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 Cortez, 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 a Cortez, Colorado will does not name an executor, or no will exists or can be found, it's up to the local court to determine who should be the executor.
This is typically the person who will benefit the most if the will is executed. If there is no will (a situation known as "intestacy"), Colorado has a system of laws distributing the decedent's property to his or her closest living relative. In such a case, the closest living relative has the most to gain from an orderly administration of the estate, so they will typically be appointed.
If no executor is named in the will, anyone with a share in the will can apply to the court in Cortez, 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 Cortez, Colorado 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 complexities that may arise, an experienced Cortez, Colorado lawyer can make this process a great deal easier.