"Estate administration" refers to the procedure which must be followed when the estate of a person who has recently died is being distributed, either according to his or her wishes as laid out in a will, or the laws regulating the distribution of the assets of a person who dies without a will.
If the decedent (the person who died) left a will, the process of estate administration in Olympia Fields Illinois will normally be carried out according to the instructions in the will.
Normally, 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 person named as executor of an estate normally has some work ahead of them. To ensure that they really follow through on their commitments, most people name as executor the person who will get the most money, or other benefit, if the will is given effect as written. Because an estate can't be distributed until the administration process is complete, the executor has an incentive to see it through.
What if The Will Does Not Name an Executor?
If an Olympia Fields, 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.
Normally, this will be the person who has the most to receive from the will, or who would gain the most under Illinois's intestacy scheme (the system that distributes the decedent's property to his or her closest living relatives, if he or she dies without a will).
If the will doesn't name anyone as executor, or the individual who was named as executor is no longer living or cannot be found, anyone who has a direct interest in the will in Olympia Fields, Illinois can apply to the court to be the executor.
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 Olympia Fields, Illinois Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might face legal or tax issues with which you are unfamiliar. An Olympia Fields, Illinois attorney would be extremely helpful in such a situation.