What is my first step as
personal representative of a California estate?
The role of
Assuming the Position of Personal Representative
Probate will be opened upon the deposit of the decedent’s will with the court. Within the will, its creator can nominate an executor. You will need to accept the
Inventorying the Assets
One of your first tasks as executor will be inventorying the estate’s assets. You will need to attempt to locate all assets owned by the decedent. Once found, you must take control of the asset. You will want to determine the value of each asset, which will likely require an appraisal. Ultimately, you will need to provide the court will an itemized list of all of the assets and their values.
Managing the Assets
You will have the legal duty to reasonably manage all of the property of the estate. You will need to make reasoned decisions as an ordinary person would in managing money, investments, and the like. This means avoiding any risks moves, and seeking the outside assistance of an experienced money manager if necessary.
Distributing the Assets
As executor, you will need to satisfy any debts of the estate, which could include income tax and estate tax. To fulfill this duty, California law requires that you run