How to Be Named Executor With No Will
Tragedy can strike anyone at anytime, often leaving family contending with a suddenly deceased loved one who left no will. The state can seize property and assets without an appointed executor of the deceased person's estate. There are legal remedies that must be sought quickly before the statute of limitations runs out.
- You must qualify according to State and Federal law to be an executor.
- The executor of an estate cannot be a convicted felon.
- A business associate or business partner unless the deceased's relative cannot execute the estate.
- The executor cannot have a history of serious mental illness or mental incapacity.
- Beneficiaries, family members and interested parties may serve as executor of the estate.
- You must file a petition in Probate court in the deceased's residential state.
- Consult with a probate attorney regarding statute of limitations before the state takes possession of any real estate.
- The prospective executor must disclose to the court whether he is a creditor, relative of the deceased, beneficiary of the estate and whether he is a resident in the state where the deceased resides.
- You must post a fiduciary bond to absolve outstanding debts that are not covered by deceased's estate.
Other details:
- Without a will, some states will seize real property for auction.
- In the event of a common disaster wherein the whole family dies, the estate may go to a relative have never met nor like.
- Common law relationships, same-sex marriages are not recognized in the Interstate Succession Act. This means your significant other has no legal interest in your estate unless declared.
- Setting up a will saves thousands in legal fees, court fees and survivor heartache following your death. Your will is your last statement and memory for your family.