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 normally 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 Lake Oswego Oregon will normally be carried out according to the instructions in the will.
Normally, wills appoint 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 person named as executor of an estate normally has some work ahead of them. To ensure that they really 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 Lake Oswego, Oregon does not name a person to serve as executor, or the decedent dies without having written a will, the court will appoint a person to act as estate administrator.
Normally, the person chosen to be executor is the one who would benefit most under the will, or under Oregon'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. Normally, 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 the will doesn't name a person who is to serve as executor, or the person named is no longer alive or cannot be found, anyone with a direct interest in the will can apply to the Lake Oswego, Oregon court to be the executor.
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 Lake Oswego, Oregon 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 brilliant Lake Oswego, Oregon attorney, the process almost always goes pretty smoothly.