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 Lamar, 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 Lamar, 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, the person chosen to be executor is the one who would benefit most under the will, or under Colorado's intestacy laws. "Intestacy" refers to a situation in which a person dies without a will, or "dies intestate." Every state has laws to address this situation, and there isn't a lot of variation from state to state. Usually, the decedent's property will go to his or her closest relative, and if absolutely no living relatives can be found, it will go to the state.
If no executor is named in the will, anyone with a share in the will can apply to the court in Lamar, Colorado to be the executor of the estate, if they wish.
Once an executor is finally named, he or she becomes responsible for serving as the living embodiment of the estate, utilizing all legal means to protect the estate's interests (such as mounting plausible legal defenses against creditors).
Can a Lamar, 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 complexities that may arise, an experienced Lamar, Colorado lawyer can make this process a great deal easier.