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 Eldorado, Illinois, the process will play out according to the instructions stated in the will.
Wills normally name an executor. The executor's role revolves around guaranteeing that the instructions in the will are implemented.
The executor usually has at least some work cut out for them. This apparently 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 an Eldorado, 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 frequently 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 control 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 Eldorado, 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 Eldorado, Illinois Estate Administration Attorney Help?
If you have unexpectedly been appointed to be the executor of a relative's estate, and don't know how to handle this process, you should speak with a reliable Eldorado, Illinois wills and trusts attorney.