Estate Administration in Siloam Springs, 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 Siloam Springs, 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 ensure 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 personn 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 Siloam Springs, Arkansas will does not name an executor, or no will exists or can be found, it's up to the local court to decide who should be the executor.
This is most frequently 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 typically distributes the property to the closest living relatives of the decedent, assuming they can be located.
If no executor is named in the will, anyone with a stake in the will can apply to the court in Siloam Springs, Arkansas to be the executor of the estate, if they wish.
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 Siloam Springs, Arkansas Estate Administration Attorney Help?
If you have unexpectedly been appointed to be the executor of a relative's estate, and don't know how to handle this process, you should speak with a knowledgeable Siloam Springs, Arkansas wills and trusts attorney.