Accountants' Handbook, Volume Two, Special Industries and Special Topics, 12th Edition

Chapter 38

Estates and Trusts

Philip M. Herr, JD, CPA, PFS

AXA Equitable Life Insurance Company

Elizabeth Lindsay-Ochoa, JD, LLM (Taxation)

AXA Equitable Life Insurance Company

38.1 Estates—Legal Background

(a) Executing a Will

(b) Will Provisions

(c) Rules Under Intestacy

(d) Domicile

(e) Probate Procedures: Will

(f) Probate Procedures: Failure of Executor

(g) Probate Procedures: Intestacy

(h) Settlement of Small Estates

(i) Fiduciary Responsibilities

(i) Executor versus Administrator

(ii) General Duties of Representatives

(iii) Preliminary Administration

(iv) Specific Duties of Representatives

(v) Possession of Assets

(vi) Probate versus Nonprobate Assets

(vii) Personal Property Exemptions

(viii) Real Property

(ix) Inventory of Assets

(x) Valuation of Assets

(xi) Management of Estate Funds

(xii) Payments of Debts

(xiii) Advertising for Creditors

(xiv) Order of Debt Payment

(xv) Source of Funds for Debt Payment

(xvi) Administration Expenses

(xvii) Distribution of Estate Assets

(xviii) Payment of Legacies

(xix) Abatement of Legacies

(xx) Deductions from Legacies

(xxi) Lapsed Legacies

(xxii) Advancement and Hotchpot

(xxiii) Surviving Spouse's Right of Election Against the Will

(xxiv) Disclaimers

(xxv) Decree of Distribution and Postdecree Procedure

(xxvi) Funding of Trusts

(j) Powers of Estate Representative

(i) Executor versus Administrator

(ii) Will Powers Not Conferred by Statute

(iii) Will Powers versus Statutory Powers

(k) Commissions of Representatives

(l) Taxation of Estates ...