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 Beaver Dam Wisconsin will typically be carried out according to the instructions in the will.
Wills normally name an executor. The executor's role revolves around guaranteeing that the instructions in the will are implemented.
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 will in Beaver Dam, Wisconsin is silent as to who should be the executor, it is up to the court to determine who should serve in that capacity.
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"), Wisconsin 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 Beaver Dam, Wisconsin to be the executor of the estate, if they wish.
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 Beaver Dam, Wisconsin 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 difficulties that may arise, an efficient Beaver Dam, Wisconsin lawyer can make this process a great deal easier.