Probate and Administration Flashcards
Define Probate property
property that passes under T’s will or by intestacy
What are the procedure requirements for Probate?
Jurisdiction - place where D is domiciled at the time of death
Notice - must be given to all interest parties
Timing - Common law vs. UPC
Notice requirement for Probate
give to interested parties
Jurisdiction for Probate
the place where D is domiciled at the time of death has jurisdiction over D’s personal property and any real property located there
Common law vs. UPC timing requirements
Common Law: a will could be probated at any time
UPC: probate proceedings must be brought within three years of death
What is the Period of Limitations on creditors claims?
a claim must be made within a specified period after probate is opened
What notice is required for creditors claims?
the personal representative must provide notice to creditors
What are priorities for creditor’s claims?
Administrative expenses
last medical expenses and funeral expenses
family allowance
tax claims
secured claims
judgments against D
all other claims
Define personal representative
executor of the will names in the will
Define administrator of a will
someone appoint by the court
What is the priority for appointment of a personal representative?
- person named in the will
- the surviving spouse who is a devisee
- other devisees
- the surviving spouse
- other heirs
- any creditor (45 days after death)
What are the principal duties of a personal representative
- provide notice to legatees, heirs, and claimants
- inventory, collect, and manage D’s assets
- receive and pay claims of creditors and tax collectors
- distribute remaining assets
What duty does a personal representative owe?
fiduciary duty (highest level of duty and care)
Define fiduciary duty
owes the highest duty of loyalty and care to those represented
Common Law: can be personally liable for the actions of the estate
UPC: can only be sued in a representative capacity for breach of fiduciary duty