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 Jefferson, Iowa, the process will play out according to the instructions mentioned in the will.
The decedent normally 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 is normally whoever stands to obtain the most money or property if the will is given effect, since that is the person who likely has the most incentive to do their part in seeing that the probate process plays out to completion.
What if The Will Does Not Name an Executor?
If the will in Jefferson, Iowa does not name an executor, or the decedent left no will to be found, the court has to appoint a person to serve as the administrator of the estate.
This is usually the person who will benefit the most if the will is executed. If there is no will (a situation recognized 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 usually 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 Jefferson, Iowa court to be the executor.
Once an executor is appointed (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 protect its interests to the fullest extent possible. They also are required to accurately inventory the estate's debts and assets, as well as notify potential beneficiaries.
Can a Jefferson, Iowa Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might face legal or tax issues with which you are unfamiliar. A Jefferson, Iowa attorney would be extremely helpful in such a situation.