1. How is the determination of a personal representative made when the decedent dies intestate? What title...
Question:
1. How is the determination of a personal representative made when the decedent dies intestate? What title is generally given to a personal representative of an intestate estate?
2. Are there any situations you can think of where the executor nominated in the will should be disqualified or determined to be ineligible to serve as executor?
3. Duties of the personal representative:
a. What are the primary duties of the personal representative?
b. What is a fiduciary duty?
c. What are the duties of an executor with respect to any real estate owned by the decedent?
d. What are Letters Testamentary and Letters of Administration?
4. Bond:
a. What is a bond or surety bond?
b. What is the purpose of a surety bond?
c. In what situations may a personal representative be required to post a bond?
5. John Black's will names his wife, Jane, as his executrix. No alternate executoris named in the will. John's wife, Jane, predeceases him. John's son, William, petitions the court to be appointed as the personal representative. What title will be given to William if his petition is granted by the Court?
6. Term of a personal representative:
a. For what period of time is a personal representative's appointment effective?
b. What does it mean when the personal representative is discharged?
c. Under what circumstances may a personal representative be removed? What is the process?
d. What is the process to resign as a personal representative?
7. Types of administrators:
a. What is a special administrator?
b. What is an administrator pendente lite?
c. What is an administrator ad litem?
8. What is the concept of a surcharge? What is a prerequisite to the imposition of a surcharge?
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik