The procedure 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 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 Farmville 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 is normally whoever stands to acquire the most money or property if the will is given effect, since that is the person who likely has the most incentive to do their part in seeing that the probate process plays out to completion.
What if The Will Does Not Name an Executor?
If a will in Farmville, Virginia is silent as to who should be the executor, it is up to the court to determine who should serve in that capacity.
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).
In cases where the will doesn't name an executor, or the person named is unable to take on that role for whatever reason, any person who has some direct share in the decedent's estate (either because they're named in the will or stand to inherit by intestacy) can petition a Farmville, Virginia court to be assigned 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 Farmville, Virginia 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 intricacies that may arise, an accomplished Farmville, Virginia lawyer can make this process a great deal easier.