The procedure of distributing and maintaining the estate (the total accumulated property) of a person who dies is identified as "estate administration." It is carried out either through the provisions of a will, or local laws addressing the issue of a person who dies without a will.
If the decedent (the person who died) left a will, the process of estate administration in Bluefield Virginia will typically be carried out according to the instructions in the will.
The decedent typically 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 usually has at least some work cut out for them. This apparently raises the issue of compensation. The easiest way to guarantee 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 done.
What if The Will Does Not Name an Executor?
If a Bluefield, Virginia will does not name an executor, or no will exists or can be found, it's up to the local court to determine who should be the executor.
This is normally the person who will benefit the most if the will is executed. If there is no will (a situation identified as "intestacy"), Virginia has a system of laws distributing the decedent's property to his or her closest living relative. In such a case, the closest living relative has the most to gain from an orderly administration of the estate, so they will normally be appointed.
If no executor is named in the will, anyone with a share in the will can apply to the court in Bluefield, Virginia to be the executor of the estate, if they wish.
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 Bluefield, Virginia 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 reliable Bluefield, Virginia attorney, the process almost always goes pretty smoothly.