muniment Of title
If the Decedent had a Will, but did not have any creditors whose loan was not secured by real property belonging to the estate, there is no need for administration of the Decedent’s estate. The Will can be probated as a Muniment of Title.
Like the probate process, the Court must rule on whether the Will is valid, therefore, a hearing is necessary with a Muniment of Title, thus the Applicant, who could be the Executor named in the Will or any interested party, may make application and schedule a hearing with the Court. However, unlike probate, with a Muniment of Title, no Administrator/Executor will be appointed. Instead the Will itself shows who owns estate assets. A Court will approve a Will as a Muniment of Title if the Applicant can show the following:
- That the estate has no unpaid debts, except for debts secured by liens on real estate; and
- That there is no necessity for administration, because there are no creditors
Once the Court enters an order admitting the Will to probate as a Muniment of Title, the estate beneficiaries can move forward to transfer the Decedent’s assets into their names with legal authority. For example, the Court’s order is the legal authority the Applicant provides to:
- All persons owing any money to the estate of the Decedent;
- All persons having custody of any property of the Decedent;
- All persons acting as registrar or transfer agent of any evidence of interest, indebtedness, property, or right belonging to the estate; and
- All persons purchasing from or otherwise dealing with the estate, for payment or transfer, without liability, to the persons described in such Will as entitled to receive the particular asset without administration.