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Texas Estate Administration

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.

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Texas Estate Administration

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  1. Prof. Gerry W. Beyer Fall 2013 Texas Estate Administration

  2. Estate Administration Reasons • 1. Title Transfer • Alternatives to Probate • Determination of heirship, if intestate. • Probate will as muniment of title, if testate.

  3. Estate Administration Reasons • 2. Creditor Payment

  4. Who Performs Administration? • Personal representative: • Executor = will • Administrator = intestate • Must be appointed by a court.

  5. Who Performs Administration? • Legal Requirements • Not incapacitated

  6. Who Performs Administration? • Legal Requirements • Not incapacitated • Not a convicted felon

  7. Who Performs Administration? • Legal Requirements • Not incapacitated • Not a convicted felon • Not a non-resident of Texas

  8. 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

  9. 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”

  10. Who Performs Administration? • Practical Concerns • Honest

  11. Who Performs Administration? • Practical Concerns • Honest • Common sense and good judgment

  12. Who Performs Administration? • Practical Concerns • Honest • Common sense and good judgment • Financial responsibility

  13. Who Performs Administration? • Practical Concerns • Honest • Common sense and good judgment • Financial responsibility • Investment experience and skills

  14. Who Performs Administration? • Practical Concerns • Honest • Common sense and good judgment • Financial responsibility • Investment experience and skills • Awareness of legal issues

  15. Who Performs Administration? • Practical Concerns • Honest • Common sense and good judgment • Financial responsibility • Investment experience and skills • Awareness of legal issues • Fiduciary personality

  16. Who Performs Administration? • Practical Concerns • Honest • Common sense and good judgment • Financial responsibility • Investment experience and skills • Awareness of legal issues • Fiduciary personality • Longevity

  17. 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

  18. 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

  19. 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

  20. Who Performs Administration? • Individual or Corporate? • Benefits of individual • Benefits of corporate

  21. Who Performs Administration? • Single or co-executors? • Benefits of single • Benefits of multiple

  22. Overview of Administration Process • 1. Determine if Decedent Left a Will • Home and office • Safe deposit box • Significant individuals • Clerk of the court

  23. Overview of Administration Process • 2. Proper Applicant • Prepares and files application • Pays filing fee

  24. Overview of Administration Process • 3. Proper Notice • Clerk of Court gives notice according to applicable law.

  25. Overview of Administration Process • 4. Hearing • Court conducts hearing on application. • Court appoints personal representative. • Court determines type of administration • Dependent • Independent • Abbreviated

  26. 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).

  27. Overview of Administration Process • 6. Personal representative gives notices • To will beneficiaries. • To creditors.

  28. Overview of Administration Process • 7. Collect and preserve the decedent’s probate property

  29. Overview of Administration Process • 8. Prepare inventory, appraisement, and list of claims

  30. Overview of Administration Process • 9. Manage decedent’s property

  31. Overview of Administration Process • 10. Protect certain property from creditors • Homestead • Exempt personal property • Family allowance

  32. Overview of Administration Process • 11. Pay claims

  33. Overview of Administration Process • 12. If property remains after paying creditors, distribute to heirs or beneficiaries.

  34. The Pro Se Issue

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