Estate Administration in Hope, 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 Hope, 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 person named as executor of an estate usually has some work ahead of them. To ensure that they actually follow through on their commitments, 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 Hope, Arkansas will does not assign anyone to serve as executor, or there is no will, the court has to choose someone to fill that role.
This is most often the person who stands to gain the most from the will, or who would inherit the most under Arkansas's intestacy laws. Intestacy is the system that every state has in order to deal with the property of people who die without a will. It usually distributes the property to the closest living relatives of the decedent, assuming they can be located.
If the will doesn't name anyone as executor, or the individual who was named as executor is no longer living or cannot be found, anyone who has a direct interest in the will in Hope, Arkansas can apply to the court to be the executor.
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 Hope, 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 reputable Hope, Arkansas attorney, the process almost always goes pretty smoothly.