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 Freeburg, 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 finalized.
What if The Will Does Not Name an Executor?
If the will in Freeburg, Illinois does not name an executor, or the decedent left no will to be found, the court has to assign a person to serve as the administrator of the estate.
Typically, 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. Typically, 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 individual who has some direct interest in the result can ask to be named executor by the Freeburg, Illinois court.
Once an executor is assigned (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 safeguard its interests to the fullest extent possible. They further are obligated to accurately inventory the estate's debts and assets, as well as notify possible beneficiaries.
Can a Freeburg, Illinois Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might confront legal or tax issues with which you are unfamiliar. A Freeburg, Illinois attorney would be quite helpful in such a situation.