intestacy" refers to a situation in which a person dies without a will, or "dies intestate." Every state has laws to address this situation, and there isn't a lot of variation from state to state. Typically, the decedent's property will go to his or her closest relative, and if absolutely no living relatives can be found, it will go to the state.
If no executor is named in the will, anyone with a stake in the will can apply to the court in Malvern, Arkansas to be the executor of the estate, if they wish.
Once an executor is finally named, he or she becomes responsible for serving as the living embodiment of the estate, using all legal means to protect the estate's interests (such as mounting plausible legal defenses against creditors).
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Can a Malvern, Arkansas Estate Administration Attorney Help?
If you are the executor of an estate, and don't know how to handle some of the legal and financial difficulties that may arise, an efficient Malvern, Arkansas lawyer can make this process a great deal easier.