Quiz 8 Vocab - Test 2 Flashcards
Personal Representative
Person charged with collecting the assets of the decedent, paying all debts and expenses, and distributing remainder to the beneficiaries. Appointed by court in intestate probate.
Executor
Person charged with collecting the assets of the decedent, paying all debts and expenses, and distributing remainder to the beneficiaries. Named by Will
Executrix
female form of executor, not commonly used.
Public Administrator
Determined by state statute, usually an attorney or public official who handles the duties of Personal Representative.
Corporate Fudiciary
a professional corporation, such a as a bank or trust company, whose business is to act as the executor of personal representative of a decedent’s estate.
Contingent Executor
person named to be the executor of testator’s estate if primary executor cannot serve.
Special Administrator
appointed for emergency situations. Appointed for special occasions. Serves only until regular or named administrator is appointed.
Pendente Lite
Pending the suit; during the actual progress of the suit, during litigation.
Administrator Pendente Lite
usually appointed when there is a will contest and the personal representative may have a conflict.
Administrator Ad litem
appointed for lawsuits or actions other than will contest
Letters Testamentary (letters of appointment)
The court order giving the personal representative the authority to act on behalf of the estate
Bond
an insurance policy that will reimburse the estate/beneficiaries if the personal representative absconds with estate assets or fails to perform.
Surcharge
charge imposed against the personal representative for failure to act appropriately.
Guardian
A person appointed by the court to care for a minor or incompetent
Conservator
person appointed by the court to manage the property and assets of a minor or incompetent
