T.C.A. § 30-2-702 discusses how to
make payments or distributions to infants and incompetent individuals from an estate. This applies to individuals who have been
adjudicated as incompetent but are without guardians or conservators authorized
to receive the property. The personal
representative of the estate, before making the final settlement distribution, is
required to file a petition with the court requesting that a guardian be
appointed for any minor individual. If the
receiving party is incompetent then the personal representative should request
the court to appoint a conservator for the incompetent individual in order to
handle the distribution from the estate.
T.C.A. § 30-2-702(b) provides
specifically as follows:
(b)(1) In cases
involving payees or distributees who are infants or persons adjudicated
incompetent and without guardian or conservator authorized to receive the
property, the personal representative, before making final settlement, shall
file a petition in the court in which the estate is being administered setting
out this fact and pray for the appointment of a guardian or conservator, unless
petition is made pursuant to § 34-1-104.
(2) The court
shall appoint a guardian or conservator, if practicable, or if impracticable,
order the property belonging to such infant or person adjudicated incompetent
paid or delivered into the state treasury, unless distribution is ordered
pursuant to § 34-1-104.
(3) The payment or
delivery shall be shown in the report and settlement of the personal
representative, exhibiting the receipt of the guardian or state treasurer, as
the case may be.
As a result, it is important to remember that
a guardian or conservator must be appointed for the proper distribution from an
estate to a minor or incompetent individual.
This is obviously very important for the preservation and protection of
the distribution so it is handled by someone who is competent to handle the
money or property.
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