Complete Home & Office Legal Guide/Complete Home and Office Legal Guide (Chestnut) (1993).ISO/stat/mprc/prob4.asc

Text File | 1993-08-24 | 60KB | 1,262 lines

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Section 3-705.  [Duty of Personal Representative; Information to
Heirs and Devisees.]

Not later than 30 days after his appointment every personal
representative, except any special administrator, shall give
information of his appointment to the heirs and devisees,
including, if there has been no formal testacy proceeding and if
the personal representative was appointed on the assumption that
the decedent died intestate, the devisees in any will mentioned
in the application for appointment of a personal representative.
The information shall be delivered or sent by ordinary mail to
each of the heirs and devisees whose address is reasonably
available to the personal representative. The duty does not
extend to require information to persons who have been
adjudicated in a prior formal testacy proceeding to have no
interest in the estate. The information shall include the name
and address of the personal representative, indicate that it is
being sent to persons who have or may have some interest in the
estate being administered, indicate whether bond has been filed,
and describe the court where papers relating to the estate are on
file. The information shall state that the estate is being
administered by the personal representative under the [State]
Probate Code without supervision by the Court but that recipients
are entitled to information regarding the administration from the
personal representative and can petition the Court in any matter
relating to the estate, including distribution of assets and
expenses of administration. The personal representative's failure
to give this information is a breach of his duty to the persons
concerned but does not affect the validity of his appointment,
his powers or other duties.  A personal representative may inform
other persons of his appointment by delivery or ordinary first
class mail.

Section 3-706.  [Duty of Personal Representative; Inventory and
Appraisement.]

Within 3 months after his appointment, a personal representative,
who is not a special administrator or a successor to another
representative who has previously discharged this duty, shall
prepare and file or mail an inventory of property owned by the
decedent at the time of his death, listing it with reasonable
detail, and indicating as to each listed item, its fair market
value as of the date of the decedent's death, and the type and
amount of any encumbrance that may exist with reference to any
item.

The personal representative shall send a copy of the inventory to
interested persons who request it. He may also file the original
of the inventory with the court.


Section 3-707.  [Employment of Appraisers.]

The personal representative may employ a qualified and
disinterested appraiser to assist him in ascertaining the fair
market value as of the date of the decedent's death of any asset
the value of which may be subject to reasonable doubt.  Different
persons may be employed to appraise different kinds of assets
included in the estate. The names and addresses of any appraiser
shall be indicated on the inventory with the item or items he
appraised.


Section 3-708. [Duty of Personal Representative; Supplementary
Inventory.]

If any property not included in the original inventory comes to
the knowledge of a personal representative or if the personal
representative learns that the value or description indicated in
the original inventory for any item is erroneous or misleading,
he shall make a supplementary inventory or appraisement showing
the market value as of the date of the decedent's death of the
new item or the revised market value or descriptions, and the
appraisers or other data relied upon, if any, and file it with
the Court if the original inventory was filed, or furnish copies
thereof or information thereof to persons interested in the new
information.

Section 3-709.  [Duty of Personal Representative; Possession of
Estate.]

Except as otherwise provided by a decedent's will, every personal
representative has a right to, and shall take possession or
control of, the decedent's property, except that any real
property or tangible personal property may be left with or
surrendered to the person presumptively entitled thereto unless
or until, in the judgment of the personal representative,
possession of the property by him will be necessary for purposes
of administration.  The request by a personal representative for
delivery of any property possessed by an heir or devisee is
conclusive evidence, in any action against the heir or devisee
for possession thereof, that the possession of the property by
the personal representative is necessary for purposes of
administration. The personal representative shall pay taxes on,
and take all steps reasonably necessary for the management,
protection and preservation of, the estate in his possession. He
may maintain an action to recover possession of property or to
determine the title thereto.

Section 3-710. [Power to Avoid Transfers.]

The property liable for the payment of unsecured debts of a
decedent includes all property transferred by him by any means
which is in law void or voidable as against his creditors, and
subject to prior liens, the right to recover this property, so
far as necessary for the payment of unsecured debts of the
decedent, is exclusively in the personal representative.

Section 3-711. [Powers of Personal Representatives; In
General.]

Until termination of his appointment a personal representative
has the same power over the title to property of the estate that
an absolute owner would have, in trust however, for the benefit
of the creditors and others interested in the estate.  This power
may be exercised without notice, hearing, or order of court.

Section 3-712. [Improper Exercise of Power; Breach of Fiduciary
Duty.]

If the exercise of power concerning the estate is improper, the
personal representative is liable to interested persons for
damage or loss resulting from breach of his fiduciary duty to the
same extent as a trustee of an express trust. The rights of
purchasers and others dealing with a personal representative
shall be determined as provided in Sections 3713 and 3714.

Section 3-713. [Sale, Encumbrance or Transaction Involving
Conflict of Interest; Voidable; Exceptions.]

Any sale or encumbrance to the personal representative, his
spouse, agent or attorney, or any corporation or trust in which
he has a substantial beneficial interest, or any transaction
which is affected by a substantial conflict of interest on the
part of the personal representative, is voidable by any person
interested in the estate except one who has consented after fair
disclosure, unless

(1) the will or a contract entered into by the decedent
expressly- -

    authorized the transaction; or

(2) the transaction is approved by the Court after notice to
interested persons.

Section 3-714. [Persons dealing with Personal Representative;
Protection.]

A person who in good faith either assists a personal
representative or deals with him for value is protected as if the
personal representative properly exercised his power. The fact
that a person knowingly deals with a personal representative does
not alone require the person to inquire into the existence of a
power or the propriety of its exercise.  Except for restrictions
on powers of supervised personal representatives which are
endorsed on letters as provided in Section 3-504, no provision in
any will or order of court purporting to limit the power of a
personal representative is effective except as to persons with
actual knowledge thereof.  A person is not bound to see to the
proper application of estate assets paid or delivered to a
personal representative. The protection here expressed extends to
instances in which some procedural irregularity or jurisdictional
defect occurred in proceedings leading to the issuance of