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 typically 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 Philomath Oregon will typically be carried out according to the instructions in the will.
Typically, 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 person named as executor of an estate typically has some work ahead of them. To ensure that they truly follow through on their commitments, 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 Philomath, Oregon will does not assign anyone to serve as executor, or there is no will, the court has to choose someone to fill that role.
Typically, 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. 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 the will doesn't name a person who is to serve as executor, or the individual named is no longer alive or cannot be found, anyone with a direct interest in the will can apply to the Philomath, Oregon court to be the 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 Philomath, Oregon Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might confront legal or tax issues with which you are unfamiliar. A Philomath, Oregon attorney would be quite helpful in such a situation.