This information was presented during a three-hour estate and inheritance tax law class for real estate brokers and agents, June 8, 2000, by:
Mr. Michael K. Wisner, Attorney At Law
Wisner, Adams, Walker & Line, P.C.
One Hundred Washington Street
Suite 200
Huntsville, Alabama 35801
Telephone (256)533-1445, Facsimile (256)533-1317
A. The following is the preference for estate Personal Representative:
1. Spouse.
2. Children (If in Alabama).
3. Largest Creditor of estate.
4. County administrator.
5. Such other person as Judge of Probate may appoint. But, an out of state resident cannot serve.
B. Estate passes as follows:
1. (a) If all children are children of both spouses, then first $50,000 to spouse with the balance 1/2 to spouse and 1/2 to children; (b) If any children not of both spouses, then 1/2 to children and 1/2 to spouse; (c) If no children and no parents, then all to spouse; (d) If no children but parents, then first $100,000 to spouse and balance 1/2 to parents and 1/2 to spouse.
2. If no spouse, all to children, equally, per stirpes.
3. If no lineal heirs, all to parents, equally.
4. If no parents, all to brothers and sisters, equally, per stirpes.
5. If no brothers or sisters or nieces or nephews, then 1/2 to paternal grandparents, per stirpes, and 1/2 to maternal grandparents, per stirpes.
6. If none of above, escheat to state.
C. Must file bond equal in value to twice the value of the estate assets.
D. Accounting required.