Estate Administration in Prescott, 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 Prescott, 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 will in Prescott, Arkansas is silent as to who should be the executor, it is up to the court to determine who should serve in that capacity.
Typically, the person chosen to be executor is the one who would benefit most under the will, or under Arkansas's intestacy laws. "Intestacy" refers to a situation in which a person dies without a will, or "dies intestate." Every state has laws to address this situation, and there isn't a lot of variation from state to state. Typically, the decedent's property will go to his or her closest relative, and if absolutely no living relatives can be found, it will go to the state.
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 Prescott, Arkansas can apply to the 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, utilizing all legal means to protect the estate's interests (such as mounting plausible legal defenses against creditors).
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Can a Prescott, Arkansas Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might confront legal or tax issues with which you are unfamiliar. A Prescott, Arkansas attorney would be quite helpful in such a situation.