"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 Elwood Indiana 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 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 Elwood, Indiana 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 commonly the person who stands to gain the most from the will, or who would inherit the most under Indiana'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 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 Elwood, Indiana can apply to the court to be the executor.
Whoever ends up as the executor, it is their responsibility to serve as the personal representative of the estate. They will be accountable for taking account of all of the decedent's assets and debts, as well as notifying beneficiaries who may be estranged from the decedent, among other things.
Can a Elwood, Indiana Estate Administration Attorney Help?
If you find yourself named in a will as executor of an estate, and aren't sure how to meet your responsibilities, or where to begin, it would be a good idea to consult with an accomplished Elwood, Indiana lawyer who can help you navigate this sometimes-difficult process.