Prof Gerry W Beyer Fall 2013 Estate Administration Reasons 1 Title Transfer Alternatives to Probate Determination of heirship if intestate Probate will as muniment of title if testate ID: 280313
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Texas Estate Administration
Prof. Gerry W. Beyer
Fall 2013Slide2
Estate Administration Reasons
1. Title Transfer
Alternatives to Probate
Determination of heirship, if intestate.
Probate will as muniment of title, if testate.Slide3
Estate Administration Reasons
2
. Creditor PaymentSlide4
Who Performs Administration?
Personal representative:
Executor = will
Administrator = intestate
Must be appointed by a court.Slide5
Who Performs Administration?
Legal Requirements
Not incapacitatedSlide6
Who Performs Administration?
Legal Requirements
Not incapacitated
Not a convicted felonSlide7
Who Performs Administration?
Legal Requirements
Not incapacitated
Not a convicted felon
Not a non-resident of TexasSlide8
Who Performs Administration?
Legal Requirements
Not incapacitated
Not a convicted felon
Not a non-resident of Texas
Not a corporation not authorized to be a fiduciary in TexasSlide9
Who Performs Administration?
Legal Requirements
Not incapacitated
Not a convicted felon
Not a non-resident of Texas
Not a corporation not authorized to be a fiduciary in Texas
Not a person the court finds “unsuitable”Slide10
Who Performs Administration?
Practical Concerns
HonestSlide11
Who Performs Administration?
Practical Concerns
Honest
Common sense and good judgmentSlide12
Who Performs Administration?
Practical Concerns
Honest
Common sense and good judgment
Financial responsibilitySlide13
Who Performs Administration?
Practical Concerns
Honest
Common sense and good judgment
Financial responsibility
Investment experience and skillsSlide14
Who Performs Administration?
Practical Concerns
Honest
Common sense and good judgment
Financial responsibility
Investment experience and skills
Awareness of legal issuesSlide15
Who Performs Administration?
Practical Concerns
Honest
Common sense and good judgment
Financial responsibility
Investment experience and skills
Awareness of legal issues
Fiduciary personalitySlide16
Who Performs Administration?
Practical Concerns
Honest
Common sense and good judgment
Financial responsibility
Investment experience and skills
Awareness of legal issues
Fiduciary personality
LongevitySlide17
Who Performs Administration?
Practical Concerns
Honest
Common sense and good judgment
Financial responsibility
Investment experience and skills
Awareness of legal issues
Fiduciary personality
Longevity
Lack of distractionsSlide18
Who Performs Administration?
Practical Concerns
Honest
Common sense and good judgment
Financial responsibility
Investment experience and skills
Awareness of legal issues
Fiduciary personality
Longevity
Lack of distractions
Prior approvalSlide19
Who Performs Administration?
Practical Concerns
Honest
Common sense and good judgment
Financial responsibility
Investment experience and skills
Awareness of legal issues
Fiduciary personality
Longevity
Lack of distractions
Prior approval
SuccessorsSlide20
Who Performs Administration?
Individual or Corporate?
Benefits of individual
Benefits of corporateSlide21
Who Performs Administration?
Single or co-executors?
Benefits of single
Benefits of multipleSlide22
Overview of Administration Process
1
. Determine if Decedent Left a Will
Home and office
Safe deposit box
Significant individuals
Clerk of the courtSlide23
Overview of Administration Process
2
.
Proper Applicant
Prepares and files application
Pays filing feeSlide24
Overview of Administration Process
3
.
Proper Notice
Clerk of Court gives notice according to applicable law.Slide25
Overview of Administration Process
4
.
Hearing
Court conducts hearing on application.
Court appoints personal representative
.
Court determines type of administration
Dependent
Independent
AbbreviatedSlide26
Overview of Administration Process
5
.
Personal representative qualifies
Takes oath of oath.
Posts bond, unless testator waived it or PR is a corporation.
Obtains letters testamentary (if will) or letters of administration (if intestate).Slide27
Overview of Administration Process
6
.
Personal representative gives notices
To will beneficiaries.
To creditors.Slide28
Overview of Administration Process
7
.
Collect and preserve the decedent’s probate propertySlide29
Overview of Administration Process
8
.
Prepare inventory, appraisement, and list of claims Slide30
Overview of Administration Process
9
.
Manage decedent’s propertySlide31
Overview of Administration Process
10
.
Protect certain property from creditors
Homestead
Exempt personal property
Family allowanceSlide32
Overview of Administration Process
11.
Pay claimsSlide33
Overview of Administration Process
12.
If property remains after paying creditors, distribute to heirs or beneficiaries.Slide34
The Pro Se Issue