Guardianship: Closing

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Author:
nikizalez
ID:
106135
Filename:
Guardianship: Closing
Updated:
2011-10-10 14:23:24
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Guardianship
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Description:
Closing Guardianship
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  1. Sec. 745 (a). Settling Guardianship of Estate
    A Gshp of ESTATE shall be settled when (7)
    • 1. minor - dies or turns 18 or gets married
    • 2. inc. person - dies or restored full legal capacity
    • 3. inc. person - dies and spouse of W qualified as survivor in community & W owns no sep property.
    • 4. estate is exhausted
    • 5. forseeable income accruing to W is so negligible that maintaining G in force would be burdensome.
    • 6. all assets of E placed in mgt trust & court determines Gshp no longer necessary.
    • 7. court determines for any other reason that Gshp no longer necessary
  2. Sec. 745 (c). Settling Guardianship of Estate
    When the estate of a minor ward consists only of cash or cash equivalents in an amount of 1.____ or less, the G of E may be terminated and the assets paid to the 2.________, and the 3._____ shall manage the funds as provided by Section 887 of this code.
    • 1. $100,000
    • 2. county clerk of the county in which the guardian proceeding is pending
    • 3. the clerk
  3. Sec. 745 (d). Settling Guardianship of Estate
    T/F - The court may appoint an atty ad litem to represent the interests of the Ward, and may not allow the attorney reasonable compensation for services provided by the atty out of the Ward's estate.
    False - Court may allow atty ad litem reasonable compensation for services provided by the atty out of the Ward's estate.
  4. Sec. 746. Payment of Debts on Death of Ward
    T/F - After the Gshp of P or E of a ward is closed on the death of the Ward, the G, subject to court approval, may make all funeral arrangements, pay for funeral expenses from estate of deceased Ward, and pay all other debts out of the estate.
    False - BEFORE the Gshp of P/E is closed on the death of a ward, the G...(same as above).
  5. Sec. 805. Order of Payment of Claims
    G shall pay claim (expenses) against the estate that has been allowed and approved or established by suit, in the following order (4):

    AND WHAT IF INSOLVENT?
    • 1. care, maintenance, and education of W's dependents
    • 2. funeral exp and exp of last illness, unless claim approved to be paid before death of W, then this claim shall be paid prior to funeral exp & last illness
    • 3. administration
    • 4. other claims against W or W's estate

    • IF INSOLVENT:
    • 1. G shall give priority to claim relating to administration of G, then 1-4 above.
  6. Sec. 812. Certain Personal Property to be Sold
    After approval of inventory, Monica shall 1. within ___ months apply for order of the court to sell for cash or on credit not exceeding 2. ___ months, all of estate that is liable to perish, waste, or deteriorate in value that will be 3. ____ if kept.
    • 1. PROMPTLY - not within months, promptly
    • 2. 6
    • 3. an expense or disadvantage
  7. In order to sell assets of the W, a G must complete a 3 step process. Which is correct:

    A) Application for Power of Sale, Motion to Appoint Attorney Ad Litem, Order for Sale
    B) Application for Sale, Order of Sale, Report of Sale
    C) Report of Sale, Approval of Sales Report, Order of Payment of Claims
    D) Application for Sale, Report of Sale, Order of Sale
    B) Application for Sale, Order of Sale, Report of Sale
    (this multiple choice question has been scrambled)

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