Estate Administration in Marianna, 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 Marianna, Arkansas, the process of estate administration normally follows the procedures and instructions laid out in the will.
Wills usually 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 normally has some work ahead of them. To ensure that they really 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 Marianna, Arkansas is silent as to who should be the executor, it is up to the court to decide who should serve in that capacity.
Normally, 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. Normally, 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 Marianna, Arkansas to be the executor of the estate, if they wish.
Once an executor is appointed (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 protect its interests to the fullest extent possible. They also are required to accurately inventory the estate's debts and assets, as well as notify potential beneficiaries.
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Can a Marianna, Arkansas Estate Administration Attorney Help?
Some people are surprised when they find out they've been named the executor of a relative's estate. The responsibilities can seem daunting, but with the help of a brilliant Marianna, Arkansas attorney, the process almost always goes pretty smoothly.