1. Prof. Gerry W. Beyer Fall 2013

2.  1. Title Transfer  Alternatives to Probate ▪ Determination of heirship, if intestate. ▪ Probate will as muniment of title, if testate.

3.  2. Creditor Payment

4.  Personal representative:  Executor = will  Administrator = intestate  Must be appointed by a court.

5.  Legal Requirements  Not incapacitated

6.  Legal Requirements  Not incapacitated  Not a convicted felon

7.  Legal Requirements  Not incapacitated  Not a convicted felon  Not a non-resident of Texas

8.  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.  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.  Practical Concerns  Honest

11.  Practical Concerns  Honest  Common sense and good judgment

12.  Practical Concerns  Honest  Common sense and good judgment  Financial responsibility

13.  Practical Concerns  Honest  Common sense and good judgment  Financial responsibility  Investment experience and skills

14.  Practical Concerns  Honest  Common sense and good judgment  Financial responsibility  Investment experience and skills  Awareness of legal issues

15.  Practical Concerns  Honest  Common sense and good judgment  Financial responsibility  Investment experience and skills  Awareness of legal issues  Fiduciary personality

16.  Practical Concerns  Honest  Common sense and good judgment  Financial responsibility  Investment experience and skills  Awareness of legal issues  Fiduciary personality  Longevity

17.  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.  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.  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.  Individual or Corporate?  Benefits of individual  Benefits of corporate

21.  Single or co-executors?  Benefits of single  Benefits of multiple

22.  1. Determine if Decedent Left a Will  Home and office  Safe deposit box  Significant individuals  Clerk of the court

23.  2. Proper Applicant  Prepares and files application  Pays filing fee

24.  3. Proper Notice  Clerk of Court gives notice according to applicable law.

25.  4. Hearing  Court conducts hearing on application.  Court appoints personal representative.  Court determines type of administration ▪ Dependent ▪ Independent ▪ Abbreviated

26.  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.  6. Personal representative gives notices  To will beneficiaries.  To creditors.

28.  7. Collect and preserve the decedent’s probate property

29.  8. Prepare inventory, appraisement, and list of claims

30.  9. Manage decedent’s property

31.  10. Protect certain property from creditors  Homestead  Exempt personal property  Family allowance

32.  11. Pay claims

33.  12. If property remains after paying creditors, distribute to heirs or beneficiaries.