Regardless if there is a person named in the will as the personal representative the courts still must approve the decision. This is to verify the ability of the representative. If one is not in place, the probate court may require that the personal representative post a bond in order to serve in the position, which could cost thousands of dollars. The bond requirements include a credit check of the personal representative’s net worth.
- The personal representative is an officer of the court and must sign an acknowledgment of receipt of the “Duties and Liabilities of Personal Representative.” California Probate Code §8404. This states that “An attorney is best qualified to advise you about these matters.” To not hold the representative at fault.
- The personal representative must be in charge of managing the estate’s assets and investments responsibly. Another rule familiar to estate planning attorneys is the prohibition of commingling estate funds. Money in the estate must earn interest and be kept in insured accounts, and an estate planning lawyer should be consulted before making investments. All money must be documented and kept separate and any spending must be approved by the courts.
- A California personal representative must locate and take possession of all the estate’s property, determine its value, and file an inventory and appraisal within four months of all the assets in the estate. This representative must also file this change with the county recorder or assessor where estate property is located.
- The personal representative must mail a notice of administration to each known creditor within four months of appointment.
- A California personal representative is required to obtain and maintain adequate insurance covering the assets and risks of the property for the entire period of the administration of the estate.
- A personal representative must keep complete and accurate records of each financial transaction affecting the estate, including money and property received, spent, and the dates of the transactions.
A real estate attorney is always recommended for more detailed explanations of your particular situation and these are only a brief list of duties. More details click on the links above for “Duties” and “Time-line”
For more information please contact me via phone 949 748-9834 or email firstname.lastname@example.org and discuss your options.