Estate administration, in basic terms, is the process 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 Dacono, Colorado, the estate is usually administered in a way that follows the instructions the will lays out, as closely as possible.
Most often, a will names a person to serve as executor, whose job it is to ensure that the estate is properly administered.
The executor is normally 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 Dacono, Colorado 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 usually the person who will benefit the most if the will is executed. If there is no will (a situation recognized as "intestacy"), Colorado has a system of laws distributing the decedent's property to his or her closest living relative. In such a situation, the closest living relative has the most to gain from an orderly administration of the estate, so they will usually be appointed.
If the will doesn't name a person who is to serve as executor, or the person named is no longer alive or cannot be found, anyone with a direct interest in the will can apply to the Dacono, Colorado court to be the executor.
Once an executor is appointed (whether by being named in the will, or on the application of another person), they "step into the shoes" of the estate, and are expected to protect its interests to the fullest extent possible. They also are required to accurately inventory the estate's debts and assets, as well as notify potential beneficiaries.
Can a Dacono, Colorado Estate Administration Attorney Help?
Some people are surprised when they find out they've been named the executor of a relative's estate. The responsibilities can seem daunting, but with the help of a brilliant Dacono, Colorado attorney, the process almost always goes pretty smoothly.