When a person dies, a process identified as "estate administration" must be carried out. This refers to all the processes which must be followed in distributing a person's estate to their heirs or devisees.
If the decedent has made a will in Peekskill, New York, the process will play out according to the instructions stated in the will.
Frequently, the will appoints an executor whose job it is to oversee the administration of the will.
The executor usually has at least some work cut out for them. This apparently raises the issue of compensation. The easiest way to guarantee that the executor does his or her job is simply to appoint the person who has the most to gain from the will. That way, they cannot inherit until the process is done.
What if The Will Does Not Name an Executor?
If the will in Peekskill, New York 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 normally the person who will benefit the most if the will is executed. If there is no will (a situation identified as "intestacy"), New York has a system of laws distributing the decedent's property to his or her closest living relative. In such a case, the closest living relative has the most to gain from an orderly administration of the estate, so they will normally be appointed.
In cases where the will doesn't name an executor, or the person named is unable to take on that role for whatever reason, any person who has some direct share in the decedent's estate (either because they're named in the will or stand to inherit by intestacy) can petition a Peekskill, New York court to be assigned executor.
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 Peekskill, New York Estate Administration Attorney Help?
Some people are surprised when they find out they've been named the executor of a relative's estate. The responsibilities can seem daunting, but with the help of a reliable Peekskill, New York attorney, the process almost always goes pretty smoothly.