Estate Administration in Monterey, California
Estate administration, in basic terms, is the procedure of maintenance and distribution of a person's assets after they die.
If the decedent had the foresight to draft and execute a will in Monterey, California, the estate is usually administered in a way that follows the instructions the will lays out, as closely as possible.
Wills usually name an executor. The executor's role revolves around guaranteeing that the instructions in the will are implemented.
The executor is normally 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 Monterey, California 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 commonly the person who would inherit most under the will, or under the intestacy scheme of California. 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 govern how property is distributed in such a situation. In most states, it simply goes to the closest living relative.
If the will doesn't name a person who is to serve as executor, or the individual named is no longer alive or cannot be found, anyone with a direct interest in the will can apply to the Monterey, California 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 Monterey, California Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might face legal or tax issues with which you are unfamiliar. A Monterey, California attorney would be extremely helpful in such a situation.