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15 Cards in this Set
- Front
- Back
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How does PR have authority to make a preliminary distribution?
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Under IAEA - with notice of proposed action (10400-10592)
Outside of IAEA - with petition and court order after time for filing claims has expired (11600) |
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When is the earliest time for a PR to file a petition for preliminary distribution (outside of IAEA)?
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2 months after issuance of letters
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What is the difference between a preliminary distribution and a family allowance?
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Family allowance provides for people who may/may not have been provided for in decedent's will. Preliminary distribution is in accordance with will.
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What are some reasons in favor of making preliminary distributions?
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Facilitates goal of quick distribution
Avoid having to pay interest on general pecuniary devises after 1 year avoid cost of having to care for or store personal property |
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What are some reasons to consider not making preliminary distributions?
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potential unfavorable tax treatment of distributions
the cost of filing the petition and bond |
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When does the time for filing claims expire?
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four months after issuance of letters.
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What type of preliminary distribution may PR make acting under IAEA?
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After notice of proposed action, may give income received during administration to anyone entitled to it,
household furniture, furnishings, etc. not to exceed $50K in value general pecuniary devises in cash up to $10K |
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Is a bond required for a preliminary distribution?
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Yes, if the distribution is to be made before creditor's claim time period has expired (four months after issuance of letters)
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what is the maximum that can be distributed under a preliminary distribution?
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PC 16023: IAEA without court approval - up to 50% of net value of estate
PC 16020: outside IAEA with court approval - no maximum |
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Who may file a petition for preliminary distribution?
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PR or any interested person.
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What additional information must be contained in a petition for preliminary distribution under the IAEA?
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a list of all previous actions taken without court approval
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may the personal representative oppose a petition for preliminary distribution?
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yes
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What additional information must be contained in a petition for preliminary distribution under the IAEA?
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a list of all previous actions taken without court approval
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may the personal representative oppose a petition for preliminary distribution?
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yes
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What must the court find in order to approve a petition for preliminary distribution?
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distribution may be made without loss to creditors or any independent person
AND (under IAEA, that it is not over 50% of estate) |
