Estate Administration and Probate Process Flashcards
Probate Process
Probate property passed by will or intestate succession
Non-probate property transfers by an instrument other than a will
Proper Court for Probate
Either superior court or county court
Venue for Probate
Country where decedent was domiciled at time of death
Personal Representative (PR)
Person who acts on behalf of decedent’s estate
Must be:
(1) At least 18;
(2) Of sound mind; and
(3) Not a convicted felon
How is PR Appointed?
Named in will
Called the executor
Court issues executor letters testamentary to recognize executor’s authority
What if No Executor in Named in Will?
(1) Appointed by court (called an administrator)
(3) Intestacy (administrator)
(4) Replacement of PR by court (administrator)
Principal Duties of PRs
(1) Prepare/provide notice
(2) Collect and inventory property
(3) Manage assets
(4) Pay claims
(5) Distribute remaining assets
(6) Account to COurt
Fiduciary Duties of PR
PR is a fiduciary
Owes duties of loyalty and care
NO self-dealing
Types of Testamentary Gifts
(1) SPECIAL gift: particular piece of property
(2) GENERAL gift: gift of property satisfied from general assets of the estate
(3) DEMONSTRATIVE gift: general gift from any source
(4) RESIDUARY gift: Leftover
Creditors: Non-Claim Statute
Bars a creditor from making a claim on the decedent’s estate after a certain amount of time
Must file claim against estate by earlier of:
(1) 3 MONTHS after PR appointed; or
(2) 9 MONTHS after decedent’s death
Creditors: Abatement
If the estate does not have sufficient funds to pay debts or make gifts, the gifts will be abated in a specific order
Creditors: Order of Abatement
In order of first to be reduced:
(1) Property not disposed of by will
(2) Devised to residuary gift
(3) Property generally devised
(4) Property specifically devised
Closing the Estate
Generally, PR must close the estate within ONE YEAR of being appointed
Power of Appointment
Testator (donor) may give a person (donee) the authority to dispose of certain property under the will
Power of Appointment: General
No restriction on donee’s power
Donee can appoint themself or one of their creditors as owner of the property
