Probate and Estate Administration Flashcards
What court has jurisdiction over all probate matters?
Circuit courts
Where does venue lie?
Wherever the decedent resided; otherwise, where the decadent owned real or personal property.
When is death presumed for missing persons?
After 7 years, and earlier if the person was exposed to a specific peril of death when last heard from
Is there a time limit for offering a will for probate?
No, but a BFP of inherited real property will be protected after 1 year
Who is entitled to be appointed as administrator?
When must that appointment occur?
In this order:
1) surviving spouse who is sole distrubtee
2) any distrubtee who secures written waivers from all other competent distributes
Within 30 days of decedent’s death
What happens if no administrator appointed within 30 days of death?
The clerk picks whoever
What is a curator?
A temporary personal representative appointed in the case of a will contest
May a non-resident personal representative be appointed?
Yes, but he must appoint a resident agent for service of process or allow the clerk to be served on his behalf.
In general, what are the duties of the personal representative?
May personal reps receive compensation?
Marshaling the decedent’s assets, giving notice to creditors and paying valid claims, filing the decent’s tax forms, winding up the decedent’s affairs; and distributing the remaining assets according to the decedent’s will or intestacy statutes.
Yes, reimbursement for reasonable expenses and reasonable compensation, including a commission of 5% on property sales.
What’s the difference between an executor and an administrator?
The former is named in a will, the latter is appointed by the court.
When the assets of the estate are not sufficient to pay all debts and claims against the estate, in what order are creditors’ claims paid?
1) expenses of administration;
2) family allowance, exempt property, homestead allowance;
3) funeral expenses up to $3,500
4) debts and taxes with preference under federal law;
5) medical expenses of the last illness (capped)
6) debts and taxes due VA
7) debts incurred in a fiduciary capacity
8) debts and taxes due localities and municipal corporations in VA;
9) all other claims
If assets owned at death are not sufficient to pay all debt’s and also satisfy all gifts made in the will, the SOURCE of payment of claims is as follows:
1) personal property passing by intestacy
2) personal property in the residuary estate;
3) general legacies
4) specific and demonstrative bequests of personal property;
5) real property in the same order
How are estate taxes apportioned?
Each person interested in the estate is charged with a pro rate portion
How are small estates administered?
Via an informal affidavit procedure
