Part 5- Property, Chapter 26: Estates and Trusts, Doc 3 - Edubirdie

University:
Indiana University Bloomington
Course:
Financial and Managerial Accounting: Information for Decisions - John J. Wild
Academic year:

2024
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484

Pages:

1
Author:

bratrochanter

In this section, the responsibilities and procedures surrounding the administration of a person’s estate are discussed: 1. Intestacy (Dying Without a Will): When a person dies intestate (without a will), their assets are distributed according to state intestacy laws, which typically prioritize spouses, children, and close blood relatives. Intestacy statutes aim to distribute property in a way that would presumably reflect the deceased's wishes, favoring close family members and, if no relatives exist, the property may “escheat” to the state. Special considerations apply to adopted and illegitimate children, half-siblings, and others based on statespecific laws. 2. Simultaneous Death: The Uniform Simultaneous Death Act prevents complications when two people (such as spouses) die together or in close succession under unclear circumstances. Property is distributed as if each person survived the other to prevent double inheritance by one family. 3. Probate Process and Responsibilities of the Personal Representative: o Initiating Probate: The probate process starts by confirming the existence of a will and appointing a personal representative (executor) to manage the estate. o Selecting a Personal Representative: If a will names an executor, the probate court typically honors that choice. Without a will, the court may appoint an administrator, often a family member, to act as personal representative. o Responsibilities: The personal representative is responsible for creating an inventory of assets, paying debts and taxes, and distributing remaining assets. They may need to post a bond to ensure proper performance of duties and may be tasked with paying for estate administration expenses, funeral costs, and satisfying creditor claims before any inheritance distributions. 4. Probate Estate vs. Taxable Estate: The probate estate includes only property directly owned by the deceased at death, excluding jointly-owned assets or assets that transfer directly, such as life insurance policies. The taxable estate, however, includes all property for tax calculation purposes, including insurance proceeds and retirement benefits. This section provides foundational insight into estate administration, probate processes, and how property is managed and distributed upon death, either by will or according to state law in cases of intestacy.

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