Estate Administration in Booneville, 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 Booneville, 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 executor typically has at least some work cut out for them. This evidently raises the issue of compensation. The easiest way to ensure that the executor does his or her job is simply to appoint the person who has the most to gain from the will. That way, they cannot inherit until the process is finished.
What if The Will Does Not Name an Executor?
If a Booneville, Arkansas will does not appoint anyone to serve as executor, or there is no will, the court has to choose someone to fill that role.
This is most commonly the person who would inherit most under the will, or under the intestacy scheme of Arkansas. Intestacy is when a person dies without having made a will, or if a will turns out to be invalid. The intestacy laws of each state govern how property is distributed in such a situation. In most states, it simply goes to the closest living relative.
If the will doesn't name a person who is to serve as executor, or the person named is no longer alive or cannot be found, anyone with a direct interest in the will can apply to the Booneville, Arkansas court to be the executor.
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 Booneville, Arkansas Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might face legal or tax issues with which you are unfamiliar. A Booneville, Arkansas attorney would be extremely helpful in such a situation.