"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 Swansea Illinois will normally be carried out according to the instructions in the will.
Wills usually name an executor. The executor's role revolves around guaranteeing that the instructions in the will are implemented.
The executor is commonly the person who will get the most money or property out of the will if it is given effect, because this is the person who will have the greatest incentive to see that the probate process goes as rapidly as possible.
What if The Will Does Not Name an Executor?
If the will in Swansea, 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.
This is most commonly the person who stands to gain the most from the will, or who would inherit the most under Illinois's intestacy laws. Intestacy is the system that every state has in order to deal with the property of people who die without a will. It normally distributes the property to the closest living relatives of the decedent, assuming they can be located.
If no executor is named in the will, anyone with a share in the will can apply to the court in Swansea, Illinois to be the executor of the estate, if they wish.
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 Swansea, Illinois Estate Administration Attorney Help?
If you are the executor of an estate, and don't know how to handle some of the legal and financial intricacies that may arise, an accomplished Swansea, Illinois lawyer can make this process a great deal easier.