administration of estates

Question 1

administration of estates

points to keep in mind

Answer 1

1. Probate of will
2. Appointment of personal representative
3. Priority of appointment
4. Bond requirement
5. Power to sell property
6. Inventory requirement
7. Publication of notice to creditors

Question 2

administration of estates
points to keep in mind
Probate of will

Answer 2

A will is not effective unless it is admitted to probate.

Statutes in most states impose civil liability on anyone who fails to deliver a decedents will to the court.

Question 3

administration of estates
points to keep in mind
Appointment of personal representative

Answer 3

Personal representative (PR) - person who administers the estate.
Some states refer to PR as executor if decedent nominated the person in the will.
Some states refer to PR as administrator if decedent died intestate.

Question 4

administration of estates
points to keep in mind
Priority of appointment

Answer 4

If there is a will, priority goes first to the person nominated in the will,
then typically to the surviving spouse unless disinherited in the will,
they to other will beneficiaries (or heirs if there is no will)

Question 5

administration of estates
points to keep in mind
Bond requirement

Answer 5

Unless waived in the decedent’s will, a PR (other than a bank) must post a bond.

Question 6

administration of estates
points to keep in mind
Power to sell property

Answer 6

In the absence of an explicit authority in the will, a PR must usually get a court order to sell real property.

Question 7

administration of estates
points to keep in mind
Inventory requirement

Answer 7

PR must file an inventory of all assets of the estate. The inventory must include the value of the property

Question 8

administration of estates
points to keep in mind
Publication of notice to creditors

Answer 8

PR must publish notice of administration in the legal notices section of the newspaper.
PR must send actual notice to administration to all known or reasonably discoverable creditors.
This starts a short statute of limitations (typically 3-4 months)
Exception for secured creditors