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 Firestone, 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 guarantee 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 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 Firestone, 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 most commonly 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 govern how property is distributed in such a situation. In most states, it simply goes to the closest living relative.
When a will is silent as to who should be the executor, any individual who has some direct interest in the result can ask to be named executor by the Firestone, Colorado court.
When the executor is chosen, they serve as a sort of incarnation of the decedent's estate - the estate's legal interests become the executor's interests, and the executor is expected to safeguard the estate's interests as they would their own.
Can a Firestone, Colorado 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 Firestone, Colorado attorney would be extremely helpful in such a situation.