"Estate administration" refers to the process 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 governing the distribution of the assets of a person who dies without a will.
If the decedent had the foresight to draft and execute a will in Shively, Kentucky, the estate is usually administered in a way that follows the instructions the will lays out, as closely as possible.
Wills usually name an executor. The executor's role revolves around ensuring 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 obligations, 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 a will in Shively, Kentucky is silent as to who should be the executor, it is up to the court to decide who should serve in that capacity.
This is usually the person who will benefit the most if the will is executed. If there is no will (a situation recognized as "intestacy"), Kentucky has a system of laws distributing the decedent's property to his or her closest living relative. In such a situation, the closest living relative has the most to gain from an orderly administration of the estate, so they will usually be appointed.
If no executor is named in the will, anyone with a stake in the will can apply to the court in Shively, Kentucky to be the executor of the estate, if they wish.
Once an executor is appointed (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 protect its interests to the fullest extent possible. They also are required to accurately inventory the estate's debts and assets, as well as notify potential beneficiaries.
Can a Shively, Kentucky 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 Shively, Kentucky lawyer can make this process a great deal easier.