probate and estate administration

Question 1

nonprobate property

Answer 1

a non probate transfer can be effected via contracts (life insurance, employee benefits), bank accounts(joint or payable at death), inter vivos trsuts, deeds, property passing by right of survivorship and various other written instruments (bonds, securities, promissory notes)

a will can NOT make a gift of nonprobate assetts

non probate assets are not included in teh estate’s inventory except: join accounts, payable on death accounts\
only decedents interest in joint account included in inventory

Question 2

when might non probate property be counted in probate estate?

Answer 2

when the probate estate is insufficient to pay debts taxes and expenses of the administration
and
if an action is brought against the surviving party within two years after the decedents death

Question 3

probate jurisdiction

Answer 3

decedents domicile at time of death
cc has jurisdiciotn over probate matters

Question 4

appointment of personal rep

Answer 4

a personal rep named in a will is an executor
after a will is admitted ot probate, the court issues letter to personal rep who administer the estate-executor

a personal rep appointed by the court is an administrator

Question 5

how do you get appointed as an administrator

Answer 5

applicable statue setting out procedure for appointing administrators during the first 30 days after the decedents death. the court will appoint a sole distributee or his deisngee or any distributee or designee who presents written waivers of the right to qualify from all the competent distributees
must be competent aka not a minor or lack mental capacity

Question 6

what are the duties and powers of personal rep?

Answer 6

duty of marshalling the decedents assets, giving notice to creditors and paying valid claims, filing the decdents tax form winding up the decdents affairs,