Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What are the relevant issues pertaining to the Robinson matter, and can Ralph Jones, PR for the Smith estate, can be removed as estate PR?

What are the relevant issues pertaining to the Robinson matter, and can Ralph Jones, PR for the Smith estate, can be removed as estate PR?

Facts of the case

1.Charles Smith (Charles) executed a Last Will and Testament that was admitted by the probate court as his valid Will after his death.

2.The Will named Ralph Jones (Ralph) as PR of the estate.

3.The probate court appointed Ralph as estate PR.

4.That Will also named Henry Robinson (Henry) as Successor PR.

5.Ralph filed the Petition for Probate and the Information Report in a timely manner as required by the probate court rules.

6.Ralph, for whatever reason, failed to publish in a local newspaper notification of Charles' death and his appointment as PR for Charles' estate.As a result, potential and/or actual creditors have not been notified that each creditor has a specific time period within which to make a necessary claim against the estate.

7.Ralph failed to post the necessary surety bond as required by the probate court to properly serve as estate PR.

8.Charles owned numerous stocks of publicly traded companies at the time of his death.Ralph had not taken steps to determine the value of those various stocks at the date of Charles' death.Without obtaining the value of those different stocks, Ralph cannot complete the Inventory Report form identifying all assets owned by the decedent as of the time of his death.

9.At the time of Charles' death, he was owed $200,000.00 by Mary Gillespie (Mary), pursuant to a written confessed judgment promissory note.Under the terms of that note, if Mary defaulted on any periodic payment of the principal and interest, the entire note balance would immediately become due and owing.

Mary defaulted on certain quarterly note repayments while Charles was alive and an additional two payments since his death.Ralph noted this confessed judgment promissory note on all appropriate probate forms filed to date with the probate court.Despite this, Ralph failed to take any steps to collect the balance due, plus interest, on that note.

10. Henry, the estate's Successor PR named in the Will, met with Attorney Kerr to discuss what, if anything, can or should be done to remove Ralph as estate PR.Henry believes that Ralph's (in)actions have prejudiced the value and amount of the estate when probate is concluded, and final distribution is made to the estate's heirs.

11.Henry disclosed and noted that he is also an heir under Charles' Will.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Information for Decision-Making and Strategy Execution

Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young

6th Edition

137024975, 978-0137024971

Students also viewed these Law questions