1. Chapter Ten
Step Five – Final Account
Step Six – Closing the Estate
Additional Estate Administration
Procedures

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Final Account
A financial report to the court and
interested persons detailing the income
and outgo of an estate’s money and
property while the estate is pending.
 Similar to a balance sheet

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Closing the Estate
 Most states require the following
documents before an estate will be
closed:
 Receipts
 An order for distribution
 An order discharging the personal
representative

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Receipts
Documents demonstrating that
beneficiaries or heirs obtained money
or property from the estate.
 Usually must be filed with the court before
it allows closure of estate and discharge of
personal representative

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Order for Distribution
Distribution  the process of transferring
money or property to a beneficiary or
heir in satisfaction of an inheritance.
 Probate court signed order approving
distributions

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Order Discharging Personal
Representative
 Indicate that:
 Personal representative has completed the
estate administration process
 Requests discharge
 Requests closure of estate

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Will Contests
Petitioning the court to declare a will
invalid.
 Small number of wills are contested
 Of those contested, small percentage are
invalidated

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Contest a Will?
3 Issues to Consider:
1. Cost
 Attorney’s fees
 May deplete the inheritable assets

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Contest a Will? cont.
2. Grounds
 Lack of Testamentary Capacity
 Improper Execution
 Duress on the testator
 Undue Influence
 Fraud Perpetrated on the testator
 Revocation of will
 Forged Signature of testator

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Contest a Will? cont.
3. Likelihood of success
 Party contesting the will has the burden of
proof to prove the aforementioned grounds
 Presumption that the will is valid

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Small Estate Administration
 Goal – save time and money
 Less formality is required
 2 types of small estate administration
1. Summary administration
2. Transfer by affidavit

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Summary Administration
 Typically used when gross value of
estate does not exceed a specific dollar
amount
 No notice to beneficiaries required
 May require notice to creditors

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Transfer by Affidavit
 Governed by state statutes
 Limit on amount of the estate’s gross
value
 Usually can only be used for the
transfer of personal property

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Transfer by Affidavit cont.
Affidavit  a sworn statement of fact
Generally states:
 Value of estate
 Expiration of time from date of death
 No personal representative
 Individual legally entitled to property

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Ancillary Administration
A secondary proceeding based on
another.
 Allows the property located in a foreign
state to be transferred or sold

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Domiciliary Administration
A probate occurring in the state where the
decedent was domiciled