Estate Administration in Osceola, 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 Osceola, Arkansas, the process of estate administration typically follows the procedures and instructions laid out in the will.
Most frequently, a will names a person to serve as executor, whose job it is to guarantee that the estate is properly administered.
The executor is typically the person who stands to inherit the most money or property from the will, since this individualn will have the greatest incentive to see the probate and administration process to completion.
What if The Will Does Not Name an Executor?
If a Osceola, 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 frequently 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 control how property is distributed in such a situation. In most states, it simply goes to the closest living relative.
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 Osceola, Arkansas court to be assigned executor.
Whoever ends up as the executor, it is their responsibility to serve as the personal representative of the estate. They will be accountable for taking account of all of the decedent's assets and debts, as well as notifying beneficiaries who may be estranged from the decedent, among other things.
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Can a Osceola, 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 difficulties that may arise, an efficient Osceola, Arkansas lawyer can make this process a great deal easier.