Estate administration, in basic terms, is the procedure of maintenance and distribution of a person's assets after they die.
If the decedent has made a will in Oelwein, Iowa, the process will play out according to the instructions specified in the will.
Usually, wills assign an executor who is responsible for overseeing the administration of the estate, and seeing that its provisions are carried out, to the extent possible.
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 Oelwein, Iowa does not name a person to serve as executor, or the decedent dies without having written a will, the court will assign a person to act as estate administrator.
This is most often the person who stands to gain the most from the will, or who would inherit the most under Iowa'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 usually distributes the property to the closest living relatives of the decedent, assuming they can be located.
When a will is silent as to who should be the executor, any individual who has some direct interest in the result can ask to be named executor by the Oelwein, Iowa court.
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 Oelwein, Iowa 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 Oelwein, Iowa lawyer can make this process a great deal easier.