"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 Versailles, Kentucky, the estate is typically administered in a way that follows the instructions the will lays out, as closely as possible.
Most commonly, a will names a person to serve as executor, whose job it is to ensure that the estate is properly administered.
The executor is usually the person who stands to inherit the most money or property from the will, since this personn will have the greatest incentive to see the probate and administration process to completion.
What if The Will Does Not Name an Executor?
If a Versailles, Kentucky will does not appoint anyone to serve as executor, or there is no will, the court has to choose someone to fill that role.
This is most often the person who would inherit most under the will, or under the intestacy scheme of Kentucky. Intestacy is when a person dies without having made a will, or if a will turns out to be invalid. The intestacy laws of each state determine how property is distributed in such a situation. In most states, it simply goes to the closest living relative.
If no executor is named in the will, anyone with a stake in the will can apply to the court in Versailles, Kentucky to be the executor of the estate, if they wish.
Whoever is appointed 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 Versailles, 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 complexities that may arise, an experienced Versailles, Kentucky lawyer can make this process a great deal easier.