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.
Simi Valley California Duties and Liabilities of Personal Representative
State:
California
City:
Simi Valley
Control #:
CA-DE-147
Format:
PDF
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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.
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.
A Personal Representative is the individual responsible for supervising the administration of the estate through the probate court.
The legal representative of a company may be the chairman of its board of directors, an executive director or its general manager, as provided by the company's articles of association. The legal representative must also be registered with company authorities.
While most people may refer to it as ?executor?, a ?personal representative? is in fact the legal term in British Columbia for a person who has been appointed as executor and trustee in someone's last will and testament. Historically, personal representatives were referred to as executors.
Who can serve as a Personal Representative in California? Generally, any resident of the United States, who is age 18 or older, can serve as a personal representative.
The legal representative of an enterprise is the person in charge who exercises civil rights and performs civil obligations on behalf of a legal person, in accordance with the law or its articles of association.
Section 159(1)- where a person dies, his legal representatives shall be liable to pay any sum which the deceased would have been liable to pay if he had not died, in the like manner and to the same extent as the deceased.
Each new Act replaces the terms ?Executor? and ?Executrix? with the term ?Personal Representative.? The Personal Representative fulfills the same duties, has the same responsibilities and is the same person as the individual formerly described as an ?Executor? or ?Executrix?.
An executor gathers up the estate assets, pays the debts of the deceased, and divides what remains of the deceased's estate among the beneficiaries. The beneficiaries are the people named in the will to inherit the estate.