The process of distributing and maintaining the estate (the total accumulated property) of a person who dies is recognized as "estate administration." It is carried out either through the provisions of a will, or local laws addressing the problem of a person who dies without a will.
If the decedent (the person who died) left a will, the process of estate administration in Big Stone Gap Virginia will normally be carried out according to the instructions in the will.
The decedent normally 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 typically has at least some work cut out for them. This evidently raises the issue of compensation. The easiest way to ensure that the executor does his or her job is simply to appoint the person who has the most to gain from the will. That way, they cannot inherit until the process is finished.
What if The Will Does Not Name an Executor?
If a Big Stone Gap, Virginia will does not name an executor, or no will exists or can be found, it's up to the local court to decide who should be the executor.
Normally, this will be the person who has the most to receive from the will, or who would gain the most under Virginia's intestacy scheme (the system that distributes the decedent's property to his or her closest living relatives, if he or she dies without a will).
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 Big Stone Gap, Virginia can apply to the court to be the executor.
When the executor is chosen, they serve as a sort of incarnation of the decedent's estate - the estate's legal interests become the executor's interests, and the executor is expected to protect the estate's interests as they would their own.
Can a Big Stone Gap, Virginia Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might face legal or tax issues with which you are unfamiliar. A Big Stone Gap, Virginia attorney would be extremely helpful in such a situation.