Estate administration is the procedure 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 regulating that situation, as well.
If the decedent (the person who died) left a will, the process of estate administration in Watonga Oklahoma will usually be carried out according to the instructions in the will.
Usually, wills assign an executor who is responsible for overseeing the administration of the estate, and seeing that its provisions are carried out, to the extent possible.
The executor is usually whoever stands to acquire the most money or property if the will is given effect, since that is the person who likely has the most incentive to do their part in seeing that the probate process plays out to completion.
What if The Will Does Not Name an Executor?
If a will in Watonga, Oklahoma does not name a person to serve as executor, or the decedent dies without having written a will, the court will assign a person to act as estate administrator.
This is most often the person who stands to gain the most from the will, or who would inherit the most under Oklahoma's intestacy laws. Intestacy is the system that every state has in order to deal with the property of people who die without a will. It usually distributes the property to the closest living relatives of the decedent, assuming they can be located.
When a will is silent as to who should be the executor, any individual who has some direct interest in the result can ask to be named executor by the Watonga, Oklahoma court.
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 Watonga, Oklahoma 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 Watonga, Oklahoma lawyer can make this process a great deal easier.