Estate administration is the process during which the estate of a person who has recently died is maintained and divided among his or her heirs or beneficiaries. This typically happens according to the instructions in a will, but in case there is no will, there are laws governing that situation, as well.
If the decedent (the person who died) left a will, the process of estate administration in Waterville Ohio will typically be carried out according to the instructions in the will.
The decedent typically names in the will an executor of his or her estate. The executor is the person whose job it is to take the lead role in the administration of an estate.
The executor usually has at least some work cut out for them. This apparently raises the issue of compensation. The easiest way to ensure 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 completed.
What if The Will Does Not Name an Executor?
If the will in Waterville, Ohio does not name an executor, or the decedent left no will to be found, the court has to appoint a person to serve as the administrator of the estate.
Typically, the person chosen to be executor is the one who would benefit most under the will, or under Ohio's intestacy laws. "Intestacy" refers to a situation in which a person dies without a will, or "dies intestate." Every state has laws to address this situation, and there isn't a lot of variation from state to state. Typically, the decedent's property will go to his or her closest relative, and if absolutely no living relatives can be found, it will go to the state.
If no executor is named in the will, anyone with a stake in the will can apply to the court in Waterville, Ohio 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 Waterville, Ohio 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 difficulties that may arise, an efficient Waterville, Ohio lawyer can make this process a great deal easier.