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Thomas Richards dies leaving a Will in which he names Susan Wilson as estate personal representative (“PR”). That will is admitted into probate and Susan is appointed estate P.R. Susan is diligent in securing the necessary bond, she timely files all required Court documents dealing with the estate, etc. In the course of determining the assets of the Richards estate, Susan locates a Confessed Judgment Promissory Note (the “Note”) where Thomas loaned Susan’s brother, Samuel, $150,000.00. While Thomas was still alive, Samuel was in default on the timely and periodic Note repayment. Since Thomas’ death, no payments have been made by Samuel to the Estate. What should Susan do, if anything, with regard to this Note which is a potential estate asset?
Exercise 2:
In the administration of probate estates, the various states generally distinguish between a small and a regular sized estate. There are specific rules for different sized estate. What would be one reason to justify the differences in the processing of a small versus a regular sized estate?