Powers of Appointment Flashcards
1
Q
What are the duties of the personal representative?
A
Inventory and appraise the estate.
Locate and contact interested parties (and creditors)
Satisfy debts
Close estate
Duties owed: Loyalty and Care. No self–dealing.
2
Q
What are the rules for choosing a personal representative?
A
If will does not name, who can serve?
- A surviving spouse who is a devisee
- Other surviving devisee
- Surviving spouse
- Other heirs
- After 45 days after death, any creditor.
3
Q
What is general and special powers of appointment?
A
General
- No conditions or restrictions on power
- The donee can appoint herself or one of her creditors as the owner of property
- If donee fails to exercise power, the property reverts back to donor’s estate.
Specific
- Power is specified
