Being an Executor of Estate- What You Need to Know

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.