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Transcript of Personal representative must manage property with the care that a prudent person would take of his...
![Page 1: Personal representative must manage property with the care that a prudent person would take of his or her own property. ▪ PC § 230 ▪ EC § 351.101.](https://reader036.fdocuments.us/reader036/viewer/2022072010/56649dbf5503460f94ab3222/html5/thumbnails/1.jpg)
Dealing With Estate Property
![Page 2: Personal representative must manage property with the care that a prudent person would take of his or her own property. ▪ PC § 230 ▪ EC § 351.101.](https://reader036.fdocuments.us/reader036/viewer/2022072010/56649dbf5503460f94ab3222/html5/thumbnails/2.jpg)
1. Manage Probate Assets
Personal representative must manage property with the care that a prudent person would take of his or her own property.▪ PC § 230▪ EC § 351.101
![Page 3: Personal representative must manage property with the care that a prudent person would take of his or her own property. ▪ PC § 230 ▪ EC § 351.101.](https://reader036.fdocuments.us/reader036/viewer/2022072010/56649dbf5503460f94ab3222/html5/thumbnails/3.jpg)
2. Sell Estate Property
PR may need to sell estate property to pay debts and expenses.
![Page 4: Personal representative must manage property with the care that a prudent person would take of his or her own property. ▪ PC § 230 ▪ EC § 351.101.](https://reader036.fdocuments.us/reader036/viewer/2022072010/56649dbf5503460f94ab3222/html5/thumbnails/4.jpg)
2. Sell Estate Property
Order of property sold▪ PC § 322B▪ EC § 355.109
1. Property passing by intestacy2. Residuary property (personal first,
then real)3. General bequests (personal first,
then real)4. Specific gifts of personal property5. Specific gifts of real property
![Page 5: Personal representative must manage property with the care that a prudent person would take of his or her own property. ▪ PC § 230 ▪ EC § 351.101.](https://reader036.fdocuments.us/reader036/viewer/2022072010/56649dbf5503460f94ab3222/html5/thumbnails/5.jpg)
2. Sell Estate Property
Court permission needed in most cases▪ PC § 331▪ EC § 356.001
![Page 6: Personal representative must manage property with the care that a prudent person would take of his or her own property. ▪ PC § 230 ▪ EC § 351.101.](https://reader036.fdocuments.us/reader036/viewer/2022072010/56649dbf5503460f94ab3222/html5/thumbnails/6.jpg)
2. Sell Estate Property
Avoid hassle of getting court permission by authorizing sales in the will▪ PC § 332▪ EC § 356.002
Freeman v. Tinsley – p. 141
Special rules for independent administrations▪ PC §§ 145A & 145C▪ EC § 401.006 & Chapter 402
![Page 7: Personal representative must manage property with the care that a prudent person would take of his or her own property. ▪ PC § 230 ▪ EC § 351.101.](https://reader036.fdocuments.us/reader036/viewer/2022072010/56649dbf5503460f94ab3222/html5/thumbnails/7.jpg)
2. Sell Estate Property
Avoid self-dealing (PR cannot purchase estate assets)▪ PC § 352▪ EC § 356.651
Exceptions▪ Express permission in will▪ Court permission if in best interest of estate▪ PC § 352▪ EC §§ 356.651-356.655
In re Estate of Hernandez – p. 144
![Page 8: Personal representative must manage property with the care that a prudent person would take of his or her own property. ▪ PC § 230 ▪ EC § 351.101.](https://reader036.fdocuments.us/reader036/viewer/2022072010/56649dbf5503460f94ab3222/html5/thumbnails/8.jpg)
3. Rent Estate Property
Without court permission ≤ 1 year Must be in best interest of the
estate▪ PC § 359▪ EC § 357.001
With court permission > 1 year▪ PC § 361▪ EC § 357.002
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4. Mineral Property Authority
PC §§ 367-372
EC Chapter 358