Montana Inventory, Petition to Approve Expenses and Monthly Allowances, and for Other Relief
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How to fill out Inventory, Petition To Approve Expenses And Monthly Allowances, And For Other Relief?
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FAQ
A personal representative is a person responsible for dealing with the estate (possessions, property, shares, bank accounts, etc) of a deceased person. A personal representative can also be known as an 'executor' or an 'administrator.
The entire estate of the person who died, after subtracting liens and encumbrances, is not worth more than $50,000. No application or petition for the appointment of a personal representative for this estate is pending or has been granted by any court.
Small Estate Summary Administration ? If it appears from an inventory and appraisal that the value of the entire estate (less liens and encumbrances) does not exceed the homestead allowance of $22,500; exempt property of $15,000; family allowance of $27,000; cost and expenses of administration; reasonable funeral ...
Personal Representative compensation - Montana state law limits Executor fees at five percent (but it's common for compensation to be treated the same as reasonable compensations states do)
The statutory powers include the power to hold assets, receive assets from other sources, deposit funds in estate accounts, pay or settle any claims with a creditor of the estate, pay the funeral expenses, pay taxes, insure property, pay off debt, continue to operate an unincorporated business venture that the decedent ...
Who should be the personal representative? Under Montana law, if an estate requires probate, a person must administer the settlement of the estate. A family member, friend, bank, or trust company can serve as the PR. The best choice for the situation depends upon the people and circumstances involved.
In informal, formal and supervised probate procedures, creditors must be given four months to submit claims for debts after the first publication of the notice in a local newspaper.