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 La Junta, 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 often 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 La Junta, Colorado is silent as to who should be the executor, it is up to the court to determine who should serve in that capacity.
Usually, this will be the person who has the most to gain from the will, or who would gain the most under Colorado's intestacy scheme (the system that distributes the decedent's property to his or her closest living relatives, if he or she dies without a will).
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 La Junta, Colorado court to be assigned executor.
Once an executor is assigned (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 safeguard its interests to the fullest extent possible. They further are obligated to accurately inventory the estate's debts and assets, as well as notify possible beneficiaries.
Can a La Junta, 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 reputable La Junta, Colorado attorney, the process almost always goes pretty smoothly.