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 Fruita, Colorado, the estate is normally administered in a way that follows the instructions the will lays out, as closely as possible.
Most frequently, a will names a person to serve as executor, whose job it is to guarantee that the estate is properly administered.
The executor is frequently the person who will get the most money or property out of the will if it is given effect, because this is the person who will have the greatest incentive to see that the probate process goes as rapidly as possible.
What if The Will Does Not Name an Executor?
If a will in Fruita, Colorado does not name a person to serve as executor, or the decedent dies without having written a will, the court will assign a person to act as estate administrator.
This is most frequently 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 typically distributes the property to the closest living relatives of the decedent, assuming they can be located.
In cases where the will doesn't name an executor, or the person named is unable to take on that role for whatever reason, any person who has some direct share in the decedent's estate (either because they're named in the will or stand to inherit by intestacy) can petition a Fruita, Colorado court to be assigned executor.
Whoever ends up as the executor, it is their responsibility to serve as the personal representative of the estate. They will be accountable 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 Fruita, 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 reliable Fruita, Colorado attorney, the process almost always goes pretty smoothly.