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 had the foresight to draft and execute a will in Franklin, Tennessee, the estate is typically administered in a way that follows the instructions the will lays out, as closely as possible.
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 executor is usually the person who stands to inherit the most money or property from the will, since this individualn will have the greatest incentive to see the probate and administration process to completion.
What if The Will Does Not Name an Executor?
If the will in Franklin, Tennessee does not name an executor, or the decedent left no will to be found, the court has to assign a person to serve as the administrator of the estate.
This is most often the person who stands to gain the most from the will, or who would inherit the most under Tennessee'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 Franklin, Tennessee court.
Whoever is assigned to serve as executor, it is their job to act as the representative of the estate. Among other jobs, they have to account for the decedent's debts and assets, and inform any beneficiaries who might be unaware of the situation.
Can a Franklin, Tennessee 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 Franklin, Tennessee lawyer can make this process a great deal easier.