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A probate sale is the process executed at a county court where the executor for the estate of a deceased person sells property from the estate (typically real estate) in order to divide the property among the beneficiaries. There is a personal representative of the estate who will determine if the real estate is going to be sold.
In the United States of America, a general power of appointment is defined for federal estate tax purposes in the Internal Revenue Code §2041. [1] A general power of appointment is one that allows the holder of the power to appoint to himself, his estate, his creditors, or the creditors of his or her estate the right to have the beneficial use ...
Devisee – beneficiary of real property under a will. Distribution – succession to personal property. Executor/executrix or personal representative [PR] – person named to administer the estate, generally subject to the supervision of the probate court, in accordance with the testator's wishes in the will. In most cases, the testator will ...
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
Traditionally, letters of administration granted to a representative of a testator's estate are called "letters of administration with the will annexed" or "letters of administration cum testamento annexo" or "c.t.a.". Essentially, this document is issued to the person who will administer the estate of someone who dies without a will.
In this case the court will make the grant to the person, usually the residuary legatee, with the largest beneficial interest in the estate. Administration de bonis non administratis occurs in two cases: Where the executor dies intestate after probate without having completely administered the estate; Where an administrator dies.
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The Uniform Probate Code, which has been adopted in whole or in part by a number of states, limits the doctrine by requiring a contemporaneous writing from the deceased, or any writing from the property recipient, indicating that the property is intended to be treated as an advance upon the estate.
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