Estate Administration - Part B

Question 1

what is the administrator known as if the court appoints one to someone who dies testate but doesn’t have a named executor

Answer 1

administrator c.t.a.

Question 2

who does the court appoint as the admin cta usually

Answer 2

residual beneficiary or substantial beneficiary

Question 3

who does the court appoint as the admin usually (someone who died intestate)

Answer 3

one of the decedent’s heirs

Question 4

what is the first step in the process for appointing an admin?

Answer 4

within the first 30 days following death, the court may appoint a sole distributee or a distributee who provides written waivers from the other distributees

Question 5

what is second step

Answer 5

after 30 days, the court may appoint the first distributee who applies

Question 6

third step

Answer 6

after 45 days, if no admin, may appoint a nonprofit charity org that (i) operated as a conservator or guardian for the decedent at the time of death, and (ii) certifies that it has made a diligent search for a sole distributee

Question 7

fourth step

Answer 7

after 60 days, admin may be granted to one or more creditors, or any other person, who certifies the same diligent search efforts

Question 8

what duties does a pr owe

Answer 8

duties of loyalty and prudence to beneficiaries

Question 9

how can an executor or admin be removed

Answer 9

they can voluntarily resign or a court can involuntarily remove them

Question 10

what are grounds for removal by court

Answer 10

fraud, gross negligence, breach of duty

friction between beneficiaries is not enough

removal or qualification must benefit the estate

Question 11

successor to admin

Answer 11

called an administrator d.b.n.

Question 12

successor to an executor or admin cta

Answer 12

administrator c.ta. d.b.n.

Question 13

when can a will be offered for probate without qualification of an executor or administrator?

Answer 13

if the personal probate estate is worth no more than $50,000, the rightful beneficiaries may collect without administration 60 days after the death of the decedent

Question 14

what about the third parties holding small assets payable to estate in the administration of a small estate

Answer 14

they make the payments directly to beneficiaries upon an affidavit from the beneficiaries stating certain things [have an idea of these, doesn’t have to be too specific]

Question 15

third parties holding assets or property worth $25,000 or less

Answer 15

pay directly to beneficiary if 60 days has passed since death and no PR appointed

Question 16

third parties holding small assets can pay up to $3500 for what and if what happens

Answer 16

can pay it to cover funeral expenses if 30 days have passed since death and no PR appointed

Question 17

as a fiduciary what responsibilities does the e/a have

Answer 17

marshaling the assets, paying off creditors, distributing assets of the estate to beneficiaries

Question 18

what do they not have to do

Answer 18

don’t have to distribute non-probate property

Question 19

ministerial obligations of e/a: (4)

Answer 19

-file list of heirs in existence as of date of decedent’s death
-provide notice of probate to SS, heirs, beneficiary
-within 4 months of qualification, must file inventory of all estate estates with commissioner of accounts in county/city where the estate is being administered
-within 16 months, must file with commissioner all the receipts and disbursements during the first year of estate

last 2 things can be waived by terms of will

Question 20

what about ministerial obligations of trustee to testamentary trust

Answer 20

same ministerial obligations as a/e