Oxford, Mississippi has a legal process known as "probate." This is when a court decides whether or not a will is binding, and, accordingly, whether or not to effectuate its provisions.
During probate, the court in Oxford, Mississippi will determine the validity of the will, distinguish and inventory the decedent's assets, account for the decedent's debts and back taxes, and distribute the decedent's property, among other things.
Wills normally name the person who is to serve as executor of the estate. If no executor is named, the Oxford, Mississippi court will appoint an executor. This is normally the person who stands to gain the most if the will is found to be valid.
The basic duty of the executor is to serve as the living incarnation of the estate. Their job is to begin probate proceedings, and see them to completion. If an executor has to be appointed by the court, it will normally be the person who stands to inherit the most from the will, as he or she has an incentive to make every effort to avoid delay.
Duties of the Executor in Oxford, Mississippi
The executor has several duties concerning the will. First of all, they have to actually initiate the probate proceedings with the court, and this procedure has to be finished before the will takes effect.
They further are required to provide notice to the people with a direct interest in the estate that the decedent has died, normally by filing a death certificate.
If the decedent was even somewhat well-off financially, it's likely that they'll have considerable amounts of both debts and assets. The executor is tasked with formulating an accurate accounting of the debts and assets of the estate, so as much of the decedent's debts can be paid off as possible.
Finally, executors have to actually put forth the effort to show that a will is valid. As the sole legal representative of the estate, this is their job, and is required for them to inherit, giving them an incentive.
How Can A Oxford, Mississippi Lawyer Help?
Because of the intricacies involved in probate, it would be a brilliant idea to consult with and retain an Oxford, Mississippi attorney who specializes in probate, especially if you are the executor of an estate.