Estate Administration

Question 1

A person who manages a decedent’s estate is known generally as…

Answer 1

A personal representative

Question 2

When the decedent dies with a will and the will names a person to manage the decedent’s estate, the personal representative is known as…

Answer 2

An executor

Question 3

When a will fails to name an executor or the named executor is unable or unwilling to serve…..

Answer 3

the court will appoint a personal representative for the estate.

Question 4

The person the court appoints as a personal representative for the estate where there is no executor stated is known as….

Answer 4

administrator - who is knowns as “administrator cum testamento annexo”

Question 5

Who will the clerk or court appoint as administrator c.t.a?

Answer 5

The clerk or court will appoint a residual or a substantial beneficiary under the will.

Question 6

If there is no beneficiary named in the will and the only beneficiary is deceased…

Answer 6

The court will follow statutory presumptions to determine a proper administrator cum testamento annexo from among the testator’s intestate heirs

Question 7

If the decedent dies intestate, the court will appoint….

Answer 7

an administrator to manage the decedent’s estate.

Question 8

The administrator is selected from among…

Answer 8

the decedent;s heirs.

Question 9

To qualify as an administrator, the individual must be:

Answer 9

legally competent and 18 years or older.

Question 10

If there are multiple heirs, one heir can serve with the….

Answer 10

consent of the others.

Question 11

If the heirs cannot agree as to who will serve….

Answer 11

The court may appoint an heir or other suitable person.

Question 12

A decedent’s personal estate includes property owned….

Answer 12

outright by the decedent at the time of his death.

Question 13

What is not included in the decedent’s personal estate?

Answer 13

(1) Property that passes automatically by law upon death, such as property held jointly with the right of survivorship and

(2) Property that passes according to an instrument other than a will is not included in the decedent’s personal estate.

Question 14

Within four months of qualification, a personal representative must file an….

Answer 14

inventory of all estate assets with the commissioner of accounts.

Question 15

The inventory should include the following:

Answer 15

(i) the entirety of the personal estate under the personal representative’s supervision and control,

(ii) the decedent’s interest in any multiple party account in any financial institution,

(iii) all real estate over which the personal representative has the power of sale, and

(iv) any other real estate that is an asset of the decedent’s estate, whether or not situated in the Commonwealth.

Question 16

120-Hour Survival Rule

Answer 16

For joint property held with a right of survivorship, survival must be by 120 hours (5 days).

Question 17

If a party has a joint bank account with rights of survivorship, will the bank account be included in the invetory?

Answer 17

YES because inventory assets must still include the decedent’s interest in any multiple party accounts in a financial institution.

Question 18

When property of the trust passes according to the terms of the trust instead of the decedent’s will….

Answer 18

the trust principal is not included in decedent’s estate.

Question 19

Undistributed trust income….

Answer 19

is included in the decedent’s estate and must be in the inventory.

Question 20

Anything owned outright by decedent at the time of his death is included in his ______ and ______.

Answer 20

estate and inventory.

Question 21

Separate property (i.e., property inherited and held in an account in the decedent’s sole name)….

Answer 21

owned outright at the time of their death, and would be part of personal estate.

Question 22

Upon the death of a joint tenant or a tenant by the entirety, the interest terminates and….

Answer 22

automatically goes to the surviving joint tenants.

Question 23

If the decedent had not yet acquired property…

Answer 23

it would not be included in their estate because they would not have outright ownership yet.

Question 24

If the intestate left a surviving spouse and no children from outside of the marriage…

Answer 24

Surviving spouse takes 100%

Question 25

If the intestate left a surviving spouse and children from outside of the marriage…

Answer 25

Surviving spouse gets 1/3
Surviving children equally share 2/3

Question 26

If the intestate did not leave a surviving spouse, but has children…

Answer 26

The children equally share 100% of the intestate’s estate.

Question 27

Per Capita with Representation

Answer 27

If the intestate is survived by any children, then the estate is initially divided so that there is one share for each child who survived the intestate and one share for each child who, while predeceasing the intestate, also left descendants who survived the intestate.