Estate Administration in Prescott, Arizona
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, Arizona, the process of estate administration normally follows the procedures and instructions laid out in the will.
Most often, a will names a person to serve as executor, whose job it is to guarantee that the estate is properly administered.
The executor is normally whoever stands to acquire the most money or property if the will is given effect, since that is the person who likely has the most incentive to do their part in seeing that the probate process plays out to completion.
What if The Will Does Not Name an Executor?
If a will in Prescott, Arizona does not name a person to serve as executor, or the decedent dies without having written a will, the court will assign a person to act as estate administrator.
This is most commonly the person who stands to gain the most from the will, or who would inherit the most under Arizona'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 normally distributes the property to the closest living relatives of the decedent, assuming they can be located.
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 Prescott, Arizona 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 Prescott, Arizona 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 intricacies that may arise, an accomplished Prescott, Arizona lawyer can make this process a great deal easier.