As manager of the estate, you are responsible for handling the decedent’s assets and debts during the probate process until they are transferred to the beneficiaries or heirs. You have a fiduciary duty to the estate, meaning you must treat it with the utmost care, exercising a high level of attention and restraint. As you go through the probate process, all assets must be kept separate from anyone else’s. Financial accounts opened to hold assets must be opened in the name of the estate. These accounts must be interest-bearing or there could be consequences. The authority given to an executor may be full authority or limited authority. Be sure to understand any restrictions imposed and how they are to be handled, such as in the sale of real property.
Notices needs to be mailed to all interested parties, including creditors, heirs or beneficiaries, the Franchise Tax Board and the State Director of Health Services (if applicable) among others. Make sure that the notices are mailed out within the time prescribed.
The assets will need to be valued, usually with the assistance of a probate referee. Make sure that the Inventory and Appraisal is filed at the court in a timely manner to avoid unnecessary hearings and sanctions.
Keep accurate and detailed records of all transactions during the probate, saving receipts. Although many heirs or beneficiaries will waive a formal court accounting, the information needs to be available to the interested parties.
After the four month creditor claim period has passed and all the tasks have been completed, you are able to petition the court to distribute the assets. Do not distribute the assets until it has been ordered by the court. Your probate will not be final and you will not be relieved of your position until you have received the last order, which is to discharge you from your duties.
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