A probate administration is the process by which a person is appointed by a court with probate jurisdiction (power of a court to determine probate issues) to gather the assets of a person who has died (decedent), pay the creditors of that person, determine the beneficiaries or heirs and distribute any remaining assets to the proper persons. An executor is an merely administrator who is named in a will to manage the estate of the person whose estate is being managed.
An administration is "independent" when the administrator is free of all court supervision except for the initial hearing to establish the administration, and the requirement to file an inventory, appraisal and list of claims (basically a list of probate assets) and to publish a notice of creditors. The initial hearing often takes less than ten minutes of testimony. When an administration is "dependent", the administrator must receive approval from the court for authority to perform any act, including: sale of assets, pay debts and distribute assets. The administrator is required to post a bond to protect the estate. The cost of the bond is payable from the estate after the estate is opened. The beneficiaries or heirs may unanimously consent to the waiver of the bond, otherwise it is required. The beneficiaries or heirs may also unanimously consent to the administration being independent, otherwise it must be dependent if no grant of indpendence was made via a will. Naturally, an independent administration is far cheaper and often much faster than a dependent administration. A person may choose to avoid dependent administration in his or her will. This is only a quick overview of administration, for more information you may contact my office or another licensed attorney.
Contact Charles Kennedy by email: ckennedy@TexasWillplanner.com.
