Probation is a complicated and often confusing process. It can also be dreary and stressful, especially if the deceased did not leave a will.
A reasonable probate attorney can help you navigate this legal dilemma and get the ball rolling quickly. We will break down the process into understandable chunks, so you can stay awake and tackle this challenging task!
How Does Probate Work?
It is not very comforting when you need to know where to begin with California probate law. It may appear to be legalese with many regulations to follow and a judge you have never met making all the decisions.
By taking a few easy procedures, probate may not be necessary. Some forms of property, for instance, can transfer upon death without going through probate. It is how probate law works in California, assets labeled as payment-on-end (POD) accounts or real estate is owned jointly with a right of survivorship.
Who is the Personal Representative?
The decedent’s assets must be safeguarded by the person chosen by the probate court to manage the estate (the personal representative). This responsibility, or fiduciary duty, requires the personal representative to act prudence and relatively during probate.
The personal representative must identify, possess, and manage all probate assets. It may include real property, investments, bank accounts, and personal property.
What are the Executor’s Duties?
The executor is responsible for carrying out the deceased person’s wishes and instructions outlined in their will. Generally, this involves setting up an estate bank account, paying debts, wrapping up financial affairs, and other tasks related to estate administration.
The executor also is responsible for paying any taxes that the estate owes. It includes federal and state taxes on income, gift, and estate tax returns.
What is the Executor’s Job?
An executor’s job is to care for the decedent’s assets during probate. It involves locating and managing estate assets, paying expenses, and ensuring the estate does not lose value.
Often, this involves hiring professionals to handle property maintenance and other matters on the executor’s behalf.
An executor must also keep beneficiaries and heirs informed of estate progress. It includes notifying them of changes to the probate process and providing updates as needed.
What are the Executor’s Responsibilities?
The executor’s responsibilities are to administer the estate, collect, inventory, and appraise the assets, notify creditors, get court approval for various actions, and report on the distribution of the estate assets.
An executor also may have to defend the estate against legal action brought against it. If such a claim is made, the executor must follow a formal procedure to contest it and seek an injunction against any proceedings against the estate.
What are the Executor’s Duties to the Heirs?
In California, the executor is held to a strict fiduciary duty to ensure the estate’s assets are distributed according to law and the deceased person’s wishes.
The executor must pay all debts and taxes, secure a decedent’s home and property, and distribute remaining assets to heirs following the will or state laws. Depending on the size of the estate, this may take many years.
What are the Executor’s Responsibilities to the Creditors?
The executor has many responsibilities to the creditors of the decedent. These include notifying them of the death and ensuring they are given proper notice of any debts.
California has state-specific laws regarding creditor claims, and an executor must notify these potential debtors as soon as possible.
Creditors may also have different priority levels, so ensuring they are paid before other creditors receive their inheritance is essential. An adept California probate lawyer can assist in defending your interests during this procedure.
What are the Executor’s Responsibilities to the Beneficiaries?
In California, executors owe their beneficiaries the highest degree of fiduciary duty. It means they must use their best judgment and act in the beneficiaries’ best interest, not their own.
You can learn more about your fiduciary responsibilities and how to prevent potential issues from a probate lawyer.
An estate executor must keep beneficiaries informed about the progress of the probate process and any decisions they may have to make. Clear and frequent communication can avoid objections, disputes, and litigation.
What are the Executor’s Responsibilities to the Administrator?
The estate executor handles the day-to-day aspects of the deceased person’s assets and pays off debts. They must also locate heirs and notify them of the decedent’s death.
In addition, the executor must be familiar with the value of the assets in the estate. It is done through a court-appointed appraiser who appraises all the estate’s property.
What are the Executor’s Responsibilities to the Creditors’ Claim Process?
During probate, the executor must give known and reasonably ascertainable creditors proper notice. It is called a Notice of Administration to Creditors (NOAC).
The executor/administrator must also provide
- a list of all assets owned by the decedent at the time of death,
- a list of any gifts or bequests made during probate, and
a list of any debts that the estate owes.