Estate Administration in Clarksville, 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 Clarksville, Arkansas, the process of estate administration usually follows the procedures and instructions laid out in the will.
Wills typically name an executor. The executor's role revolves around guaranteeing that the instructions in the will are implemented.
The executor generally has at least some work cut out for them. This obviously raises the issue of compensation. The easiest way to guarantee 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 done.
What if The Will Does Not Name an Executor?
If the will in Clarksville, Arkansas does not name an executor, or the decedent left no will to be found, the court has to assign a person to serve as the administrator of the estate.
This is typically the person who will benefit the most if the will is executed. If there is no will (a situation known as "intestacy"), Arkansas has a system of laws distributing the decedent's property to his or her closest living relative. In such a case, the closest living relative has the most to gain from an orderly administration of the estate, so they will typically be appointed.
If no executor is named in the will, anyone with a share in the will can apply to the court in Clarksville, Arkansas to be the executor of the estate, if they wish.
Whoever is assigned to serve as executor, it is their job to act as the representative of the estate. Among other jobs, they have to account for the decedent's debts and assets, and inform any beneficiaries who might be unaware of the situation.
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Can a Clarksville, 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 complexities that may arise, an experienced Clarksville, Arkansas lawyer can make this process a great deal easier.