Please discuss the following regarding informal probate (known in some states as a Small Estates Proceeding), based on the laws of New York state. Make sure you give appropriate references for each answer you give. Also you will be using the state of New York to answer the questions.

1. Must an inventory be prepared in informal probate? If required, to whom must the inventory be given?

2. Using informal probate, how is an estate administration closed?

3. In informal probate, what time limits are placed on creditors for claims against the decedent's estate and the personal representative for breach of fiduciary duty?

4. In informal probate, when does the personal representative's authority officially terminate?