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 Aspen, Colorado, the estate is typically administered in a way that follows the instructions the will lays out, as closely as possible.
Most commonly, a will names a person to serve as executor, whose job it is to guarantee that the estate is properly administered.
The executor is usually 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 an Aspen, Colorado 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 often the person who would inherit most under the will, or under the intestacy scheme of Colorado. 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 determine how property is distributed in such a situation. In most states, it simply goes to the closest living relative.
If no executor is named in the will, anyone with a share in the will can apply to the court in Aspen, Colorado to be the executor of the estate, if they wish.
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.
Can a Aspen, Colorado 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 reputable Aspen, Colorado wills and trusts attorney.