What are the responsibilities of an executor or administrator?
If a person has been designated executor under a will, he or she must first file a Petition for Probate with the court in order to be appointed as executor, and then have Letters Testamentary issued. The executor must be knowledgeable of the value of the assets in the estate, and is required to have the court-appointed appraiser provide an appraisal of all assets. A judicial council form must be used for this purpose, and the executor has 120 days within which to file the completed form with the court.
The executor also has a responsibility to serve notice of probate on all known creditors, and provide them with a copy of the creditor claim form so that they can present their claim to the court. And under California law, all actions performed by the executor require the approval of the court, particularly the sale of real estate unless the executor requests full power under the Independent Administration of Estates Act.
Provided that the executor can complete all duties concerning the estate within 12 months, the executor can simultaneously file the final report and accounting, and secure an order to distribute the assets and pay the executor’s fees. If the estate is kept open for longer than 12 months, then the executor must file a status report with the court. Upon court approval of the final report and accounting, the executor must then distribute the assets to the beneficiaries, who are required to sign receipts for them. These receipts must be filed with the court before the executor can file an ex-parte application for discharge.
Other Frequently Asked Questions
- Am I responsible for paying the rest of my deceased spouse’s bill?
- Are holographic wills valid in California?
- Do I have to leave assets to my children equally?
- Do I have to use a lawyer for the probate process?
- Does all property go through probate when a person dies?
- Does an executor or administrator receive compensation?
- Does the Court supervise the personal representative?
- How are taxes handled in probate?
- How can an estate plan avoid a conservatorship?
- How can I find out if there was a Will?
- How can I protect my children?
- How do creditors get paid?
- How long does probate take?
- How much does probate cost?
- How should I prepare to meet with my estate planning attorney?
- How will the debts of the decedent affect the beneficiaries?
- If I am named as executor in a Will, do I have to serve?
- If I establish a revocable living trust, will I lose control over my assets?
- If I serve as executor, will I get paid?
- If I transfer title to real property to my living trust, does the bank have the right to accelerate my mortgage?
- Is a will that was prepared in another state valid in California?
- Is it necessary to amend my will if I wish to bequeath certain assets to specific family members or friends?
- Is it possible to appoint a corporate trustee?
- Is my trust, which has title to my property, immune from lawsuits?
- Is probate necessary?
- Must I transfer all of my assets to my living trust?
- My child is married, and I don’t trust my child’s spouse. In the event they divorce, how can the inheritance be kept separate?
- Should estate planning documents be kept in a safe deposit box at a bank?
- Should I choose simplified probate procedures?
- Should I include a Medi-Cal planning section in my estate plan?
- What are disclaimer trusts and A-B trusts?
- What are the responsibilities of an executor or administrator?
- What does the Personal Representative do?
- What happens if the personal representative fails to perform his or her duty?
- What if someone dies and I have the Will in my possession?
- What if someone objects to the Will?
- What if the decedent owned land in more than one state?
- What if there is no Will or I cannot find a Will?
- What is a durable power of attorney?
- What is a pour-over will?
- What is a self-proving will?
- What is Probate?
- What is the best way to title pay-on-death bank accounts, retirement accounts and life insurance policies?
- What is the purpose of a life insurance trust?
- What would be the outcome if I became mentally disabled, and had no estate plan in place, or only had a will?
- When can a Will be contested?
- Who can and cannot be the personal representative?
- Who can contest a Will?