1 / 24

Independent Administration

Independent Administration. Creation of Independent Administration. 1. Express language in the will PC § 145(b) EC § 401.001 In re Dulin’s Estate – p. 193 Questions 1-2 – p. 196 Relevance of mere bond waiver. Creation of Independent Administration.

cecily
Télécharger la présentation

Independent Administration

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. Independent Administration

  2. Creation of Independent Administration • 1. Express language in the will • PC § 145(b) • EC § 401.001 • In re Dulin’s Estate – p. 193 • Questions 1-2 – p. 196 • Relevance of mere bond waiver

  3. Creation of Independent Administration • 2. By agreement of all will beneficiaries • PC § 145(c) • EC § 401.002 • 3. By agreement of all heirs • PC § 145(e) • EC § 401.003

  4. Creation of Independent Administration • Obtaining agreement of distributees • PC § 145 • EC § 401.004 • Examples: • Minor = guardian of the person • Testamentary trust = current income beneficiaries • Life estate = life tenant

  5. Creation of Independent Administration • Testator may prohibit independent administration • PC § 145 • EC § 401.001(b)

  6. Creation of Independent Administration • Court may waive bond • Even if will did not provide for bond waiver • Even if decedent died intestate • PC § 145(p) • EC § 401.005

  7. Independent Administration[continued]

  8. Basic duties of Independent PR • 1. Act as a fiduciary and in good faith.

  9. Basic duties of Independent PR • 2. File inventory, appraisement, and list of claims (or affidavit in lieu thereof) within 90 days of qualification.

  10. Basic duties of Independent PR • 3. Set aside homestead, allowances, and exempt property • PC § 146 • EC § 403.001

  11. Basic duties of Independent PR • 4. Creditors • PC § 146 • EC Chapter 403, subchapter B • Give notices as in dependent administration • Creditors have basically the same rights and duties • Classify and pay claims as in a dependent administration • Problems 1-3 (p. 199)

  12. Basic duties of Independent PR • 5. Selling estate property • PC § 145C • EC § 402.052 • Even without power of sale clause in a will, PR may sell estate property in the same situations that a dependent PR could sell. • PR can also get court to grant a power of sale with consent of distributees if: • No will provision • Intestacy

  13. Basic duties of Independent PR • 6. Accounting • Annual accounts are not needed. • Interested person may demand after 15 months • PC § 149A • EC § 404.001

  14. Basic duties of Independent PR • 7. Accounting & Distribution • Interested person may petition court after two years • PC § 149B • EC § 405.001

  15. Removal of Independent PR • Authority • PC § 149C • EC § 404.003 • Who requests? • Any interested person • Court on its own motion • Notice by personal service is required

  16. Removal of Independent PR • Grounds • Basically, same as for removal of dependent PR • In re Estate of Miller (p. 201) • Kappus v. Kappus (Tex. Sup. Ct.) • Legislative reaction

  17. Closing the Independent Administration

  18. Closing Independent Administration • No requirement that estate be closed. • Should PR close the estate? • Reasons yes • Reasons no

  19. Closing Independent Administration • 1. By Affidavit – The closing report • PC § 151 • EC § 405.005 • When • All debts paid (or paid as much as possible), and • Residue (if any) given to heirs and beneficiaries • Closing report is like a mini-accounting

  20. Closing Independent Administration • 1. By Affidavit – The closing report • Verified by affidavit • Court takes no action • No impact on PR liability • Future claimants cannot look to ex-PR • Burke (p. 210)

  21. Closing Independent Administration • 2. By distributeeapplication • PC § 152 • EC § 405.009

  22. Closing Independent Administration • 3. Judicial discharge • PC §§ 149D-149G • EC § 405.003

  23. Closing Independent Administration • 4. By operation of law • In re Estate of Teinert

  24. Closing Independent Administration • Partition • PR can go to court for help with partitioning estate property. • PC § 150 • EC § 405.008

More Related