Estate Administration in Rancho Palos Verdes, California
Estate administration, in basic terms, is the procedure of maintenance and distribution of a person's assets after they die.
If the decedent had the foresight to draft and execute a will in Rancho Palos Verdes, California, the estate is typically administered in a way that follows the instructions the will lays out, as closely as possible.
Wills typically name an executor. The executor's role revolves around guaranteeing that the instructions in the will are implemented.
The executor is often the person who will get the most money or property out of the will if it is given effect, because this is the person who will have the greatest incentive to see that the probate process goes as rapidly as possible.
What if The Will Does Not Name an Executor?
If a will in Rancho Palos Verdes, California is silent as to who should be the executor, it is up to the court to determine who should serve in that capacity.
Usually, this will be the person who has the most to gain from the will, or who would gain the most under California's intestacy scheme (the system that distributes the decedent's property to his or her closest living relatives, if he or she dies without a will).
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 Rancho Palos Verdes, California 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 Rancho Palos Verdes, California 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 Rancho Palos Verdes, California attorney would be very helpful in such a situation.