1 / 8

Dependent Administration Generally

Dependent Administration Generally. 1. Collect Probate Assets. Collect and take possession of all personal property, records books, title papers, etc. of the decedent. PC § 232 EC § 351.102. 1. Collect Probate Assets. Personal representative’s right is superior to heirs and beneficiaries.

Download Presentation

Dependent Administration Generally

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Dependent AdministrationGenerally

  2. 1. Collect Probate Assets • Collect and take possession of all personal property, records books, title papers, etc. of the decedent. • PC § 232 • EC § 351.102

  3. 1. Collect Probate Assets • Personal representative’s right is superior to heirs and beneficiaries. • PC § 37 • EC § 101.003

  4. 1. Collect Probate Assets • Personal representative must use ordinary diligence to obtain the property. • PC §§ 233 & 235 • EC § 351.151

  5. 1. Collect Probate Assets • Personal representative may hire attorney. • Fee ≤ 1/3 = no prior court approval needed • Fee > 1/3 = prior court approval needed • PC §§ 233 & 235 • EC § 351.152

  6. 2. Manage Probate Assets • Personal representative must manage property with the care that a prudent person would take of his or her own property. • PC § 230 • EC § 351.101

  7. 2. Manage Probate Assets • But, personal representative is not an insurer that value of property will not decrease during estate administration. • Personal representative may run the decedent’s businesses. • PC § 230 • EC § 351.101

  8. 3. Act Under Court Control • Except for a few minor things (e.g., pay taxes and insure property), personal representative must: • Ask the court for permission to do something. • Do the act. • Ask the court to approve what was done.

More Related