Tasklist of an executor in Los Angeles California
The function of an executor and his or her duty in Los Angeles California is primarily collecting the assets of the deceased person. Next, after assets are collected, then the executor determines what debts to pay, if the debt is legitimate, and the task of distributing the assets of the decedent pursuant to the will or state law, which the executor will do with a Los Angeles probate court order. To discuss probate services in Los Angeles, call us at 818.340.4479. As part of executor’s role in Los Angeles California, he or she should hire or engage an attorney to receive proper advice about his or her duties and responsibilities as an executor to avoid costly mistakes to the estate. Take our mini probate course.
Los Angeles California Executor’s Business duties:
Checklist of duties and responsibilities of an executor?
To start, see the reference guide below and California Duties and Responsibilities Court Form here.
• Gather the Assets;
• Identify probate from non-probate assets;
• Send out notices to Creditors;
• Ask your lawyer to get an EIN for the estate.
• Make sure you open an estate account;
• Do not pay yourself from the estate account without a court order;
• Do not mix the assets of the deceased person with your own.
• Set up books and records for the estate.
• Jot down and calendar the due date for filing the accounting.
• Keep track of all assets of the estate.
• Keep track of all expenses of the estate.
• Keep receipts for every expense of the estate.
• Hire an accountant for the estate;
• Consult with an insurance agent and tell him/her that you must insure the assets of the estate. Obtain fire, liability and casualty insurances. Consult with an agent to see if earthquake insurance costs allow you to carry earthquake insurance.
• Make sure you file and pay the taxes for the estate;
• Get the consent of all beneficiaries or heirs before you sell the property.
• Get assets of the estate appraised by the probate referee.
• File the appropriate estate inventory in probate court.
• Make the estate assets income producing. Get help with the Prudent Investor Rule before you invest.
• As an executor, see your lawyer and get advice about probate procedures in Los Angeles California.
• Charge rent to residents of the estate real property, or file a petition for instructions to the court.
• If there has a business in the estate that needs to be operated, seek a court order for the authority to manage and operate the estate or decedent’s business and be sure you inventory the business as part of your duties. The nature of the entity will dictate how you do this, so retain counsel so you do not make a business mistake in the estate. Talk to us about your Los Angeles Executor service.
Where can I read more about executors?
Ther are a few reference places to read more about executor functions:
California Probate Code on Administration of Estates: https://leginfo.legislature.ca.gov/faces/codes_displayexpandedbranch.xhtml?tocCode=PROB&division=7.&title=&part=&chapter=&article=
Duties and Liabilities of Executor Personal Representatives
ARTICLE 1. Duties and Liabilities of Personal Representative [9600 – 9606]
Probate Code 9601.
(a) If a personal representative breaches a fiduciary duty, the personal representative is chargeable with any of the following that is appropriate under the circumstances:
(1) Any loss or depreciation in value of the decedent’s estate resulting from the breach of duty, with interest.
(2) Any profit made by the personal representative through the breach of duty, with interest.
(3) Any profit that would have accrued to the decedent’s estate if the loss of profit is the result of the breach of duty.
(b) If the personal representative has acted reasonably and in good faith under the circumstances as known to the personal representative, the court, in its discretion, may excuse the personal representative in whole or in part from liability under subdivision (a) if it would be equitable to do so.
What happens when an executor fails in his or her duties?
Someone will have to file an action in estate court and bring the executor’s disfunction or lack of function to the judge’s attention. If successful, the result will be a judgment called a surcharge judgment against the executor personally. This is what makes an executor pay for his or her mistakes.
By: Mina N. Sirkin Specialist in Probate in Los Angeles has been licensed to practice law in California since 1992 who helps with executor actions. Ms. Sirkin is Board Certified as a specialist in probate, estate planning and trust law in California, and a media expert in estates who teaches our probate course about the duties and responsibilities of the Los Angeles executor in Los Angeles County. To learn what to do as an executor, contact us by Email at: [email protected] or by Telephone at 818.340.4479.
# Los Angeles Executor