Duties and Liabilities of Personal Representative: This form lists the duties, as well as the liabilities, to being the Personal Representative to someone's estate. Among other things, the duties include most daily activies which deal mainly with the estate's monetary value. The liabilities include being held liable for drastic depreciation in value of the estate, due to the Personal Representative's poor judgment decisions.
Anaheim California Duties and Liabilities of Personal Representative
State:
California
City:
Anaheim
Control #:
CA-DE-147
Format:
PDF
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Collecting all assets and money due to the estate of the person who has died (including property) paying any outstanding taxes and debts out of the estate. distributing the estate to the people who are named as beneficiaries in the will.
DE-147S CONFIDENTIAL SUPPLEMENT TO DUTIES AND LIABILITIES OF PERSONAL REPRESENTATIVE (Probate) Page 1. This separate Confidential Statement of Birth Date and Driver's License Number contains confidential information relating to the personal representative in the case referenced above.
Some states have required windows of time to allow creditors to make claims. Illinois, for example, requires executors to allow six months. California requires a bit less, with four months.
An executor must be impartial. Neither he/she, nor his/her family, friends, may benefit unfairly (for example from the sale of an asset). He/She must carry out the instructions in the will, as well as reasonable instructions of the heirs. Quarrels with heirs should not interfere with his or her duties.
Most Trusts take 12 months to 18 months to settle and distribute assets to the beneficiaries and heirs. What determines how long a Trustee takes will depend on the complexity of the estate where properties and other assets may have to be bought or sold before distribution to the Beneficiaries.
In a probate case, an executor (if there is a will) or an administrator (if there is no will) is appointed by the court as personal representative to collect the assets, pay the debts and expenses, and then distribute the remainder of the estate to the beneficiaries (those who have the legal right to inherit), all
California law says the personal representative must complete probate within one year from the date of appointment, unless s/he files a federal estate tax. In this case, the personal representative can have 18 months to complete probate.
As the Personal Representative, you are responsible for doing the following: ? Collecting and inventorying the assets of the estate; ? Managing the assets of the estate during the probate process; ? Paying the bills of the estate. Making distribution to the heirs or beneficiaries of the estate.
As the executor of a will, you are given the authority to gather, liquidate, and distribute property. Before you take any action, however, the law requires that you obtain court permission.