Week 7 Lecture Answer

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Week 7 Lecture:

This week you will read and learn about the participants and courts necessary to drafting a will. Each person or court serves a different function and are critical to the proper administering of the will. The personal representative has fiduciary duties to behave in the best manner that is best for the beneficiaries and heirs of the estate.  The personal representative collects, protects and preserves the estate for the decedent. No self interest or loyalty because the personal representative cannot borrow, sell or buy estate property and cannot commingle their assets with the estate of the decedent.  The personal representative works with the probate count and make arrangements for the estate administration. The paralegal or legal assistant works with the attorney to perform many administrative functions.  The probate court is the legal authority with a judge to  preside over the administration of the estate particularly if there is a conflict.  Court administrators are assistants to the judge. Domicile is the legal home or permanent resident.

DQ 7: What is the function and or duties of the probate court?                                                                                 

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Week 7 Lecture Answer

The important function of probate court is to ensure that the deceased individual’s assets are distributed properly. Considering this fact, their duties include locating, collecting, and preserving assets and communicating with those involved. 

This question is taken from Accounting 175 – Estate Gift and Trust Taxation » Spring 2021 » Lectures