Estate Administration - WIP Flashcards
What power does an independent executor have?
The power to do, without court order, anything a dependent administrator (court-supervised) can be authorized to do with court order.
Most estates are administrated without any court supervision or involvement because of this power.
When is an independent administration of an estate authorized under the Estates Code?
1) When provided for in a will: “I designated X independent executor” (any words, however informal, are sufficient)
2) If all distributees agree, there can be ind. admin. in cases of intestacy where will does not name independent executor.
What say does a probate court have in determining independent administration?
1) If independent executor is named in the will, then the probate court CANNOT veto.
2) If independent administration is voted on by distributees, then probate judge can find the independent administration is not in the best interest of the estate, and veto it.
When must an estate inventory be filed?
Within 90 days of the commencement of the administration (?).
This is when the inventory goes public.
What can an independent executor do to secure privacy of the estate from revealing information of debts?
The independent executor can file an “affidavit in lieu of an inventory” stating that all debts have been paid (other than secured debt, taxes, and administration expenses).
IE must still prepare a FULL inventory and give a copy to the beneficiaries.
What beneficiaries are not entitled to a full inventory of an estate?
Beneficiaries who have
1) Been bequeathed $2000 or less
2) Received distributions of their interests
3) Waived entitlement to inventory in writing
What is the effect of filing an affidavit in lieu of inventory?
Keeps the inventory out of public records
When are interested parties entitled to an accounting from independent executors?
1) Upon demand
2) 15 months after will admitted to probate, and successive accountings on demand
3) 12 months after the last accounting was rendered
For an estate under independent administration, when and by whom may the closing or distribution of the estate be compelled?
Interested party can petition for distribution of estate 2 years after independent executor was appointed.
What actions must the personal representative take within 120 days after appointment?
1) Must post fiduciary surety bond within 20 days (unless waived by will)
2) Must publish notice of administration in newspaper in county within one month
3) Must file inventory (or aff. in lieu of inventory) within 90 days
4) Must give notice (and copy of will) to named will beneficiaries within 60 days after appointment of the personal representative
5) Must file certificate that notice to beneficiaries was given within 90 days
When may an independent executor be removed without notice or hearing?
Ex parte without notice and hearing if
1) he cannot be served with process because his whereabouts are unknown or is eluding service
2) Is a non-resident without a designated agent, or
3) There are sufficient grounds to believe he has misapplied or embezzled state funds (or is about to do so)
When may an independent executor be removed after notice and hearing?
1) If he fails to qualify by posting bond
2) Fails to file inventory (or affidavit in lieu of inventory) within 90 days
3) Fails to make an accounting on demand
4) Fails to give notice to beneficiaries within 60 day or affidavit thereon within 90 days
5) Is guilty of gross misconduct or mismanagement
6) Becomes incompetent or is sentenced to penitentiary
7) Or a material conflict of interest prevents him from property performing his duties
(SUSPICION standard)
What is the jurisdiction for probate proceedings?
All probate proceedings must be filed and heard in county court.
Small counties
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Larger counties with statutory county courts at law
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