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(iv) Speci c Duties of Representatives tative are to:
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Twelve other speci c duties of the personal represen-
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1 Arrange to have all estate assets inventoried and title transferred to the name of the executor or administrator 2 Obtain possession of the decedent s important papers and personal property and arrange for safekeeping 3 Arrange for adequate insurance coverage for estate assets 4 Collect all debts owed to the decedent and litigate if necessary 5 Arrange for an appraisal of all estate assets by quali ed appraisers before distributing any assets 6 Keep clear and accurate records of all estate receipts and disbursements This is necessary for tax returns and for accountings to courts and bene ciaries 7 Determine whether assets coming under the control of representatives are suf cient to meet both claims against the estate and legacies allowed by will and/or state law 8 Review cash requirements to pay legacies, taxes, debts, and administration expenses, and determine whether assets are suf ciently liquid to pay such claims as they become due 9 Arrange for the preparation of any payment of tax due on the decedent s nal income tax returns, federal estate return, state or foreign estate or inheritance tax returns, and estate income tax returns 10 Advertise for creditors (publish noti cation of decedent s death, allowing statutory period for claim presentation) and pay all valid claims against the estate 11 Pay legacies at times speci ed under state law and distribute the remainder of the estate after payment of all debts and administration expenses to persons directed by will or by state law in the absence of will direction 12 Prepare interim and/or nal accountings for bene ciaries and courts as required by state law A graphic outline of the administration of a decedent s estate is presented in Exhibit 431 (v) Possession of Assets After the appointment of the administrator or executor, the next step is to assemble the property belonging to the estate The representative is required to exercise due diligence in the discovery of assets and must take all proper legal steps to obtain possession of them (vi) Probate versus Nonprobate Assets Probate assets are those assets whose disposition is controlled by the decedent s will Nonprobate assets pass to the designated bene ciary by either operation of law (ie, joint tenancy with right to survivorship, tenants by the entirety) or by operation of contract (ie, designated bene ciary of an insurance policy, quali ed retirement plan, or other form of deferred compensation) Although the value of nonprobate assets is includable in the decedent s gross estate for tax purposes, the administrator or executor is not responsible for the collection of these assets However, the estate representative s cooperation in assisting a bene ciary obtain possession of these assets is a usual occurrence (vii) Personal Property Exemptions Personal property of the deceased passes directly to the personal representative of the decedent However, certain items of personal property must be exempted by statute for the bene t of the family of the decedent (viii) Real Property Title to real property passes directly to the heirs, or devisees, and such property does not ordinarily come under the control of the representative unless left to the estate by will, sold by order of the court to pay valid obligations of the estate, or administered by
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431 ESTATES LEGAL BACKGROUND
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43 7
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Death of testator Procedure prior to issuance of letters Admission of will to probate and issue of letters testamentary
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Take possession of the assets Inventory and appraisal Caring for estate funds Debts of decedent Administration expenses Federal estate tax State inheritance taxes Federal income taxes Bookkeeping system
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