Probate and Estate Administration & Will Substitutes

Question 1

Personal Representative

Answer 1

appointed to carry out the estate administration

Question 2

Executor

Answer 2

personal representative who is named in the will

Question 3

Administrator

Answer 3

personal representative who is NOT names in the will.

Question 4

Primary probate jurisdiction

Answer 4

domicile of decedent at time of death

Question 5

Appointment of PR

Answer 5

any person who has capacity to contract may serve. A PR will be assigned as administrator if no one is named in will.

Question 6

Powers and Duties of a PR

Answer 6

1) give notice to devisees
2) discover and collect assets
3) manage assets during administration
4) pay expenses of administration
5) distribute property

Question 7

Compensation of PR

Answer 7

governed by statute or reasonable compensation

Question 8

Creditors Claims

Answer 8

PR must notify creditors of the estate. Creditors collect after expenses, allowances, secured claims and judgements.

Question 9

Abatement

Answer 9

reducing gifts when estate assets are not sufficient to pay all.

Question 10

Abatement order if not specified

Answer 10

1) property passing by intestacy
2) residuary estate
3) general legacies
4) specific bequests and devises

Question 11

Exoneration of Liens

Answer 11

UPC + majority = liens on specifically devised property are NOT exonerated.

Question 12

Ambiguous Will

Answer 12

T's intent
then if not clear on intent 
1) favor those who would take intestate
2) avoids intestacy
3) consistent with "plan" of disposition
4) every portion given effect
5) later in time.

Question 13

Will substitutes

Answer 13

include life insurance, JT’s TbE, inter vivos trusts, deeds, contracts, gifts. Can avoid taxes and eliminate cost of probate