Written by Knowing what to expect can help you comply with legal requirements and prevent unnecessary delays or complications. This knowledge can also empower you to ensure that the estate is settled according to the decedent’s wishes and by the law.
Petition Filing
Within 30 days of the decedent’s death, the custodian or the person who holds the will must deliver it to the probate court clerk’s office. Additionally, they must send a copy to the executor or beneficiary.
After validating the will, a Petition for Probate should be filed to start a court case. Ideally, an executor could initiate this, but it can also be a relative or beneficiary named in the will. Beyond this, more forms are required, depending on the circumstances. Given the complexity of these filings, it is highly advisable to consult with an attorney.
Appointment Of A Personal Representative
Once the petition is approved, the court appoints a personal representative to manage the estate. This personal representative can be an executor or an administrator, depending on the circumstances.
If the decedent named an executor in the will, the court usually appoints this individual to manage the settlement of the estate. They fulfill the deceased’s wishes as outlined in the will. If the decedent did not name a legal representative, or if they are unable or unwilling to serve, the court will appoint an administrator.
Notification Of Beneficiaries & Creditors
All parties, including creditors and beneficiaries or heirs, must be informed about the proceedings. The personal representative must notify them and allow them to make claims against the estate. This notification ensures that all parties have a fair opportunity to assert their rights and interests, contributing to a transparent process.
Inventory & Appraisal
The personal representative must compile a comprehensive inventory of all estate assets. It includes real estate, personal property, bank accounts, investments, vehicles, and other valuable items.
A professional appraiser must evaluate each asset to determine its fair market value at the time of the decedent’s death. This valuation is crucial for several reasons. It helps assess the estate’s total value accurately, ensures fair distribution, and provides a basis for calculating due estate taxes.
Paying Debts & Taxes
The personal representative is responsible for settling the deceased’s outstanding debts. This involves reviewing creditor claims and paying valid debts using estate assets. Additionally, the personal representative must file and pay necessary taxes, ensuring compliance with federal tax laws.
Distribution Of Assets
After settling debts and taxes, the personal representative distributes the remaining assets. If the decedent left a valid will, distribution depends on the beneficiaries outlined in the document. However, if there is no written plan for the assets, the administrator will disseminate it to an heir based on California intestacy laws.
After this, the personal representative prepares a final accounting detailing all transactions, payments, and distributions made during the probate process. Once the court approves this final accounting, the estate can be officially closed, concluding the process.
It’s clear how detailed and structured estate administration can be. Following practical tips can streamline this process, saving time and reducing complications.
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https://www.LosAngelesProbateAttorneys.com/