Estate administration, in basic terms, is the procedure of maintenance and distribution of a person's assets after they die.
If the decedent wrote a will before his or her death in Coconut Creek, Florida, the process will be carried out according to the directives included in the will, assuming they are legitimate and enforceable.
The decedent typically names in the will an executor of his or her estate. The executor is the person whose job it is to take the lead role in the administration of an estate.
The executor usually has at least some work cut out for them. This apparently raises the issue of compensation. The easiest way to guarantee that the executor does his or her job is simply to appoint the person who has the most to gain from the will. That way, they cannot inherit until the process is finalized.
What if The Will Does Not Name an Executor?
If the will in Coconut Creek, Florida does not name an executor, or the decedent left no will to be found, the court has to assign a person to serve as the administrator of the estate.
This is normally the person who will benefit the most if the will is executed. If there is no will (a situation identified as "intestacy"), Florida has a system of laws distributing the decedent's property to his or her closest living relative. In such a case, the closest living relative has the most to gain from an orderly administration of the estate, so they will normally be appointed.
If the will doesn't name a person who is to serve as executor, or the individual named is no longer alive or cannot be found, anyone with a direct interest in the will can apply to the Coconut Creek, Florida court to be the 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 Coconut Creek, Florida Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might confront legal or tax issues with which you are unfamiliar. A Coconut Creek, Florida attorney would be quite helpful in such a situation.
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