What Role Does the Executor Play in a Will?
When it comes to wills and the probate process, executors play a very important role in the State of California. Specifically, executors of a will manage estate assets, take charge of all asset appraisals and inventory, make sure that all of the estate creditors are properly and timely notified, make sure that estate assets are properly distributed, take care of all accounting and record-keeping tasks, and, when the time comes, close the estate and distribute all of the decedent’s assets.
If you have been appointed the executor of a loved one’s estate, the experienced Santa Ana, California probate lawyers at the Law Offices of Roshni T. Desai are ready to help. Our knowledgeable legal team can answer all of your legal questions and address all of your concerns. Please give us a call today to find out more about how our office can assist you with your estate and probate needs.
Controlling and Managing Estate Assets
Executors of a will are responsible for managing and controlling all of the assets that make up the estate. In order to do so, the executor must ensure that all of the estate assets are retitled. Executors also owe an affirmative duty to make sure that any financial assets are in a bank or credit union account that receives interest. This will allow the interest to accumulate on those financial assets throughout the probate process.
In the event that some of the decedent’s assets include real estate, the executor is responsible for managing the real estate and making sure that no one is living on the property who is not supposed to be.
Appraising Assets and Doing an Inventory
Will executors in California must file an appraisal and inventory of all of the assets that are part of a decedent’s estate. A referee who is appointed by the court is responsible for performing this asset appraisal that the executor must ultimately submit to the court for review.
Notifying Estate Creditors
An individual who is appointed the executor of an estate is responsible for making sure that all potential estate creditors are timely identified and notified. From that point on, any creditors of the decedent’s estate have a period of 60 days within which to file a claim. The assets of the estate are not eligible for distribution until a resolution is reached on all pending claims asserted by creditors.
Making Sure the Estate Assets are Ready to be Distributed, Doing a Final Accounting, and Closing the Estate
The executor of an estate may sell assets of the estate, if one or more of the beneficiaries request a sale, or if the sale is necessary to pay estate administration expenses. Prior to closing the estate (and receiving payment), the executor must then make an accounting to the court, called a probate accounting. Finally, the executor must submit a final petition and report to the court. In order for you and your lawyer to be paid – and for estate assets to be distributed – the court must issue its final order.
Speak with a Santa Ana, California Probate Lawyer about Your Legal Matter Today
At the Law Offices of Roshni T. Desai, our knowledgeable legal team is ready to assist you with all of your probate matters. To schedule a free consultation and case evaluation with a Santa Ana, California probate attorney, please call us at (714) 694-1200 or contact us online today to find out more.