What are my duties as the personal representative in probate? | Probate realtor in Los Angeles
When a loved one passes away, a personal representative (or executor) steps in to take care of the decedent’s estate. It is the personal representative’s main responsibility to remain faithful to any wishes and instructions detailed in the decedent’s will and testament, while also strictly abiding by the probate laws of the state.
If you are the personal representative, it’s okay to feel overwhelmed by your newfound role and duties on top of mourning the loss of your loved one. To help alleviate this stress and close the estate as quickly and seamlessly as possible, we’ve outlined some crucial duties of personal representatives in probate to help make everything clearer.
We’d also recommend reaching out and hiring a probate realtor in Los Angeles and other professionals to help guide you through the probate property sale procedures to make it easier for you to navigate.
10 Duties of the Personal Representative in the Probate Property Sale Procedure
Maintain the financial accounts of the estate
1. Be prudent with investments
2. Keep estate assets separate from your accounts
On the same note, you must make sure the bank account you open for the decedent’s estate is separate from your own and anyone else’s account. Do not deposit any funds for the account into your own. Make sure everything is under his or her name to avoid confusion, mistakes, or legal issues concerning the probate property sale procedure.
3. Don't use estate money without permission
Be careful not to use any estate money without the court’s or your attorney’s permission. You are allowed to refund yourself for official court expenses the court paid you and for the premium of your bond.
Manage the estate's property
4. Locate and distribute the estate's property
It is your duty in the probate property sale procedure to try and gather all of the decedent’s property to be distributed to the beneficiaries of the state.
5. Define the property value
Arrange to have the property appraised, unless the court defers. A probate realtor in Los Angeles can significantly help you manage this area. You also need to define the value of “cash items.” Your attorney can help you do this.
Keep track of account & inventory
6. Record inventory and appraisals
Within four months of being established as the personal representative, you must send an inventory and appraisal of the estate’s assets to the court as a part of the probate property sale procedure.
7. Keep track of account activity
Whenever money is received or spent on behalf of the estate’s account, keep a correct, dated, and detailed record of it.
Fulfill legal duties
8. Ensure there's proper insurance
Figure out what coverage is necessary to protect the decedent’s assets, and ensure it covers it for the extent of your administration.
9. Prepare for court review
Because the court will review the account, save your receipts, and any other records in case they are needed for the review. If you don’t file the information you are responsible for, the court will need to order you to.
If you continue not to, the court may remove you from your role as the personal representative.
10. Hire consultants
Hiring an attorney and probate realtor in Los Angeles can help you meet your responsibilities more quickly, accurately, and smoothly. When you are unsure of your duties or role in the probate property sale procedures, they can be an extremely valuable source to help you through this difficult time.
Why hire a probate realtor in Los Angeles?
We know this is an extremely challenging and emotional time for you. Avoid added stress and work by hiring a probate realtor in Los Angeles. Save your precious time and energy you might spend trying to solve legal errors and spend it with your loved ones.
Professionals are there to help you better fulfill your role as a personal representative. Reach out to Josh V Realty today. You’ll be glad you did.
– Josh V Realty, Probate Realtor in Los Angeles