June 12, 2010 | 3 Comments 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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Hi, my name is Jeanne, I am a solo practioner based in Minneapolis Minnesota. My areas of practice include but our not limited to; estate planning, probate, trust administration, real estate and employment issues. Come check out my website for up to date information on these areas of pratice and more or to contact me directly.
