Estate Administration Flashcards
(13 cards)
True or false: A will is not effective unless it is admitted to probate.
True
When does a revocation through subsequent instrument become effective?
At execution
In PA, who is eligible to come a personal representative of the estate? (3)
Banks
Trust companies
Persons 18 or older who have not been charged with voluntary manslaughter or homicide in connection with the decedent’s death.
When can a non-resident of PA serve as PR? When can he not?
Can serve when nominated in a will.
Can never serve if decedent died intestate (no will to nominate).
What is the priority order of the will for PR?
Person nominated in the will
Those entitled to the residue
Heirs
Creditors
Unless waived by the decedent’s will or excused by the court, a PR (other than a bank or trust co) must normally do what?
Post a bond.
What are the three duties of a PR?
Collect decedent’s assets
Pay off D’s creditors
Distribute the balance to those entitled.
What must a PR do IMMEDIATELY after receiving grant of letters?
Publish notice of the grant letters in one legal journal and one newspaper of general circulation.
The PR must normally file a ______ of all the assets in the estate.
Inventory.
As a general rule, the PR has _____ ______ _____ to the proper administration of the estate and may act only with/without court authority in the exercise of those powers.
All necessary powers
Without
When is court approval of a PR’s intended course of action necessary?
When PR wants to sell specifically devised real property OR
When PR wants to continue the operation of D’s unincorporated business.
Creditors are paid in what order? (5)
Expenses of admin;
Funeral expenses and costs of medicals incurred within 6 months of death
Cost of grave marker
Decedent’s rent for 6 months before death
All other claims
PR must file what at the end of administration along with what?
Accounting
Statement of proposed distribution of D’s estate
