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 usually 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 Guthrie Oklahoma will usually be carried out according to the instructions in the will.
The decedent usually 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 person named as executor of an estate usually has some work ahead of them. To ensure that they actually 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 Guthrie, Oklahoma 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 typically the person who will benefit the most if the will is executed. If there is no will (a situation known as "intestacy"), Oklahoma 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 typically be appointed.
If the will doesn't name anyone as executor, or the person who was named as executor is no longer living or cannot be found, anyone who has a direct interest in the will in Guthrie, Oklahoma can apply to the court to be the executor.
Whoever ends up as the executor, it is their responsibility to serve as the personal representative of the estate. They will be responsible for taking account of all of the decedent's assets and debts, as well as notifying beneficiaries who may be estranged from the decedent, among other things.
Can a Guthrie, Oklahoma 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 good Guthrie, Oklahoma attorney, the process almost always goes pretty smoothly.