Forms of Estate Admin

Question 1

independent administration

Answer 1

• most commonly used
• indep executor named by the T or chosen by the B to settle the estate
• method is estate administration without court supervision

Question 2

Indep exectu’s powers

Answer 2

1) settle creditors claims
2) exempt property set asides and allowances
3) wrapt up decedent’s financial affairs
4) make distributions
5) alienate prop in certain situations

Question 3

unsecured creditors

Answer 3

• can file a claim up until estate closes
• exception: an unsecured creditors claims for money must be presented within 4 mo of the creditor’s receipt of optional notice
• form of notice- personal representative can notify creditors by publication in a newspaper or certified mail (required by publication)

Question 4

presentment of claim

Answer 4

• Independent admin= no particular formalities
• dependent admin= claims must be authenticated by affidavit and filed with court or PR

PR must respond within 30 days

Question 5

secured creditors

Answer 5

• PR has 2 months after appointment to notify creditors then known
• notice by certified or registered mail, return receipt requested

Question 6

presentment of as preferred debt and lien

Answer 6

• creditor will look to collateral for payment on the debt
• creditor takes collateral instead of taking assets from decedent’s estate
• waives right to debt

Question 7

presentment as matured secured claim

Answer 7

• creditor will take the proceeds from the sale of the encumbered prop (class 3)
• if sale proceeds are insufficient, creditor is entitled to deficiency judgment (class 8)

Question 8

priority of claims

Answer 8

Class:

1) expenses of decedent’s funeral, sickness, and family allowance
2) admin expenses
3) unsecured claims
4) child support arrearages that have been reduced to judgment
5) taxes, penalities, interest
6) cost of decedent’s confinement in prison
7) cost of medical assistance claims by the state
8) all ofher claims