Chapter 4 Initial Responsibilities of the Personal Representative

Index

Section 4.1 Scope of Chapter
Section 4.2 General
Section 4.3 Distinction Between Powers and Duties of Independent and Supervised Personal Representatives
Section 4.4 Liability of Personal Representatives
Section 4.5 Apply for Identification Number
Section 4.6 Assemble Information
Section 4.7 Consider Compensation of Personal Representative
Section 4.8 Obtain Form 712
Section 4.9 Obtain Death Certificates
Section 4.10 Check Insurance Coverage
Section 4.11 Prepare Docket Sheet
Section 4.12 “Rough in” Federal Estate Tax Return
Section 4.13 Record Copy of Will
Section 4.14 Plan for Taxes
Section 4.15 Inform Personal Representative and Family of Procedure
Section 4.16 Warn All of “Do Nots”
Section 4.17 Conflicts of Interest and Appointment of an Administrator ad Litem
Section 4.18 Identify Theft
Section 4.19 Property Subject to Probate, Partnership Interests, and Out-of-State Real Estate
Section 4.20 File Within Thirty Days of Appointment or Obtain Extension
Section 4.21 Valued by Personal Representative
Section 4.22 Petition for Authority to Hire Appraiser
Section 4.23 Classify Assets
Section 4.24 Include Exempt Property
Section 4.25 Use of Appraisers
Section 4.26 Additional Inventory for Subsequently Discovered Assets
Section 4.27 Anticipate Tax Consequences of Valuation
Section 4.28 Treatment of Nonprobate Assets
Section 4.29 Scope
Section 4.30 Fair Market Value
Section 4.31 Items to Be Appraised
Section 4.32 Real Estate
Section 4.33 Inspection of the Property
Section 4.34 Analysis of the Market
Section 4.35 Estimate Value Indicated by Cost Approach
Section 4.36 Estimate Value Indicated by Earnings Approach
Section 4.37 Estimate Typical Gross Rental Income
Section 4.38 Estimate Typical Ownership Expenses
Section 4.39 Capitalization
Section 4.40 Estimate Value Indicated by Market Data Approach
Section 4.41 Selection of the Fair Market Value Estimate
Section 4.42 Furniture and Household Goods
Section 4.43 Stocks and Bonds
Section 4.44 Publicly Held Corporations
Section 4.45 Closely Held Corporations
Section 4.46 Proportionate Share of a Partnership—Special Attention to Tax Shelters
Section 4.47 Limited Liability Companies and Limited Liability Partnerships
Section 4.48 Livestock, Machinery, and Feed
Section 4.49 Mortgages and Notes
Section 4.50 Secured
Section 4.51 Unsecured
Section 4.52 Bank Accounts and Insurance Payable to the Estate
Section 4.53 Mutual Funds
Section 4.54 Problems in Valuing Vested Remainder and Reversionary Interests
Section 4.55 Qualifications and Duties of Appraisers
Section 4.56 Petition for Allowance to Appraisers
Section 4.57 Forms and Worksheets
Section 4.58 Individuals
Section 4.59 Charities
Section 4.60 Information List—Decedent (1 of 2)
Section 4.61 Information List—Decedent (2 of 2)
Section 4.62 Information List—Decedent’s Surviving Spouse
Section 4.63 Information List—Lineal Descendants, Collateral Relatives, and Others (1 of 2)
Section 4.64 Information List—Lineal Descendants, Collateral Relatives, and Others (2 of 2)
Section 4.65 Child
Section 4.66 Grandchild or More Remote Descendant
Section 4.67 Incapacitated Person (1 of 2)
Section 4.68 Incapacitated Person (2 of 2)
Section 4.69 Collateral Relatives and Others
Section 4.70 Other Individual Legatees and Fiduciaries
Section 4.71 Charitable Beneficiaries
Section 4.72 Trust Beneficiary
Section 4.73 Personal Representative/Fiduciary (1 of 2)
Section 4.74 Personal Representative (2 of 2)
Section 4.75 Attorney for the Estate
Section 4.76 Other Necessary Parties
Section 4.77 Probate Fact Sheet
Section 4.78 Due Dates
Section 4.79 Estimate of Cash Needs
Section 4.80 Tax Planning Memorandum
Section 4.81 Attorney’s Checklist for Use in Administering an Estate