Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
|
What must a status report contain?
|
PC 12202
condition of estate reasons why estate can't be distributed or closed estimated time needed to close estate MUST CONTAIN BOLD FONT - GIVING NOTICE RE RIGHT TO PETITION FOR ACCOUNT |
|
|
What are the three main categories of information included in a request for final distribution?
|
Account
Report Petition for final distribution |
|
|
What information must be included in the account?
|
Description of all transactions
explanation of all unusual items statement of all compensation paid without court order statement disclosing family/affiliate relationship between rep and agent disclosure that all cash has been invested. |
|
|
When a formal account is waived, what information must still be provided in a final report?
|
PC 10954(c)
creditors claims sales or purchases of assets changes in form of assets costs of administration fees or commissions |
|
|
what does a waiver of account accomplish?
|
no need to detail receipts and disbursements
|
|
|
What must a PR do to report actions under the IAEA?
|
list and describe all actions taken without court approval under IAEA if notice of proposed action was required.
|
|
|
Do courts typically allow final distribution before payment of estate taxes?
|
no, typically not until 706 filed and tax paid.
|
|
|
What must be done before final distribution if assets being distributed to out-of-state residents?
|
If out of state benes received $250K in total and estate is over $1M, FTB must file consent before final accounting.
|
|
|
Is it permissible to include an estimate for closing expense reserves?
|
yes
|
|
|
How is income received during probate distributed?
|
to residuary beneficiaries in proportion to interest in residue (except for interest on specifically devised propety)
PC 12000 |
|
|
What should an order of distribution say if one of the distributee's whereabouts are unknown?
|
PC 11603
order of distribution should include alternate distributees and shares to which they areentitled. distributee has 5 years to claim his share -- attorney should distribute to county treasurer. |
|
|
How are gifts to minors given?
|
If under $5K, to parent (PC 3400)
If over $5K, to: guardian of estate of minor blocked account OR custodian under CUTMA if cash |
|
|
what is a blocked account?
|
an insured account that is subject to withdrawal only on court authorization (PC 3413)
|
|
|
What happens if a beneficiary dies before the decedent (or after but before a specified survival period)?
|
the gift lapses
UNLESS beneficiary is related by blood to decedent or decedent's spouse - in which case descendants of deceased beneficiary take in his or her place |
|
|
What happens if a distributee survives the decedeent but dies before distribution?
|
Deceased distributee's share is distributed to the PR of deceased distributee's estate for administration
|
|
|
How are estate taxes prorated?
|
Equitably among the beneficiaries unless otherwise stated - 20110.
|
|
|
how is after-discovered property treated?
|
as a residuary gift
|
