Formal or Full Probate Administration

This course describes the process of probate and the general responsibilities of the Personal Representative.

Formal Probate Process

Opening process and timing
Administration process and timing
Closing process and timing

Assets in Formal Probate

Estate Checking Account
Homestead
Exempt Assets
Collecting assets
Tangible Personal Property
Stocks and Bonds
IRAs

Creditors in Formal Probate

Known Creditors
Unknown Creditors
Who gets priority or paid
Objecting

Personal Representative

Summary of Duties
Fees and expenses
Taxes
Fiduciary Duties

Record Keeping

Tax Records
Accounting
Time Records
Principal and Income records

Distribution

Intestacy
Will
Specific Gifts
Separate Writings
In Kind or cash

Interaction with Trusts

Pour Over Wills
Trusts as an asset

Litigation

Contesting the Will
Performance and Fees

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