Estate administration, in basic terms, is the process of maintenance and distribution of a person's assets after they die.
If the decedent has made a will in Ankeny, Iowa, the process will play out according to the instructions specified in the will.
The decedent usually 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 generally has at least some work cut out for them. This obviously raises the issue of compensation. The easiest way to ensure 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 finished.
What if The Will Does Not Name an Executor?
If a will in Ankeny, Iowa does not name a person to serve as executor, or the decedent dies without having written a will, the court will appoint a person to act as estate administrator.
This is typically the person who will benefit the most if the will is executed. If there is no will (a situation known as "intestacy"), Iowa has a system of laws distributing the decedent's property to his or her closest living relative. In such a situation, the closest living relative has the most to gain from an orderly administration of the estate, so they will typically be appointed.
If the will doesn't name a person who is to serve as executor, or the person named is no longer alive or cannot be found, anyone with a direct interest in the will can apply to the Ankeny, Iowa court to be the executor.
Whoever is appointed 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 Ankeny, Iowa Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might encounter legal or tax issues with which you are unfamiliar. An Ankeny, Iowa attorney would be very helpful in such a situation.