Prof. Gerry W. Beyer Fall 2013. 1. Title Transfer Alternatives to Probate ▪ Determination of...
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Transcript of Prof. Gerry W. Beyer Fall 2013. 1. Title Transfer Alternatives to Probate ▪ Determination of...
Texas Estate Administration
Prof. Gerry W. Beyer
Fall 2013
Estate Administration Reasons
1. Title Transfer
Alternatives to Probate▪ Determination of heirship, if intestate.▪ Probate will as muniment of title, if
testate.
Estate Administration Reasons
2. Creditor Payment
Who Performs Administration?
Personal representative: Executor = will Administrator = intestate
Must be appointed by a court.
Who Performs Administration?
Legal Requirements Not incapacitated
Who Performs Administration?
Legal Requirements Not incapacitated Not a convicted felon
Who Performs Administration?
Legal Requirements Not incapacitated Not a convicted felon Not a non-resident of Texas
Who Performs Administration?
Legal Requirements Not incapacitated Not a convicted felon Not a non-resident of Texas Not a corporation not authorized to
be a fiduciary in Texas
Who Performs Administration?
Legal Requirements Not incapacitated Not a convicted felon Not a non-resident of Texas Not a corporation not authorized to
be a fiduciary in Texas Not a person the court finds
“unsuitable”
Who Performs Administration?
Practical Concerns Honest
Who Performs Administration?
Practical Concerns Honest Common sense and good judgment
Who Performs Administration?
Practical Concerns Honest Common sense and good judgment Financial responsibility
Who Performs Administration?
Practical Concerns Honest Common sense and good judgment Financial responsibility Investment experience and skills
Who Performs Administration?
Practical Concerns Honest Common sense and good judgment Financial responsibility Investment experience and skills Awareness of legal issues
Who Performs Administration?
Practical Concerns Honest Common sense and good judgment Financial responsibility Investment experience and skills Awareness of legal issues Fiduciary personality
Who Performs Administration?
Practical Concerns Honest Common sense and good judgment Financial responsibility Investment experience and skills Awareness of legal issues Fiduciary personality Longevity
Who Performs Administration?Practical Concerns
Honest Common sense and good judgment Financial responsibility Investment experience and skills Awareness of legal issues Fiduciary personality Longevity Lack of distractions
Who Performs Administration?Practical Concerns
Honest Common sense and good judgment Financial responsibility Investment experience and skills Awareness of legal issues Fiduciary personality Longevity Lack of distractions Prior approval
Who Performs Administration? Practical Concerns
Honest Common sense and good judgment Financial responsibility Investment experience and skills Awareness of legal issues Fiduciary personality Longevity Lack of distractions Prior approval Successors
Who Performs Administration? Individual or Corporate?
Benefits of individual
Benefits of corporate
Who Performs Administration?Single or co-executors?
Benefits of single
Benefits of multiple
Overview of Administration Process
1. Determine if Decedent Left a Will
Home and office Safe deposit box Significant individuals Clerk of the court
Overview of Administration Process
2. Proper Applicant
Prepares and files application Pays filing fee
Overview of Administration Process
3. Proper Notice
Clerk of Court gives notice according to applicable law.
Overview of Administration Process
4. Hearing
Court conducts hearing on application.
Court appoints personal representative.
Court determines type of administration▪ Dependent▪ Independent▪ Abbreviated
Overview of Administration Process
5. Personal representative qualifies
Takes oath of oath.
Posts bond, unless testator waived it or PR is a corporation.
Obtains letters testamentary (if will) or letters of administration (if intestate).
Overview of Administration Process
6. Personal representative gives notices
To will beneficiaries.
To creditors.
Overview of Administration Process
7. Collect and preserve the decedent’s probate property
Overview of Administration Process
8. Prepare inventory, appraisement, and list of claims
Overview of Administration Process
9. Manage decedent’s property
Overview of Administration Process
10. Protect certain property from creditors
Homestead Exempt personal property Family allowance
Overview of Administration Process
11. Pay claims
Overview of Administration Process
12. If property remains after paying creditors, distribute to heirs or beneficiaries.
The Pro Se Issue
