If you have been named as an executor for a person who has
recently passed away, you may be confused about your next steps. Here is what
you need to know moving forward.
You Do Not Have to Accept the Appointment
Just because someone named you as an executor does not mean
you have to accept this role. For example, if your parent or spouse names you
as the executor of their estate but you are not up for the role during this
difficult time, you can simply refuse this appointment.
You Must Probate the Will
If you are willing to serve as the executor, the first step
is to locate the decedent's original will and submit it to the appropriate
probate court. Even though the decedent named you as the executor, you must
first wait for the court's approval to act in this role because you have no
powers or duties until the court officially appoints you to the position.
To become the official executor, you must file a petition
with the probate court. The court will then make an order, naming you the
executor and issuing Letters Testamentary, which give you the legal authority
to act as the executor of the estate.
You Must Act as a Fiduciary
California executors can face personal liability if they do
not carefully discharge their duties as executor. An executor is a fiduciary,
meaning that they must act in the interest of the estate and beneficiaries. You
must put their interests ahead of your own and act in a prudent manner. For
example, you cannot sell real property from the estate to yourself at an amount
well below market value.
You Will Have Many Responsibilities
As the executor, you have many responsibilities, including:
- Collecting
the decedent's assets
- Safeguarding
the assets
- Creating
an inventory of the assets
- Appraising
property to determine its value
- Giving
notice to heirs, beneficiaries, and creditors
- Paying
valid claims
- Distributing
assets to beneficiaries
- Preparing
accountings of your administration of the estate
These duties are thoroughly outlined in the California
Probate Code.
Carefully review your duties under the will and state law.
You may have to get the court's approval before you carry out certain duties,
such as selling property. You may also have to obtain a bond to protect the
beneficiaries from financial loss due to any mistakes.
You Can Be Removed
California law allows interested parties to petition the
court to have you removed as the executor if it becomes apparent that you have
mismanaged the estate or that you are not capable of properly executing your
duties.
Other reasons for which you can be removed as executor
include:
- You
perpetrated a fraud against the estate
- You
are not qualified to be appointed an executor of the estate
- You
have neglected to act as the executor
- It is
necessary to remove you from this role to protect the estate
You Can Get Help
The probate process can be confusing to many people, but you
do not have to handle this responsibility alone. The role of executor can be
overwhelming, especially if you have your own job and you are dealing with
grief from the loss of your loved one.
An experienced California probate attorney can evaluate your
legal duties and responsibilities and guide you through the probate process.
This can give you the peace of mind of knowing that you are fulfilling your
responsibilities and that you will avoid any potential liability stemming from
your actions as executor.
The Law Office of Carla D. Allen has experience in this
field and is prepared to help you with your case. Contact us
today
to learn more.
