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 Cortland, Illinois, the process will play out according to the instructions specified in the will.
Wills typically name an executor. The executor's role revolves around ensuring that the instructions in the will are implemented.
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 completed.
What if The Will Does Not Name an Executor?
If a will in Cortland, Illinois 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.
Usually, the person chosen to be executor is the one who would benefit most under the will, or under Illinois's intestacy laws. "Intestacy" refers to a situation in which a person dies without a will, or "dies intestate." Every state has laws to address this situation, and there isn't a lot of variation from state to state. Usually, the decedent's property will go to his or her closest relative, and if absolutely no living relatives can be found, it will go to the state.
When a will is silent as to who should be the executor, any person who has some direct interest in the outcome can ask to be named executor by the Cortland, Illinois court.
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 Cortland, Illinois 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. A Cortland, Illinois attorney would be very helpful in such a situation.