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Barbara Williams_PLA2600-2_Unit 5 Homework

Barbara Williams_PLA2600-2_Unit 5 Homework - Lease property...

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Unit 5 Homework Barbara Williams Wills, Trusts and Probate PLA2600-2 Professor Jarrod Turner Due Date: March 20, 2010
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1.  What basic requirements must a person fulfill before she or he can be installed as a  personal representative? The person must be an adult of sound mind, not convicted of a crime, in many states  he/she must be a resident of the state of probate although this may be waived. 2.  What are the duties of the personal representative? Duties include publishing notice to all creditors so they can submit claims against the  estate. Collect any debts owed to the estate Sell or mortgage real estate owned by the estate Find beneficiaries File law suits on behalf of the estate Hire professional advisors such as attorneys and accountants Invest liquid assets in prudent investments Sell or acquire assets
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Unformatted text preview: Lease property Vote securities Borrow money Open a bank account for the estate File claims for social security, pension. And other benefits the estate may be entitled to Manage any business the decedent may have owned 3. When would a personal representative have to institute an ancillary jurisdiction to proceed? Would be used when the property of the person is not in the state of probate and the probate has no jurisdiction. 4. What are testamentary letters? Testamentary letters are also called letters of administration that are granted by the probate court giving the authority to act to the representative. 5. What is the purpose of a self-proof affidavit? The purpose is to prevent the need to find those parties who witnessed the signing of the will....
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