Flashcards in Quiz 8 Vocab - Test 2 Deck (17):
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.
Person charged with collecting the assets of the decedent, paying all debts and expenses, and distributing remainder to the beneficiaries. Named by Will
female form of executor, not commonly used.
Determined by state statute, usually an attorney or public official who handles the duties of Personal Representative.
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.
person named to be the executor of testator’s estate if primary executor cannot serve.
appointed for emergency situations. Appointed for special occasions. Serves only until regular or named administrator is appointed.
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
an insurance policy that will reimburse the estate/beneficiaries if the personal representative absconds with estate assets or fails to perform.
charge imposed against the personal representative for failure to act appropriately.
A person appointed by the court to care for a minor or incompetent
person appointed by the court to manage the property and assets of a minor or incompetent
The term used to describe the person for whom a guardian is appointed, be they a minor or incapacitated.