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 Elburn, 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 guaranteeing 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 guarantee 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 done.
What if The Will Does Not Name an Executor?
If a Elburn, Illinois will does not assign anyone to serve as executor, or there is no will, the court has to choose someone to fill that role.
This is most often the person who would inherit most under the will, or under the intestacy scheme of Illinois. Intestacy is when a person dies without having made a will, or if a will turns out to be invalid. The intestacy laws of each state determine how property is distributed in such a situation. In most states, it simply goes to the closest living relative.
If no executor is named in the will, anyone with a share in the will can apply to the court in Elburn, Illinois to be the executor of the estate, if they wish.
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 Elburn, Illinois 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 reputable Elburn, Illinois attorney, the process almost always goes pretty smoothly.