texas estate administration
DESCRIPTION
Prof. Gerry W. Beyer Fall 2013. Texas Estate Administration. 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. - PowerPoint PPT PresentationTRANSCRIPT
![Page 1: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/1.jpg)
Texas Estate Administration
Prof. Gerry W. Beyer
Fall 2013
![Page 2: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/2.jpg)
Estate Administration Reasons1. Title Transfer
Alternatives to Probate▪ Determination of heirship, if intestate.▪ Probate will as muniment of title, if
testate.
![Page 3: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/3.jpg)
Estate Administration Reasons2. Creditor Payment
![Page 4: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/4.jpg)
Who Performs Administration?Personal representative:
Executor = will Administrator = intestate
Must be appointed by a court.
![Page 5: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/5.jpg)
Who Performs Administration?Legal Requirements
Not incapacitated
![Page 6: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/6.jpg)
Who Performs Administration?Legal Requirements
Not incapacitated Not a convicted felon
![Page 7: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/7.jpg)
Who Performs Administration?Legal Requirements
Not incapacitated Not a convicted felon Not a non-resident of Texas
![Page 8: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/8.jpg)
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
![Page 9: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/9.jpg)
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”
![Page 10: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/10.jpg)
Who Performs Administration?Practical Concerns
Honest
![Page 11: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/11.jpg)
Who Performs Administration?Practical Concerns
Honest Common sense and good judgment
![Page 12: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/12.jpg)
Who Performs Administration?Practical Concerns
Honest Common sense and good judgment Financial responsibility
![Page 13: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/13.jpg)
Who Performs Administration?Practical Concerns
Honest Common sense and good judgment Financial responsibility Investment experience and skills
![Page 14: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/14.jpg)
Who Performs Administration?Practical Concerns
Honest Common sense and good judgment Financial responsibility Investment experience and skills Awareness of legal issues
![Page 15: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/15.jpg)
Who Performs Administration?Practical Concerns
Honest Common sense and good judgment Financial responsibility Investment experience and skills Awareness of legal issues Fiduciary personality
![Page 16: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/16.jpg)
Who Performs Administration?Practical Concerns
Honest Common sense and good judgment Financial responsibility Investment experience and skills Awareness of legal issues Fiduciary personality Longevity
![Page 17: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/17.jpg)
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
![Page 18: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/18.jpg)
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
![Page 19: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/19.jpg)
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
![Page 20: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/20.jpg)
Who Performs Administration? Individual or Corporate?
Benefits of individual
Benefits of corporate
![Page 21: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/21.jpg)
Who Performs Administration?Single or co-executors?
Benefits of single
Benefits of multiple
![Page 22: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/22.jpg)
Overview of Administration Process1. Determine if Decedent Left a
Will
Home and office Safe deposit box Significant individuals Clerk of the court
![Page 23: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/23.jpg)
Overview of Administration Process2. Proper Applicant
Prepares and files application Pays filing fee
![Page 24: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/24.jpg)
Overview of Administration Process3. Proper Notice
Clerk of Court gives notice according to applicable law.
![Page 25: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/25.jpg)
Overview of Administration Process4. Hearing
Court conducts hearing on application.
Court appoints personal representative.
Court determines type of administration▪ Dependent▪ Independent▪ Abbreviated
![Page 26: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/26.jpg)
Overview of Administration Process5. 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).
![Page 27: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/27.jpg)
Overview of Administration Process6. Personal representative gives
notices
To will beneficiaries.
To creditors.
![Page 28: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/28.jpg)
Overview of Administration Process7. Collect and preserve the
decedent’s probate property
![Page 29: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/29.jpg)
Overview of Administration Process8. Prepare inventory,
appraisement, and list of claims
![Page 30: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/30.jpg)
Overview of Administration Process9. Manage decedent’s property
![Page 31: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/31.jpg)
Overview of Administration Process10. Protect certain property
from creditors
Homestead Exempt personal property Family allowance
![Page 32: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/32.jpg)
Overview of Administration Process11. Pay claims
![Page 33: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/33.jpg)
Overview of Administration Process12. If property remains after
paying creditors, distribute to heirs or beneficiaries.
![Page 34: Texas Estate Administration](https://reader035.vdocuments.us/reader035/viewer/2022062815/5681695e550346895de1145d/html5/thumbnails/34.jpg)
The Pro Se Issue