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 Islamorada, 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 person named as executor of an estate typically has some work ahead of them. To ensure that they truly follow through on their commitments, most people name as executor the person who will get the most money, or other benefit, if the will is given effect as written. Because an estate can't be distributed until the administration process is complete, the executor has an incentive to see it through.
What if The Will Does Not Name an Executor?
If an Islamorada, Florida 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 frequently the person who stands to gain the most from the will, or who would inherit the most under Florida'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.
If the will doesn't name anyone as executor, or the individual who was named as executor is no longer living or cannot be found, anyone who has a direct interest in the will in Islamorada, Florida can apply to the court to be the executor.
Whoever is assigned to serve as executor, it is their job to act as the representative of the estate. Among other jobs, they have to account for the decedent's debts and assets, and inform any beneficiaries who might be unaware of the situation.
Can a Islamorada, Florida 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 Islamorada, Florida attorney, the process almost always goes pretty smoothly.