THE LAW OFFICE OF DANIEL K. PRINTZ » hire an attorney http://thelegacylawyer.com Daniel K. Printz is an experienced attorney and teaches "Estates, Wills and Trusts" at the University of San Diego. Mon, 21 May 2012 18:57:01 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Six Duties and Liabilities of the Executor or Administrator in California Probate Administration http://thelegacylawyer.com/2010/06/six-duties-and-liabilities-of-the-trustee-in-california-probate-or-trust-administration/ http://thelegacylawyer.com/2010/06/six-duties-and-liabilities-of-the-trustee-in-california-probate-or-trust-administration/#comments Sat, 12 Jun 2010 21:59:31 +0000 Daniel Printz http://thelegacylawyer.com/?p=399 There are six Duties and Liabilities of the personal representative (administrator or executor) under the California Probate Code.
1.  Managing Trust Assets

Be prudent; keep assets separate; earn income from the assets, if possible; observe legal restrictions on asset management.

2.  Inventory of Estate Property

Locate the property; determine its value; file inventory and appraisal (within 4 months); change owernship from decedent to yourself as personal representative.

3.  Notice to Creditors

Send Notice of Administration and negotiate with known creditors; send notice to State Director of Health Services.

4.  Insurance

Obtain and maintain insurance on all assets, even if decedent had not insured during their lifetime – YOU are responsible for the assets now.

5.  Record Keeping

Maintain records on all transactions, including receipts for any estate expenses. The court will review the accountings for the estate, and may request the receipts!

6.  Consulting an Attorney

It is not mandatory to hire an attorney to represent the estate. However, if you do, it is necessary to maintain good communication and heed the attorney’s advice.

Need more help?  Call the Law Office of Daniel K. Printz at (858) 720-8250 for a free consultation.

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