When a person passes away, taking care of their estate is essential. When it comes to the Probate Process, there are four basic steps that you can take to ensure that the estate is in order and that you are taking the necessary steps to ensure that your loved one’s wishes are honored.
Filing a Petition with the Court
During the probate process in California, someone must file a petition with the court. The petition is an official request to the court to officially appoint the person to be the decedent’s estate executor. It also serves as a means of notifying other interested parties.
Petitions are usually filed by the Executor or family members of the deceased. Petitions must be filed in the county where the deceased lived. Inheritance applications must also include the name and address of the deceased’s next of kin. The next of kin are people entitled to a share of the decedent’s property. They are also called distributees. They can challenge the will if they disagree with the Executor’s wishes.
The petition must also include information about the decedent’s assets. It must estimate the total value of the decedent’s estate. Once the estate is opened, the actual value will be confirmed.
The petitioner must also notify creditors and heirs of the decedent. They must also inform these parties of the appointment of the Executor.
Appointing an Executor
Managing the estate of a deceased family member is a difficult task. Many factors can affect the timeline of the process. It is essential to know your obligations before you take on the task. You may be asked to pay fees or sign forms that require disclosing information.
You may also have to deal with a dispute over the deceased’s will. An experienced attorney can help you resolve the dispute. This process can take months or even years, depending on the property type.
The probate court appoints an executor to oversee the distribution of the estate. The administrator’s duties are identical to those of an executor. The administrator is also commonly called a personal representative. They have a wide range of powers. An out-of-state administrator may have to appoint an in-state agent in some states.
Many people are capable of being an executor. However, it is essential to consider a person’s qualifications before making an appointment. You may not want to hire someone with a financial misconduct history.
Sending Legal Notices to Beneficiaries and Heirs
Whether you are a beneficiary or an heir, you should know how to send legal notices in the probate process. Failure to do so can result in loss of inheritance rights. An attorney can help you understand how to send legal notices in the probate procedure.
To begin the process, you must file a petition with the probate court. The petition must contain the notarized signatures of everyone involved. This may include the person who died, the Executor, and other interested parties. The petition must also have all of its blanks filled out.
The petition must be published in a local newspaper generally available in the city where the decedent’s property is located. It would help if you also served notices to creditors. If you do not do this, they may try to argue that you did not give them sufficient notice.
If applicable, you will need to notify the Commissioner of Accounts. Then, you must file an inventory of your decedent’s property with the court. You may also need to provide a copy of the inventory to the commissioner of accounts.
Mismanagement of Estate Property
Suppose severe signs of non-economic activity of the inheritance are detected during the will. In that case, the beneficiaries of the inheritance have the right to file a claim against the Executor of the will. This may include the intentional misappropriation of real property. Courts can award compensation for the non-economic property. The awarded compensation depends on the amount of the offense and the amount of the financial losses incurred. Often, the court will hire a financial advisor to assess the property’s value.
The Executor of the will is obliged to act in the interests of the inheritance. This often means selling assets at their highest value and taking steps to preserve the property. When an executor acts with self-interest, they are committing a breach of their fiduciary duty. It is essential to hire an estate and probate attorney to protect your estate.
An executor may also breach their duty if they sell assets at a discount for personal gain. This can be a genuine mistake, but getting kickbacks for selling discounted assets is expected.
