Probate Process Flashcards
What is the probate process?
1) Identify property as probate or non probate or probate
2) see if there is a will
What is the rule for filing probate proceedings?
They must be brought w/in three years of the death after that there is a presumption of intestacy. You can choose formal or informal probate
Classes of creditors against a probate estate from most important to least:
1) Administrative Expenses
2) Medical and funeral
3) Family allowances
4) taxes
5) secured claims
6) judgments against decedents
7) all other claims
What do you call a personal representative appointed by the court?
An administrator.
What do you call personal representative named in a wlll?
executor
What does a personal representative do?
Inventory and appraise the estate
locate and contact interested parties
satisfy debts
close the estate
What are the duties of the personal representative?
Duty of care & loyalty and can’t engage in self dealing.
What is the general power of appointment?
The decedent may select an individual to dispose of certain property under the will and there won’t be restrictions on the donee’s power.
- donee can appoint herself or one of her creditors as owner.
- if donee fails, ownership will revert back to estate.
What is the special power of appointment
Specify certain indiividuals or groups as having the power.
Requirements for valid power of attorney
1) in writing
2) signed
3) dated
can be general or special (limited to specific matter)
Living Will
Dictates the care the individual wants in teh event the individual isn’t able to make care wishes known. Job is to see that the directive is enforced.
Durable Power of Attorney for Health care
Stand in principal’s shoes and make health care decisions.
