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 Durango, 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 Durango, 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 most commonly the person who stands to gain the most from the will, or who would inherit the most under Colorado'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.
When a will is silent as to who should be the executor, any person who has some direct interest in the outcome can ask to be named executor by the Durango, Colorado court.
Whoever ends up as the executor, it is their responsibility to serve as the personal representative of the estate. They will be responsible 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.
Can a Durango, 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 intricacies that may arise, an accomplished Durango, Colorado lawyer can make this process a great deal easier.